Growth Speed Agility and Profitability ... Oh My!

Publisher: 1insurer

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Growth Speed Agility and Profitability ... Oh My!

The past two years have shaken the historical assumptions underpinning insurance and business models. The "Great Recession" has exposed underlying issues within the P&C insurance industry which are contributing to a lack of underwriting profitability which has proliferated in the industry for over 25 years, accumulating a deficit of almost half a trillion dollars at the top as highlighted by the Insurance Information Institute (III). This new normal requires a new path forward. A truly new path must employ a modern, functionally-rich policy management solution to enable four key business transformation areas: 1. Customer centricity, expectations and insight 2. Innovative and rapid product development 3. New distribution channels 4. Underwriting and service excellence