Barry Rabkin, principal analyst, insurance technology, for Ovum
Insurance companies will be facing a different marketplace post-financial crisis than the marketplace that existed before the crisis. To compete successfully in the post-financial crisis, insurance companies must adopt four equally important business imperatives: 1) demonstrate exemplary market behavior, 2) become risk aware and prepared through the use of enterprise risk management capabilities, 3) ensure their long-term financial viability, and 4) provide a compelling customer experience to both policyholders and producers. Unfortunately, very few insurers will take a strategic approach to support these imperatives or otherwise redefine their behaviors and actions. Most insurers will take the easier path of implementing tactical solutions in areas they are more comfortable based on the incorrect belief that the post-financial crisis market is the same as the pre-financial crisis market.
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