Tech changes present whole new arena at NBI

In speaking about his company’s four-year growth spurt, Narragansett Bay Insurance Co. CEO Todd Hart compares the advancement to that of a child. “From infancy to adolescence, we can look a little gawky.” More

To continue reading this article, please do one of the following.



FASTEST GROWING & MOST INNOVATIVE COMPANIES

Tech changes present whole new arena at NBI

Posted 9/24/12

In speaking about his company’s four-year growth spurt, Narragansett Bay Insurance Co. CEO Todd Hart compares the advancement to that of a child. “From infancy to adolescence, we can look a little gawky.”

According to Hart, the company, which operates in Rhode Island, Massachusetts, New Jersey and New York, is very much in that transitional phase not just in its own metamorphosis, but as a player in an altogether restructured industry.

Since 2008, and in the wake of hurricanes Wilma and Katrina, the nationwide insurance providers have either folded or broken apart. Filling the void are companies such as NBI, which are more precise in evaluating risk, more discerning about the kinds of policyholders they want as customers and more specific in the kinds of products they offer in the marketplace.

NBI’s growth has been significant.

In 2008, its gross written premiums, or sales, amounted to less than $30 million; by the close of 2012 they will hover around $180 million.

“We’re looking at the world differently,” said Hart, who took over as CEO in June. “Through technological advances to catastrophe models, we can spider crawl an area giving a value of exposure [risk] equaling $100.”

This pinpointing represents a new way of doing business. “We talk about being the Billy Beane of insurance,” making reference to the Oakland A’s general manager who was profiled in the best-selling book “Moneyball” for his use of new models of statistical analysis to find talent that was undervalued.

Still, said Hart, “we haven’t really begun to see what’s possible.” •CEO (or equivalent):

Todd hart

2011 REVENUE: $113,056,513

2009 REVENUE: $29,732,411

3-YEAR GROWTH: 280%

Calendar
PBN Hosted
Events

Save the Date - Thursday, May 29th - for the Business Women Awards Luncheon at the Providence Marriott. Winners to be announced May 2nd.
  • Manufacturing Awards
    Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thur ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News