Insurance company board members are painfully aware of the importance of technology to the company's business. They understand that the issues include having the appropriate hardware, using the most secure software, buying the right number of electronic devices for employees, and guarding against cyber attacks among others. But often when the company's chief information officer (CIO) gives a presentation, the board members think the CIO is speaking a foreign language.
"One of the differences between more successful and less successful CIOs is their ability to communicate effectively with their boards," explains Frank Petersmark, AVP of Research & Consulting, Novarica. "Being able to communicate effectively with your board will help make securing organizational support for IT initiatives, such as funding and resource commitments much easier, as well as achieving the strategic goals of IT, which, if aligned properly will benefit the entire organization," says Petersmark.
Novarica, a research, consulting and advisory firm for Property/Casualty and Life/Annuity insurers, has just published a new CIO checklist report to help insurance CIOs effectively communicate with board members. Developing a common communications approach is a critical part of the CIO function.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
