Bob Restrepo was brought to State Auto Insurance Cos. with a mission. He was the first CEO the company had recruited from outside the organization. This was an intentional move by a board that felt its company was in need of perusal by a fresh set of eyes.
“They thought we had gotten very insular, not arrogant but introverted, and that we might be losing touch with the marketplace,” Restrepo says. “So when I came here, I spent a lot of time listening and learning.”
Restrepo wanted to know what was holding the company back. So he began asking questions of all the company’s movers and shakers, from board members to stock analysts to industry regulators.
“I asked them all the same questions,” Restrepo says. “‘What would you like to see change? What would you not like to see change? What do you think our biggest opportunities and threats are? What advice do you have for me about what I should do first?’”
His initial investigation showed him that State Auto was a successful and profitable company. The $1.8 billion property and casualty insurance provider is one of only 13 companies to maintain an excellent rating from A.M. Best & Co. every year since 1954.
But internally, State Auto had developed a lot of silos and that had the potential to hamper the 2,600-employee company’s ability to maintain that level of performance.
“We wanted ways to instill greater collaboration and fewer silos,” Restrepo says. “I really wanted to be able to look at the whole company and identify areas that would improve productivity and that would lower costs. I wanted to identify areas where we could be more responsive to our customers and areas that would position us for both profit and growth going forward.”
