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Staying Competitive

Business is changing and insurers must respond. Industry changes--such as new regulations targeted at risk management, commissions, and reporting; the demand for process transparency among regulators a

By Kimberly Harris-Ferrante | Updated on October 31, 2007

Business is changing and insurers must respond. Industry changes–such as new regulations targeted at risk management, commissions, and reporting; the demand for process transparency among regulators and customers; the extended expansion of the ecosystems, including new relationships for outsourcing; and a continual shift to using the Internet to sell to and service policyholders–is driving the creation of new strategies among property/casualty (P&C) and life insurers. These strategies that are targeted at compliance and differentiation are challenging, however, due to internal organizational stressors, including aging employees and knowledge management needs; aging and inflexible legacy systems; decentralized business rules, content, and data; and manual and paper-based processes.

Insurers must overcome these challenges to remain competitive in the next five to 10 years. Improved management of core processes, data, and content will be a critical success factor among leading insurers by 2012.

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