NEW YORK--Insurers to be competitive need to focus on service and underwriting rather than price, the head of the ninth largest U.S. property-casualty insurer told industry counterparts at a meeting here yesterday.
Ted Kelly, chairman and chief executive officer of Boston-based Liberty Mutual, told his audience that one of their biggest challenges is breaking from a commodity-based business model--akin to one used by fast food giant, McDonalds.
Mr. Kelly ranked "differentiation based on service rather than price" as the second greatest challenge for insurers, during a keynote speech at the 18th Annual Executive Conference for the Property-Casualty Industry.
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