It may be tempting for an insurer to simply hold the fort in these difficult times and wait for a boost in the economy or a decisive turn in the market to bolster their top and bottom lines. But proactive carriers can facilitate growth under any conditions by broadening their strategic outlook and capitalizing on fundamental changes emerging in distribution, technology and regulation.
Insurers have a number of options and potentially game-changing support tools available to improve their chances not just to survive, but to prosper in the decade ahead—which will likely be one of the most challenging in the industry's history.
In compiling Deloitte's recently released "Insurance Industry Outlook: High Hurdles Loom in 2011 & Beyond," we identified six systemic challenges that could either undermine or accelerate carrier growth, depending on how insurance companies choose to respond:
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