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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.
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