March 25, 2022 – The chief information officer is considered one of the most strategic roles in any organization. Still, head hunting within the function remains challenging, as skilled C-suite IT professionals are among the toughest to find. In one recent search, The Lapham Group placed Parthasarathy Srinivasa as the new executive vice president and CIO of Erie Insurance (ERIE). His appointment follows the retirement last December of Bob Ingram, who served in the CIO role at ERIE for more than nine years. “I look forward to welcoming Partha to the ERIE family and building on the momentum Bob and our IT leaders have established,” said Tim NeCastro, president and CEO of ERIE. “His experience is a great match for where we want to go as an organization and the critical role technology plays in getting us there. Partha is a highly respected IT executive with deep experience in the insurance and financial services sector.”
Mr. Srinivasa comes to ERIE from Verisk Analytics, one of the world’s largest data analytics firms with customers in the insurance, financial services, and energy sectors. At Verisk, he served as senior vice president and chief data officer, responsible for the company’s insurance segment data and technology as well as enterprise-wide data and analytics. Prior to that, Mr. Srinivasa held multiple technology leadership roles as a global CIO and CTO at companies including Zurich Financial Services, Tokio Marine HCC, Farmers Insurance, and Safe Auto. He began his career in technology consulting before transitioning to the financial services and insurance industry.
Mr. Srinivasa will report to Mr. NeCastro and become a member of the company’s executive council. He brings more than 25 years of IT experience to ERIE’s executive team, including insurance expertise in platform modernization across multiple legacy systems, digital transformation, cloud strategy and development, innovative technology solutions for claims support, talent upskilling, and customer analytics and insights.
“Equally important, Partha’s approach and demeanor are a great fit for ERIE’s distinct culture and commitment to service,” said Mr. NeCastro.
Located in Erie, PA, Erie Insurance is a multi-line insurance company, offering auto, home, business, and life insurance through its network of independent insurance agents. Today, the company’s geographic presence extends to 12 states and the District of Columbia, from New York to North Carolina and from Wisconsin to Tennessee.
The Lapham Group is a boutique executive search firm headquartered in New York City. For over two decades the firm has conducted senior-level search engagements in insurance and diversified financial services, including private equity, venture capital, and asset management. Searches include board directorships, president/CEO/general management, risk management, finance and investment, marketing/sales, and information technology engagements conducted across North and South America, Europe, Asia, and the Far East.
In addition, The Lapham Group has developed strong working relationships with its clients in the implementation of strategic initiatives and new business ventures to include numerous search assignments for start-ups and turnaround opportunities.
Global Demand Booms for Insurance Executives
Major global companies in technology, digital and financial sectors are seeking a record number of insurance leaders with the combination of both digital and industry or “domain” experience, report executive recruiters familiar with the space. Companies looking for these C-suite executives require both insurance expertise and high levels of “digital proficiency,” they say – a combination that is scarce in the insurance market and beyond.
Craig Lapham has served as CEO since 1997. Under his leadership, the firm has conducted senior executive search engagements for multiple Fortune 100 insurance clients and smaller emerging insurance/financial services firms across both P&C and life insurance. He previously served, from 1992 to 1997, as an attorney with global insurer American International Group within the corporation’s U.S. property and casualty business.
“Like most other industry sectors, the insurance industry is undergoing significant evolution due in large part to the increased utilization of technology, data and analytics to drive not only marketing/distribution and operations, but the actual underwriting process as well,” said Mr. Lapham. “This change is being seen across all segments of the P&C industry, both consumer/personal and commercial lines. As the world continues to increase in complexity, the industry is adapting itself to provide risk management products and services for rapidly expanding risks including cyber risk.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media