As we near the end of 2013, there are emerging trends we should take note of that directly impact the market. Some are positive. For example, most P&C insurers beat their quarterly expectations. Some analysts attribute this to better underwriting performance. However, the gains in rates we’ve seen are starting to level off, in part due to reinsurance pricing and new entrants into the commercial lines, namely Berkshire Hathaway. We also continue to see the insurance industry invest heavily in updating their customer-facing tools and back-office processes and systems. This includes everything from customer and agent portals to mobile offerings to policy and claims management and enhanced analytics capabilities. Improving the customer experience, replacing outdated systems, offering differentiated services and decreasing operating costs are the primary drivers of these investments.
Since our last newsletter, our team has been busy helping clients deliver effortless customer experiences, deploy advanced analytics to improve performance, update financial systems and select new systems and integrators. For this edition, we explore several topics and share our insights and best practices:
I hope you find this information timely and relevant. If there is anything we can do to assist, or if you want to discuss something you’ve read or heard, please don’t hesitate to contact us.
We wish you and yours a happy and safe holiday season!