Annual awards recognize best practices of technology usage in insurance industry
SAN DIEGO, March 30, 2023 /PRNewswire-PRWeb/ -- ICW Group Insurance Companies, a leading group of property and casualty carriers, has been awarded the prestigious 2023 Celent Model Insurer Award for its digital foundation through data modernization project, which transformed the company's legacy systems to reduce costs, increase efficiencies and support business expansion and diversification.
Honored in the Legacy and Ecosystems Transformation category, ICW Group accomplished an ambitious plan to sunset all of ICW Group's workers' compensation mainframe legacy systems and IT business processes and operations to support its aggressive growth strategy. The full program involved the concurrent execution of eight complex workstreams impacting the entire organization. Pivotal to the success of the effort, ICW Group partnered with Percipience LLC to establish the reporting and analytics platform. The project went live in November 2021 and was completed in July 2022, when virtually all mainframe processes were retired, and a new data solution was established.
"It can't be overstated how complex this project was as it impacted virtually every significant application and business process across the entire enterprise," said Todd Hartline, Senior Vice President, Technology for ICW Group. "I'm immensely proud of the ICW Group and Percipience teams that worked tirelessly to get us where we are today and thrilled to be recognized as a Celent Model Insurer. The effort has transformed our business and built a strong digital foundation to carry us into the future."
The project set out to achieve a series of objectives, including building the framework that supports ICW Group's growth as a multi-line carrier. Key benefits that resulted from the effort include:
- The migration and removal of 99 percent of the applications and work performed on the mainframe, resulting in more than $1 million per year in hardware and software savings.
- Decreasing the number of daily records processed to less than six thousand from two to three million.
- Reducing the delivery time of the financial data necessary for the company's monthly closing process by 80 percent.
- Reducing nearly 2,000 hours of IT effort per year to support ad hoc data requests and data reporting changes.
"Assisting ICW Group through its legacy transformation was an exciting endeavor that has positioned the company well to execute its planned digital-driven initiatives and customer-focused efforts," said Bruce F. Broussard, Jr., Managing Director, Percipience LLC. "By leveraging Percipience data solutions and expertise, ICW Group has been able to place data at the center of their legacy and ecosystem strategy leading to significant results. Congratulations to our collective teams for this well-deserved recognition."
Celent Model Insurer is the premier award available in the insurance industry globally. Celent, a research and advisory firm focused on technology for financial institutions, awards this honor to insurers, reinsurers, and MGAs who demonstrate extraordinary results for best practices in technology usage across a variety of areas critical to success in insurance. The Legacy and Transformation Category of which ICW Group received the award recognizes projects related to core system replacement or transformation that leverages new technology and methods. Visit Celent to learn more about the project.
About ICW Group
Based in San Diego, ICW Group Insurance Companies is the largest privately held insurance company domiciled in California. Quoting more than $3 billion annually, ICW Group represents a group of Workers' Compensation, Assumed Reinsurance, Catastrophe, General Liability and Commercial Property insurance carriers, including Insurance Company of the West and Explorer Insurance Company. ICW Group is recognized nationally as an industry leader in helping policyholders achieve fewer and less costly claims while elevating the trusted agents who advise them. More information is available at http://www.icwgroup.com, http://www.twitter.com/ICWGroup, http://www.linkedin.com/companies/icw-group and http://www.facebook.com/ICWGroup.
About Percipience LLC
Percipience is an insurtech data and analytics software provider, whose core-system agnostic Data Magnifier platform quickly transforms siloed data from multiple sources into a competitive advantage. Data Magnifier's comprehensive integration, data management, and reporting components can be deployed on any cloud platform and database. Delivered with the detailed documentation of an in-house developed application, Data Magnifier gives insurers full control of how the solution is managed and empowers insurers to own their data. For more information, please visit http://www.percipience.com.
Media Contact
Jessica Northrup, ICW Group, 8583502400, [email protected]
SOURCE ICW Group
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