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Insurers may upgrade systems to ‘bear-proof’ their bottom lines

Many insurers will likely look to improve internal systems and become more cost-efficient to increase profitability in the face of looming threats to their income streams.

By Sam J. Friedman | Updated on February 05, 2015

A growing number of insurers may soon find themselves in a predicament similar to that facing the proverbial group of hunters who are being pursued by a hungry bear. Rather than having to outrun the predator to survive, carriers might just have to stay ahead of competitors that are slower to adapt to evolving market conditions.

However, to accomplish this, companies will likely need to upgrade internal systems and become more cost-efficient so they can maintain, and perhaps even increase profitability despite looming threats to their income streams. That was my chief takeaway from the recent Property-Casualty Insurance Joint Industry Forum, attended by many top executives and association leaders, which I found to be a rather somber annual family reunion this time around.

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