Leveraging new technologies and rethinking traditional methods of managing and conducting business will become essential for insurance companies looking to grow in a poor economy and a challenging market, according to a new report.
The report by Deloitte, a consulting, audit, financial advisory, risk management and tax services conglomerate, is titled “Global Insurance Industry Outlook–Mid-Year Update 2008.”
It noted that although the industry has seen “strong business conditions” over the last few years, the economy, the soft market and global competition will challenge results in the near future. Additionally, the report found that insurance is a mature industry, and so driving profitable top-line growth is difficult.
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