Accountants Integral To Business Management And Strategy At Amica

Bob DiMuccio has been a member of RISCPA for 34 years and credits much of his disciplined approach to his CPA training and experience. With an accounting department of approximately 125 professionals, Amica is certainly a company that has a big impact on our small state.

Robert A. DiMuccio, chairman, president and chief executive officer of Amica Mutual Insurance Company, was born in 1957 and grew up in Providence, Rhode Island. He graduated from Providence College in 1979 with a bachelor’s degree in accounting. He began his career with the accounting firm KPMG Peat Marwick, where he worked for 12 years and earned the position of partner.

DiMuccio joined Amica in 1991 as a vice president in the accounting department. He was promoted to senior vice president in 1994, named treasurer in 1996 and elected chief financial officer in 2001. During these years, he remained a member of Amica’s accounting department. He was named executive vice president in 2003, and president and chief executive officer in 2005. In 2008, he was elected the company’s chairman.

DiMuccio serves on the Board of Governors of the Property Casualty Insurers (PCI) Association of America. He is also president of the Board of Directors of the Rhode Island Public Expenditure Council.

In addition, DiMuccio serves on the boards of the Insurance Institute for Business and Home Safety, the Property & Liability Resource Bureau, the Greater Providence Chamber of Commerce, the Washington Trust Company and Crossroads Rhode Island. He has also received the Paul Harris Fellow Award, given by Rotary International for outstanding community service.

In addition to his membership in the Rhode Island Society of Certified Public Accountants, DiMuccio has earned the Chartered Property Casualty Underwriter (CPCU) and the Certified Public Accountant (CPA) designations. He is a member of the American Institute of Certified Public Accountants.

DiMuccio and his wife, Rena, live in Cumberland, Rhode Island, and they have two sons, Robert and Joseph.

1. How has your experience as an accountant and CPA informed your leadership style during your past 10 years as Amica’s CEO?

As a result of my training and experience in the profession, I’ve developed a disciplined thought process and approach to problem-solving. This disciplined approach has helped me in addressing non-financial issues that I regularly face in my current position. 

The continuing professional education (CPE) is one aspect of maintaining my status as a licensed CPA that has helped me stay up-to-date as a leader. I tend to choose courses that will meet both the CPE requirements and will give me up-to-date knowledge in areas that I’m focused on in my current position. For instance, many information technology courses qualify for CPE, while at the same time providing me with an updated view on modern IT systems.        

2. How large is Amica’s accounting department? What roles do they perform for the company?

Our accounting department has approximately 125 members, with about 20 percent of our professional staff having the CPA designation. The team’s roles range from managing the daily transactions necessary to run the company such as accounts receivable, payables and treasury management, to business analysis such as financial reporting, financial analysis and risk management. Our accounting professionals also provide management information and analysis to our front-line business areas.       

3. How have you seen the accounting profession evolve during your years in business?

In the 37 years since I graduated from college, technology has relieved accountants of many of the mundane tasks necessary to capture transactions, balance books and prepare financial statements and schedules. I’m not sure anyone needs to “foot” a trial balance these days. Professional accountants can now spend their time more productively analyzing financial and operating information. 

As a result, our accountants have become increasingly integral to the management of the business. At Amica, the accounting team participates in many of the core business and strategy decisions we face. The analysis skills our accountants use to provide perspective on our financial health have also been used to help our business team model future scenarios. This modeling of decision options and risk analysis has become a valuable business tool because, in the competitive environment in which our business operates, there is very little margin for error.