With a continued low-rate environment and numerous external forces affecting the market, insurers must make investments to “drive down frictional operating costs, increase access to data and information across organizational silos, and enhance the speed to market to improve profitability in the increasingly price-competitive environment.”
Ernst & Young have identified 6 areas of focus for property-casualty companies looking to “solidify recent gains and defend against new risks and challenges” in the 2014 US Property Casualty Insurance Outlook.
“• Double down on broad-based, transformative technology with high ROI impact
• Adopt a complete range of enterprise data excellence
• Invest in innovation of product development processes and delivery to meet rising
demand for protection
• Exploit segment differences for targeted growth strategies
• Get out in front of emerging investment challenges
• Prepare for escalation of governance and accountability”
The 2014 US Property Casualty Insurance Outlook
