The strengthening of the economy along with the fall of unemployment are all factors that bode well for the insurance companies. Despite the positives, rising competition, generally soft pricing conditions and tight profit margins pose key industry challenges. Technology solutions that improve front-end sales, distribution and customer service, and enhance back-end operational efficiency and expense management are being implemented to overcome these challenges. In addition, multiple digital platforms are being used to strengthen customer relationships, allowing customers to better understand and compare products.
Insurers are capitalizing on data analytics, cloud computing and modeling techniques to sharpen their market segmentation strategies, reduce claims fraud and strengthen underwriting and risk management.
To achieve long-term growth insurers are looking to increase information fluency, staying ahead of regulatory changes and upgrading their capital management tools. And let’s not forget the emergence of telematics with its ability to monitor cars and even smart homes.
Moving forward successfully will require people to no longer work in silos, but to collaborate across functions and businesses.
Let Creative Group help you put programs in place that help change behaviors and encourage the collaboration needed to succeed.