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Drew Birtwistle, Product Marketing Manager, Camilion Solutions, Inc.

Many insurers have steadily expanded their product portfolios with the goal of increasing sources of revenue and fulfilling customer needs. While mergers and acquisitions have enabled insurers to rapidly increase the breadth of their product offerings and accelerate entry into new markets, they have also led to complicated product portfolios.

The recent economic downturn has led many insurers to rethink their product strategies. Faced with investment losses, increased claims due to catastrophes, and an overall volatile market, insurers are now focused on controlling expenses and increasing efficiencies. In an effort to streamline product development and reduce operating costs, many insurance CFOs, CIOs and CUOs have begun to push for product rationalization.

More Isn’t Always Better Just as automakers can no longer afford to build almost identical models to be sold as separate brands, insurers must reduce product duplication and simplify product offerings to remain competitive. The goal of product rationalization is to reach a maximum number of customers with a minimum number of marketable products in order to lower operating costs, increase efficiencies, and maximize revenue potential for each product.

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