Commercial lines pricing continues to firm. An average commercial rate increased 4.4 percent in the first half of 2012 compared with a 1.5-percent decline for the same period in 2011, according to the Council of Insurance Agents and Brokers (CIAB). Commercial lines insurers saw premium growth of 5.6 percent for the first half of 2012.
As growth initiatives abound, commercial carriers are focusing on expense reduction, growth strategies, and improving underwriting results, and four technology priorities can help these insurers achieve these, according to a recent Novarica report. In its “Business and Technology Trends: Commercial Lines” report, Novarica advises CIOs and business executives to consider the following issues and approaches:
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