Filed Under:Agent Broker, Agency Management

IQ: 5 Strategies to Succeed in 2012

Insurance buyers are continuing to be affected by fluctuating economic conditions, with unfavorable repercussions on the P&C industry, according to Ernst & Young’s Property-Casualty Insurance Industry Outlook.

Low premium growth is expected to continue in 2012 and "increased regulation will force insurance companies to measure risk in new ways, impacting their capital and risk management strategies," the report stated.

To improve success, Ernst & Young identified five strategies that U.S. P&C companies should explore in 2012:

  1. Execute flexible approaches to manage uncertain conditions. Support rapid and well-governed decision making and monitor changes in loss exposures diligently.
  2. Anticipate, understand and address the impact of prospective regulations. Consider enhancing the sophistication and deployment of risk management standards and related systems.
  3. Comprehend and act upon changing insurance buying behaviors. In terms of tomorrow’s customers, their characteristics, buying behaviors and risk profiles will bear little resemblance to those today.
  4. Increase investments in core systems to bolster growth and profitability. The push for improvement comes from competitors, heightened customer expectations and, above all, increasing costs to maintain and upgrade systems.
  5. Apply business analytics to address difficult top-line growth conditions. These insights can guide strategy development and execution..

Top Story

What does TRIA denial mean for workers’ compensation?

What does the denial of a TRIA renewal mean to the workers’ compensation industry?

Top Story

Shock, dismay and disappointment: P&C insurance industry's reaction to TRIA news

The U.S. Senate adjourned for the year on Dec. 15 without passing the Terrorism Risk Insurance Program Reauthorization Act.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.