Martina Conlon, principal at Novarica, has turned a question she is frequently asked into a full report about solutions to simplify the way companies conduct business.

Conlon will answer the question “What Have You Seen Lately That’s Cool?” at the ACORD LOMA Insurance Systems Forum during her session today from 10:00 a.m.–11:00 a.m.

“I think information technology is getting better at understanding the particular business needs of a company and is coming up with cool ways to deliver a benefit to solve a problem,” says Conlon.

Novarica, a consulting and research firm, is able to draw on the insights of its Insurance Technology Research Council—a knowledge-sharing and networking community with more than 225 members.

“They are very willing to share the challenges they face and the lessons learned,” says Conlon.

Based on the gathered information, Novarica has put together a quarterly report, “Cool Capabilities.” The report is not sponsored by any company or vendor and is comprised primarily of conversations with insurer clients and members of the Research Council.

“We kept on coming across cool ideas that were delivering business capabilities,” she says. “Usually these are not even heavy investments.”

According to the report, “cool” technology initiatives can save money and increase efficiency.

COOL COMPANIES

Take Patriot Risk Management Inc., for example. The Fort Lauderdale, Fla.-based workers’ compensation insurer’s CIO recently implemented a plan to have the company’s senior management and marketing teams trade their laptops for iPads.

Patriot Risk told Novarica that efficiency has increased, and the iPads are $700 as opposed to an $1,800 laptop. Users are able to take notes during meetings, and the marketing team reports increased ease in web conferencing and the sharing of electronic materials.

Additionally, as users get familiar with the iPad, it opens the door for custom-application development for loss control, special-investigation units and other areas.

“Just little ideas—using existing technology to solve problems—can have dramatic effects,” Conlon says.

She points to Privilege Underwriters Reciprocal Exchange (PURE) as another example of this. In partnership with others, the member-owned insurer, founded in 2006, began sending a secure PDF invoice through e-mail to policyholders while providing them with a stub to send payment. Access to the insurer’s website is not required to pay the bill.

PURE says the e-mail invoices have improved customer satisfaction, increased timely payments and significantly reduced internal operating costs, according to the report.

“Coolness” is not limited to smaller companies, either. Conlon notes that Progressive and GEICO have each leveraged existing technology and data to streamline operations.

GEICO introduced a new, free application for the iPhone—SnapQuote—which allows a user to take a picture of his/her license. After answering a few questions, GEICO is able to generate an insurance quote.

Progressive also eliminated the need for consumers to input detailed information about the vehicles they drive. Just enter your name and address and Progressive can now return information about cars registered to the name.

“This is a perfect example of our ‘import, don’t input’ philosophy,” says the Novarica report. “The information about vehicles already exists separate from Internet shoppers themselves, and by eliminating the need for shoppers to enter data, Progressive eliminates a major barrier to completing the application.”

Special Reports /

Insurers Embark On &lsquo;Cool Capabilities&rsquo; To Help Drive New Business Initiatives

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Insurers Embark On ‘Cool Capabilities’ To Help Drive New Business Initiatives