SAN MATEO, Calif.--(BUSINESS WIRE)-- CAMICO (www.camico.com), the nation’s largest CPA-focused provider of specialty liability insurance for the accounting profession, was nominated for the Novarica Research Council Impact Award.
CAMICO’s nomination was based on the company’s Open Innovation Program, which leverages employee creativity and emerging technologies to create new capabilities and operational innovation. CAMICO’s initiative was selected as a nominee from a group of more than 40 case studies, reviewed by a panel of 11 Chief Information Officer members of the Council.
CAMICO’s Open Innovation Program originated in February 2011 with the company’s information technology department, which led initiatives to enhance document and process automation in CAMICO’s sales and underwriting departments. Enhancements initiated through the program have included paperless insurance policy delivery, underwriting automation, e-commerce and electronic signature capabilities.
The enhancements resulted in savings of $300,000 in administrative and other costs and improved the ease of doing business with CAMICO. In July 2012 the Open Innovation Program was rolled out to the entire CAMICO organization, encouraging employees to submit and support ideas to grow the company and create a culture of innovation.
“Making it easier for firms to do business with us and lowering costs are impressive achievements, and we look forward to many more from the Open Innovation Program,” said Ric Rosario, CPA, CEO of CAMICO. “A nomination for the Novarica Research Council Impact Award reaffirms that CAMICO is succeeding in its mission to stay closely in step with the needs of CPA firms.”
More than 300 members of the Novarica Insurance Technology Research Council will judge the nominations and vote on the award winners, who will be announced on Oct. 30, 2012.
CAMICO currently delivers specialty liability insurance and related services to more than 8,000 CPA firms and 53,000 staff members in 45 states and the District of Columbia. The CAMICO program is sponsored by state CPA societies and associations in Arizona, California, Colorado, Greater Washington D.C., Indiana, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington.
Novarica provides information, insights, and perspective on markets, operations, and technology to insurance and financial services executives. Novarica draws its knowledge from extensive primary research with consumers, ongoing information gathering initiatives of dedicated research staff, and regular communication with insurer executives through informal networks and formal groups. Novarica is a division of Novantas LLC, a management consultancy and information services provider for the financial services industries.
Novarica Research Councils are knowledge-sharing communities of senior IT executives. The councils provide insights and quantitative data on issues of interest to insurer and banking technology executives.