Chubb CIO June Drewry considers herself a business executive first and an IT professional second. That philosophy permeates the way she runs IT operations at the $14 billion insurer.

Drewry, who came out of retirement to join Chubb in 2005, plays a key role in the company's cost savings strategy, deciding whether or not to pursue or continue a variety of IT projects. Chubb chief executive John Finnegan enacted the strategy in 2004, looking to lower expenditures and boost ROI. And it has become a guiding principle for Drewry. "Most of the waste in IT productivity, in my mind, isn't that the IT people aren't doing it right—they're just doing the wrong things," she says.

"They're doing the wrong projects that aren't having a huge payback for the business."

So far, the cost-cutting strategy appears to be working: Chubb has hit new profit highs each year since. To maintain the success, Drewry keeps her people focused on satisfying the needs of the business. That means staying connected to the company's objectives by working with the heads of different business units to identify opportunities.

Her philosophy also figures into how Drewry staffs her team. Essentially, she looks for people who focus on business first. "It's not just good enough to be a good application person," she says. "It's got to be someone we think can be a good partner to the business."