With a solid background in helping build IT departments from scratch–as well as the recipient of virtualization technology awards and patents for innovative business systems–Mike Anselmo was a wise choice for a new startup of an old insurance company looking to reinvent itself.
From the ashes of the rehabilitated Pawtucket Mutual Insurance, Narragansett Bay Insurance Company is underwriting specialized homeowners insurance for coastal and inland homes from Massachusetts to New Jersey and is in the process of being licensed in other states along the eastern seaboard. In 2005, the company was purchased by new owners who converted the P&C carrier into a privately owned stock company. In January 2008, Narragansett Bay Insurance Company received $200 million in capital from a private equity firm to support its new business plan. Anselmo came on board in February 2009 as CIO to help the “168-year-old startup” develop an innovative IT enterprise systems architecture and infrastructure.
“We will build systems that are scalable, secure, agile, and allow us to be collaborative and quickly grow Narragansett's business,” he says. “Wherever the business wants to grow, whatever state the company wants to underwrite business, IT and our vendor partners will be able to support it.”
Anselmo is focusing on building a strong development and service-oriented team and implement state-of-the-art technology.
“We have an opportunity to be a leading insurance business while providing innovative technology,” he says. “We are focusing on leapfrogging what currently exists in the insurance industry.”
In June, he kicked off Project Apex, the company's technology road map for the future. The plan is to move Narragansett away from its current IT environment–which relies mainly on Allenbrook's Phoenix system–to a thin-client, cloud computing, green-IT model that allows accessibility any time and anywhere.
“We're building a new virtualized infrastructure that offers agility and scalability,” Anselmo explains. “We want to be able to scale the technology as well as the processes within the business without growing an infrastructure analogous to a traditional insurance company.”
The plan is to offer a system that allows agents to handle their own quote issuance processing, billing, and collections and to service their clients remotely through Narragansett's architecture. Anselmo will rely on agents' help and feedback as he builds the new systems, which are expected to be up and running by the first quarter of 2010.
“We want our partners involved upfront and have asked for their advice as we move forward,” he says. “We want to make sure this system is what they're looking for, so that once it's ready, they'll be raring to go.”
In time, Anselmo hopes Narragansett's cloud computing-based infrastructure will be able to provide added value to agencies that do not have their own IT departments.
“In addition to having an agile business-ready system that is scalable and responsive to our business needs, it would be advantageous to be able to provide our agents with access to an agency management system that can be directly linked into our system,” he says.
During the course of his career, Anselmo has worked in management roles for several insurance companies, including AAIC, AIU, KPMG Insurance, Clarendon Insurance Group, Praetorian Financial Group, and QBE Specialty Insurance. At several of these companies, Anselmo helped build IT departments from the ground up for startup organizations.
In 2007, while at Praetorian Financial Group, his team received the Computerworld Honors Award for servers and virtualization. Anselmo also shares patents for development of an imaging and records retention method used for paperless underwriting and an electronic auction system method and strategy, which NASDAQ currently uses internally.
Anselmo sees the opportunity to be part of a groundbreaking venture using innovative technology and building an exceptional team as a chance to bring his knowledge full circle.
“Here I am once again at a startup company with more knowledge today than I had five years ago, enjoying what I do,” he says. “Drawing from my experience and others on our team, I am confident this will be a great insurance company.”
Sharon Baker is a freelance business writer based in Charlotte, N.C.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.