Mike Natan, CIO of OneBeacon Insurance Group, understands the power of technology. When he joined the Boston-based property/casualty carrier in 2001, the company was losing millions of dollars and in need of a major IT overhaul. Formerly known as CGU Insurance Group, OneBeacon also was in the process of being acquired by White Mountains Insurance Group.
“My charge was pretty clear: Replace many of the existing systems in the company, put in a new management information system, and reduce expenses,” Natan explains.
Helping OneBeacon turn itself around required numerous–and sometimes difficult–changes. First, Natan hired a new core IT management team with the necessary skills to move the company forward. Second, he restructured the IT department to align more closely with the business and improve accountability. Then, Natan and his team spent four years investing $120 million in new systems. They implemented a new claims-handling system, built a Web-based commercial- and personal-lines policy administration system using Sapiens' INSIGHT solution, converted human resources and financial applications to PeopleSoft, built self-service portals for agents and employees, and implemented a workers' compensation system. Along the way, more than 140 legacy systems were retired.
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