Traditional insurers will quickly lose business to capital market players if carriers don't work together to drive costs and inefficiencies out of their transactions by adopting data standards and going electronic, one leading broker warned.
“Challenges don't always come from within, but from without, with the capital markets and insurance markets rapidly converging,” said Dennis Mahoney, chairman and chief executive officer at Aon Global, based in Bermuda.
“We've got to become more efficient and remove frictional costs,” he added during a panel on the industry's challenges and opportunities at the ACORD London Forum.
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