In today's information age, the time frame for an insurance company to benefit from any competitive advantage is shrinking rapidly, which means the speed at which a carrier can shift gears and seize emerging opportunities will likely separate market leaders from laggards.
In such a volatile environment, nimble needs to be the new normal for multiline property-casualty insurers.
|Ramp up or scale back
"Nimble" in this context refers to the ability of carriers to rapidly ramp up or scale back the focus and capital allocated among lines of business to benefit from potential profitability variations. However, while the case for becoming more nimble may be compelling, accomplishing such a transformation will likely be easier said than done, given that most companies are set in their ways when it comes to organizational structure and standard operating procedures.
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