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It’s Not Your Father’s Management Team
Executives at today’s carriers have different jobs—and different interactions than they did just a few years ago.

CEOs don’t sit on ivory towers. CFOs aren’t bean counters. CIOs aren’t geeks in suits. In the 21st century, the roles of the “C-Level” management at insurance carriers has changed dramatically. (If you’re reading this magazine, you probably know that. But bear with us.)

Titles can be so limiting, especially when the job descriptions that go with them are all over the charts. Today’s executive structure at insurance carriers seems a lot more complicated than it used to be, but one thing continues to remain true: If the people on top aren’t working together, the people underneath them are going to have a hard time figuring out which direction to go. Complicating things even more (in a good way!) is the growing importance of the CIO in the entire business operation. Today he—and more and more often, she—has a hand in virtually every facet of the operation.

One person doesn’t make all the decisions anymore. Stockholders have to be pleased, budgets have to be met, technology has to be implemented—the facets of the insurance business are tied together as never before. And so are the to-do lists of the decision-makers.

Successful teams have adapted to one another. They know that each segment of the operation affects the others. The goal is to synchronize those efforts into a clear and focused plan. The rigidity of territories in the executive suite is losing ground to flexibility. Good executive teams also offer a balance. Knowing your role is important, but so is the ability to stretch your talents. No one wants to get stuck in the pigeonhole anymore, not even the executive team.

The role of the CIO has undergone the most change lately, thanks to the increasing importance of technology to insurers. Companies can no longer survive without concentrating on knowledge management. As the CIO has gained in corporate stature, so too has the knowledge of fellow team members on what the IT department can do for them. The CEO and CFO of today are intimately aware of the capabilities of the systems that run their company.