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View from the Top - Part
1 | Part
2
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PROFILE
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Peter Thomas
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Company: Chubb Insurance.
Interviewee: Peter Thomas.
Job Title: European vice president
of corporate IT.
The Subject: Chubb has set out
to transform its management culture by introducing a
unified data warehousing and reporting system across
Europe.
PERSONAL FILE
NAME: Peter Thomas.
BACKGROUND: Peter originated
the concept of the European Management Information Repository
(EMIR) which addresses Chubb’s reporting and analysis
needs. EMIR won the Financial Sector Technology award
for ‘Best Use of IT in Insurance’ in March 2005.
As European vice president of corporate
IT at Chubb Insurance, Peter heads a team of 24 people
with responsibilities spanning management information,
financial & HR systems, and applications integration.
He has had a variety of roles at
Chubb since joining in 1996 as European financial systems
project manager – including European vice president
of management information technology.
Before moving to Chubb, he was assistant
to the MD and client/server systems project manager
for UK-based software and consulting company Cedardata.
He first joined Cedardata in 1988 as a financial systems
analyst/programmer. Peter has an MSc in pure maths from
London University and a BSc in maths from Imperial College,
London.
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Q: WHAT WERE YOUR KEY BUSINESS REASONS FOR
BRINGING IN NEW DATA WAREHOUSING AND REPORTING TECHNOLOGY?
A: From the business perspective there are two main things
which make information even more important for an insurance
company than for others. We have an enormous issue in that
when we set the price for a product, we don’t know a large
proportion of the cost – because that comes from claims which
might be years later. It means we must have very good business
models and a good understanding of trends.
The other thing is the nature of the insurance business,
which is cyclical. The market will attract additional capital
which drives prices down, leading to losses which drives capital
away – so there is always a period when the industry is making
money and a period when it is not making money. Pricing is
an issue, as is the ability to understand where you are in
the cycle – so information is very, very key.
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Conspectus 2006
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Copyright © 2006
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