Tom Peach, CIO, Zurich North America Commercial
The economy has a very direct impact on our insurance business and our ability to make profitability targets. The conditions remain challenging and we expect this challenge to continue into 2011. Yet, Zurich has been fortunate to report exceptional earnings during one of the most difficult economic times in recent history. This success has been a result of proactive planning and measures taken well before the height of the economic crisis. Our executive leadership took early actions to focus on profitable growth, smart capital management, and operational excellence. Since these measures were taken years ago, there has not been much impact to the way we run our business in 2010.
From an IT perspective, we were also involved in early measures to reduce expenses and improve flexibility. We dramatically changed our staffing model and increased the scrutiny on technology investments to ensure they delivered value to the company. Starting in 2009 and continuing into 2010, we were able to really capitalize on these changes, improve delivery, and be an enabler of strategy. The technology focus has been on transforming the business to be more customer-focused, efficient and effective.