In today's economy, consumers are looking for more value than ever before, whether they are buying a car, dining out or choosing personal lines insurance. At the same time, insurers are pushing hard to reduce costs and improve loss ratios without compromising underwriting standards or service.
This is particularly important in the homeowners segment. Carriers face a smaller addressable market due to the number of foreclosures and a reduction in the number of new homes being built, combined with a continued soft market and lower investment income.
The challenge is how to deliver more value to policyholders while reducing costs without compromising service–indeed, ideally while improving service.
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