An insurer remade has been saved
An insurer remade
State Auto client spotlight
Long considered a sleepy industry, the insurance business has been swept up in the same wave of technological and cultural transformation that is reinventing every sector of the modern economy.
Technological and cultural transformation
For Columbus, Ohio-based State Auto Insurance, that metamorphosis came after it had been in business for more than 95 years. And while the company was selling its products in 33 states and had nearly $4 billion in assets, it was losing customers and agents to insurers with faster, more accessible technology. At the same time, its traditional office culture, with a dress code and regular performance reviews, had made it resistant to the kind of change that its customers were increasingly demanding.
Something would have to change. So, along with Deloitte, the insurer set out to build a new technology platform, a new portal for agents, as well as redesigned core products to compete and win in the 21st century—all in just one year.
If you're going to win, you need a foundational system on which to build the company. Working with Deloitte, we've successfully executed an operational transformation that combines new products, cloud-based tools, and fresh resources for independent agents that, together, form the foundation of the new State Auto.
—State Auto CEO Michael LaRocco
Meeting those audacious goals and transforming into an insurer with state-of-the-art speed, agility, and service under such a tight deadline required a tech-savvy partner. For months, a number of Deloitte staffers moved into State Auto offices. Together, they built a new platform to give insurance agents more information, tools, and a new pricing model that allows them to customize policies for their customers.
The benefits of this partnership
- A reduction of data elements that agents manually collect from 70 to just 14
- Giving agents more time to craft policies to meet client needs
- Faster, more accurate electronic delivery of policies
- Cloud-based solutions make customer information accessible to agents, while keeping it secure
- New tools allow agents to personalize the policies and pricing they offer
With optimized cloud technology, State Auto can offer ease-of-access along with cutting-edge security. And that innovative technology is simply the visible evidence of State Auto's newfound, organization-deep startup culture.