Complex and challenging factors have been largely responsible for the high level of uncertainty faced by property and casualty insurers. According to a new survey, given this environment, P/C executives have found it difficult, if not impossible, to determine consistent priorities.
The findings of the new survey, “Actionable Priorities Emerge,” conducted by the Robert E. Nolan Company, a management consulting firm specializing in the insurance industry, suggest that the environment may be settling and priorities are becoming clearer. More than 120 senior P/C insurance executives took part in the survey.
Seven specific courses of action for P/C insurers emerged from the survey:
— Focus on core insurance processes and performance drivers.
— Continue to place a high priority on expense management and
customer service. Question whether outsourcing is a way to
improve these areas.
— Determine if offshore processing of underwriting, claims and
contact centers will deliver the promised benefits.
— Renew the commitment to paperless processing — the promise
and reality appear to be converging.
— Stock companies should question if they are being overly
conservative in technology investments. Mutual companies
should assess whether they are ahead, catching up, or
trailing too far behind with technology investments.
— Small- to medium-sized insurers should carefully evaluate
their options and strategies, particularly when competing
against large organizations who continue to invest in scale
— Check your organization’s alignment around major decisions and
programs. This is of particular importance to CEOs and CIOs.
A full copy of the survey can be found at: www.renolan.com.
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