December 2013 - Insurance Newsletter
This edition explores several topics and shares our insights and best practice.
Date : December 4, 2013
There are emerging trends we should take note of that are directly impacting the market from rates leveling off, investment in customer-facing tools and improving the customer experience.
Industry:

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 Improving the customer experience, replacing outdated systems, offering differentiated services and decreasing operating costs are the primary drivers of these investments.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!

Laura Yorks

A poor claims experience is the single most significant reason why a customer would switch to another insurer. So, why have insurers taken so long to improve their claims processes?
Across the industry, brokers are beginning to make critical decisions to shift their business and operating models due to the changes in client’s expectations around real-time servicing.
Many insurance companies are initiating large programs to either differentiate their products and services in the market, connect with their customers or reduce operating costs. 
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Industry: