Whether considering market dynamics or organizational functions, "transformation" may be the most important word for insurers in 2014, according to a Deloitte analysis.
In its "2014 Property and Casualty Insurance Industry Outlook," Deloitte says that insurers who wish to be market leaders in an increasing competitive, more-tightly segmented and consumer-driven environment need to be more adaptive in their thinking, culture and strategic approach.
"Bottom line," says Deloitte, "property and casualty insurers will be hard-pressed to achieve more consistent and higher rates or growth if they count on external conditions, usually outside of their control, to harden markets, increase premium volume and improve investment income, while settling for superficial changes in their systems and standard operating procedures."
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