The insurance industry has not grown in the last few years. According to figures supplied by the Independent Insurance Agents and Brokers of America and others, the p&c space has had nearly zero to slightly negative premium growth in recent years. While there has been growth in other financial sectors, why has insurance not broken out?
The problem may be the industry's conventional focus on core lines of business such as auto and home, while at the same time neglecting specialty lines. Specialty lines and alternative products may be the key to jump-starting growth in customer policies, direct written premium, and overall lifetime value.
What if focus on specialty lines could be the innovation spark that extends into the overall p&c space? Long the second fiddle to core lines, specialty lines offer a low-risk way to “fill in the cracks” and reinforce existing customer relationships.
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