Dive Brief:
- CVS Health CTO and SVP Zulfi Jeevanjee will move into the newly created CIO role at Allstate on Oct. 10, the insurer announced on Friday.
- This will be Jeevanjee’s second leadership stint at Allstate. He served as the company’s SVP of enterprise architecture and innovation from Nov. 2018 until Jan. 2021, when he moved to CVS Health.
- Jeevanjee, who will also bear the title of EVP, joins Allstate’s leadership team two years into a transformative growth plan designed to increase the insurance company's personal property-liability market share, in part by launching a low-cost digital insurance option with broad distribution.
Dive Insight:
The leadership announcement comes on the heels of a C-suite shakeup last month.
Former Allstate CFO Mario Rizzo rose to president, property-liability, after Glenn Shapiro announced his retirement on Aug. 18. Jess Merten, formerly president of Allstate Financial Products, was appointed CFO at that time.
The CIO appointment also follows a shaky showing for Allstate in Q2 2022, for the period ending June 30.
The company posted a quarterly net income loss of $1.04 billion, and cited lower underwriting income, higher catastrophe losses, equity valuation declines and losses on fixed income sales as drivers of the loss, in an earnings report.
Tom Wilson, Allstate’s president and CEO, said the company planned to accelerate insurance price increases, implement underwriting restrictions in underperforming states and cut advertising spend in an Aug. 3 announcement.
For Allstate, modernization could help pgrow revenue as Jeevanjee helps shepherd innovation.
The incoming CIO was “instrumental in designing and developing the new technology platform that is the foundation of Allstate's ongoing technology transformation,” the company said. He will assume responsibility for all business- and consumer-facing tech at Allstate and report to Suren Gupta, EVP, Allstate Technology, Services & Ventures.
Allstate rolled out a beta version of a new auto insurance product and technology system earlier this year and applied for a patent on Divewise, a telematics app that mines driver data and rewards policy holders for safe driving practices.
