Business as usual is not the usual any more, and insurers might do well to prepare for a period of heightened enforcement and concomitant reputational risk.
Before they are forced to, insurers may wish to consider a more proactive approach to compliance that could have the secondary benefit of enhancing the industry's reputation for customer care. Because following the letter of the law may not be enough to prevent conviction in the court of public opinion.
The insurance industry may see itself—and rightly so—as largely blameless for the financial crisis, but it may not be wise to expect the public, burdened by slow economic growth and stubbornly high underemployment and unemployment, to make the fine distinctions that are more evident from the corner office. Even without actual wrongdoing, press conferences and big settlement announcements can dominate the news and damage reputations that took decades to build.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
