Insurance & Technology's 2009 Elite 8 Strive to Lead Their Companies Beyond the Financial Crisis

If the familiar adadge, "What doesn't kill us makes us stronger," is true, then the executives who comprise Insurance & Technology's 2009 Elite 8 outstanding insurance technology leaders must have incredible powers. The past year has presented an array of trials and tests that have challenged the management of all financial institutions, big and small, and insurance IT organizations have been on the front lines as carriers simultaneously seek to improve governance and compliance, find efficiencies and cost savings, enhance distribution, and strengthen customer relationships (and profitability).

But while many executives might find managing IT in the new highly scrutinized world of financial services to be extremely daunting, I&T's Elite 8 leaders are rising to the challenge with enthusiasm and determination. Rather than complain about how hard it is to deal with tight budgets, an unsettled regulatory environment and untested new channels, the executives profiled in this special issue welcome the opportunity to solve problems, deliver effective solutions and stretch the talents of their workforces.

In fact, at a time when many in financial services are scaling back, not only are these executives leading aggressive initiatives in emerging channels, including mobile and social networks, they also are staying on course with ambitious projects such as replacing core systems, developing service-oriented architectures and reinventing corporate governance. It hasn't been business as usual, the Elite 8 honorees emphasize, but it hasn't been cause for siege mentality, either. Why? It's true that insurance has been spared some of the pain and loss that's occurred in banking and capital markets, but it is more likely that the ability of the Elite 8 honorees (and their teams) to get business buy-in for these kinds of big-picture initiatives stems from the fact that they've already inculcated and applied the right lessons about alignment, deliverables and teamwork.

The 2009 Elite 8 will be recognized at I&T's upcoming 11th Annual Executive Summit (Nov. 1-4, The Wigwam Golf Resort & Spa, Phoenix), where we will examine strategies and best practices that are helping insurance companies to look beyond the financial crisis to the challenges and opportunities they face in the new world of financial services. In this environment, it inspires confidence to know that there is real muscle and prowess among the senior ranks of insurance IT.