In recent years, insurance companies have changed their focus in terms of how they want to be both profitable and competitive in the marketplace.
"It used to be all about driving premium growth," says Frank Petersmark, CIO advocate for X By 2, a consulting firm specializing in enterprise and application architecture for the insurance industry. "Before the economic downturn, carriers began to think long term about enterprise risk management to develop a strong book. Today, being profitable is more about risk control—managing pricing and making money off underwriting."
Insurance carriers also find themselves opening their internal systems to forge collaboration through mobile technology and social media that connects carriers to consumers and business partners.
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