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insurers should be transitioning their operations to accommodate a more flexible and virtual workforce. (iStock) Insurers should be transitioning their operations to accommodate a more flexible and virtual workforce. (iStock)

Sustained economic growth, falling unemployment, and a series of interest rate hikes have bolstered insurer results in 2018. Yet a rising tide won’t necessarily lift all boats next year — at least not equally. There are still plenty of fundamental challenges to overcome, as well as transformation opportunities available to improve an insurer’s competitive position and bottom line.

Indeed, carriers cannot afford to depend on positive, yet possibly fleeting macroeconomic developments alone to maintain growth and profitability in the short- or long-term. Instead, they need to tackle a much broader, foundational challenge: how to remain relevant in the face of systemic changes in the economy and consumer preferences.

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