NU Online News Service, June 29, 12:55 p.m. EDT
In the face of an expected slow-growth insurance market over the next two years, insurance executives plan to focus on improving operational processes and technological capabilities as well as acquiring new businesses to remain competitive, according to a recent survey.
A May poll of 102 senior-insurance executives of insurance institutions in the annual revenue range of $1 billion to over $10 billion, undertaken by audit, tax and advisory firm KMPG LLP, shows that 22 percent of executives named "improvement of operations processes and related technology" as their top forward-looking initiative, followed by 21 percent who say it is navigating regulatory changes.
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