American International Group Inc. hired Philip Fasano to the newly created chief information officer role as Chief Executive Officer Peter Hancock counts on technology to improve results.
Fasano, 56, starts in October and will report to Hancock, New York-based AIG said in a statement. He was previously CIO at Kaiser Permanente, the nonprofit health insurer and hospital operator.
Hancock, who replaced Robert Benmosche as CEO on Sept. 1, is working to improve AIG’s use of technology to assess insurance risks and reduce costs. In a memo to employees announcing the hire, Hancock said AIG has “a lot of work to do in this area.”
Among Fasano’s priorities is “creating an integrated, more modern technology infrastructure and better user experience,” Hancock wrote. “Phil’s leadership and knowledge will help us unlock the potential of technology at AIG.”
Fasano joined Kaiser in 2007 after working in technology roles at financial firms including JPMorgan Chase & Co. and Deutsche Bank AG. He has an MBA from Long Island University and a Bachelor of Science degree from the New York Institute of Technology.
At Kaiser, Fasano oversaw the largest civilian electronic medical records system, according to the insurer. Kate Wathen, a spokeswoman for Oakland, Calif.-based Kaiser, said the company hasn’t yet decided who will replace Fasano.
Kaiser has about 174,000 employees in states including California, Colorado, Hawaii and Maryland, and recorded operating revenue of $53.1 billion in 2013, according to its website.
AIG, with 64,000 employees, is the largest commercial insurer in the U.S. and Canada and has clients in more than 130 countries.