Whether considering market dynamics or organizational functions,"transformation" may be the most important word for insurers in2014, according to Deloitte analysis.
In its "2014 Property and Casualty Insurance Industry Outlook,"Deloitte says that insurers who wish to be market leaders inincreasingly competitive, more tightly segmented andconsumer-driven environment need to be more adaptive in theirthinking, culture and strategic approach.
"Bottom line," says Deloitte, "property and casualty insurerswill be hard pressed to achieve more consistent and higher rates orgrowth if they count on external conditions, usually outside oftheir control, to harden markets, increase premium volume andimprove investment income while settling for superficial changes intheir systems and standard operating procedures."
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