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According to Investopedia, the "Pareto Principle" states that for many events, roughly 80% of the effects come from 20% of the causes. Management consultant Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who noted the 80/20 connection in 1896, showing that approximately 80% of the land in Italy was owned by 20% of the population.
Fast forward to 2019, and we've all seen that rule play out in a variety of businesses and industries. In order to maximize opportunities with existing clients, then it stands to reason that insurance industry professionals should follow the 80/20 rule faithfully.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
