Technology is changing consumer dynamics in the insurance industry. This brings challenges but also many opportunities for customer engagement. We offer next steps.
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The challenge of aligning risk-based regulations
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Insurance: vast potential
The US insurance industry is confronting significant demographic, macroeconomic and regulatory challenges to business models and operations. Organic growth continues to be a challenge, given the economic situation and the competitive landscape. Successful players are repositioning and reinventing their products, strategies and services. They are also taking significant steps to position themselves for growth and profitability in this competitive, lower-margin market.
Ernst & Young helps insurance executives identify and analyze the market forces that should be at top of mind.
Stay nimble amid risk and regulation
Waves of legislation continue to pressure management and absorb precious resources. Combined with the need to innovate in a highly competitive environment, this is causing some insurers to withdraw from long-standing core markets and product lines.
However, insurers are adapting by leveraging technology and developing operating models that are compliant with changing regulatory regimes. New business architectures will enable insurers to release better products more quickly and cost effectively.
Gain market insight
The balance of power is shifting toward the customer, and distribution models are rapidly evolving. Shifting demographics and digital disruption are transforming long-standing retail distribution models.
Success will be achieved with patience, long-term investment and genuine understanding of local dynamics.
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David Hollander, Global Insurance Advisory Leader, discusses the key challenges facing insurers.