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By Art Krozser, vice president global solutions and enterprise support, CyberShift

The global insurance industry, which has seen several years of pricing increases and profitability, has entered what can best be described as a soft market. In addition, U.S. federal legislation resulted in heightened merger and acquisition activity that has created a new environment for insurance companies that are now contending with banks and financial services firms for customers. Competing in the global insurance market was no easy task before these recent consolidations and today’s diverse organizations face unique challenges and opportunities that require aggressive and effective cost control practices to boost financial performance.

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