Real transformation will change the insurance industry for the better. (Photo: Shutterstock)
Transformation is fast becoming the next overused word in insurance, right behind digital and innovation. But the fact that so many commercial lines insurers are talking about transformation indicates a reality — there is definitely fundamental change underway. It is true that the basics of the business remain the same, and many of the headline-grabbing initiatives are not yet driving big financial gains. But in those headlines and the behind-the-scenes strategies and pilots underway, there is a palpable sense of real transformation. And it is changing the industry for the better.
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