Competition is a powerful motivator. Whether toddlers compete for a parent's approval, students for the best grade, employees for a promotion, or companies for greater market share, the cycle of competing, succeeding, and competing again to get or remain on top automatically and continuously increases the table stakes to enter the game and win.
As we begin a new year, insurers are focusing on where they compete most–new business, new products, customer service, underwriting, and rating, to name just a few areas–with growth as the ultimate goal. The question then becomes: What are the table stakes for growth? The answer involves too much to handle in a short space, but here are a few thoughts:
Analytics. The industry is using ever more sophisticated models and techniques applied to ever larger volumes of data to be smarter about risk management, pricing, and fraud.
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