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The Chase for Insurance Sales

The convergence of financial services presents particular challenges to each segment of the industry. Financial services are in a state of flux, trying to understand ...

By Lisa Gray | Updated on September 30, 2002

The convergence of financial services presents particular challenges to each segment of the industry. Financial services are in a state of flux, trying to understand both the opportunities as well as the obstacles that must be faced. Immediate challenges include IT hurdles, a new and still changing regulatory environment, and the necessity to broaden the expertise of previously segmented sales forcesnot to mention competitive issues. Opportunities such as immediate access to new markets and expanded product and service offerings are significant. Taking advantage of the opportunities while keeping the obstacles to a minimum are the tasks at hand.

Financial convergence impacts have been slow in coming, but they continue to grow, says Judy Johnson, vice president, insurance information strategies, at New Brunswick, N.J.-based META Group, Inc. Insurers are looking to the future, trying to understand whether they can continue business as usual in a world that is rapidly reconfiguring itself from the ground up.

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