In today's insurance market, which features a good economy and stable weather conditions, insurers tend to get more adventurous in terms of their risk-taking. Such daring can be costly if poor decisions are made, but in a world where the balance between risk and profits is particularly thin, technology often plays a key role in a carrier's decisions. As another year winds down, the market is one of several key issues insurance IT leaders are focusing on to stay sharp for 2008 and beyond.
Mike Sciol? is eyeing the insurance market carefully, particularly where standard insurers have been willing to enter spaces they typically avoided in a hard market. Despite such deviations, Sciol? claims it will not change the direction of the twin carriers he represents, Burlington Insurance Group and Guilford Specialty Group, as CIO. "We're a midsize company," he says. "Our budget dollars are held much closer to the vest than you find with a larger, standard-market company. In the E&S space, we try to manage our costs closely and do what we can to deliver more to the business with less."
Sciol? has learned that with a midsize company, employees are much closer to the revenue stream. "A lot of what we do has direct implications on revenue coming in the front door," he says.
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