The insurance industry has remained much the same for more than 100 years, but the status quo cannot endure nor lead to growth of an organization.
Commercial insurers face tough times ahead with underwriting margins that are pressured by softening prices and a potentially volatile interest rate environment. What are the keys to success? Better capabilities, service, customer-focus and products — all of which require on-going investment in capabilities.
As we look to 2017, it's important to consider the biggest drivers of change to ensure a boost in your bottom line:
- Customer expectations: Customers expect convenience and transparency and have greater ability to find it than ever before.
- Pace of innovation: Customers have a need for new insurance solutions, but incumbents are struggling to provide appropriate products and services.
- Startups: New players that have the ability to innovate quickly are taking advantage of the opportunity to fill the gaps that incumbents have not.
Although the industry has seen generally strong underwriting results in recent years, this could change — potentially very soon.
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