Many insurance CIOs would love the opportunity to manage a technology environment free of the burden of legacy systems. But it's a case of "been there, done that" with newly appointed CIO and SVP of New York-based specialty lines P&C carrier NYMAGIC (New York Marine and General Insurance Co.; $241.3 million in 2006 gross written premium) Craig Lowenthal. Having had the opportunity to build from the ground up at Integro Insurance Brokers and Hartford Financial Products (both of New York), Lowenthal took on his new post with a view toward a new challenge.
"I'm very familiar with the lines of business, as well as the available technology products on the market," Lowenthal comments. "Executing a technology turnaround at a company like NYMAGIC is a big job, but one I'm confident I have the experience to do."
In the past, NYMAGIC had not put top priority on IT, but current management sees the strategic value of technology, according to Lowenthal. As part of a five-year strategic plan, the carrier's leadership intends to invest in IT in pursuit of ambitious revenue and service goals, he relates, adding that his plans involve evaluating legacy systems, with high priority on the carrier's policy admin, billing, accounting and GL platforms. Lowenthal says he also plans to introduce a portal-based intranet.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio