What is the next best strategy for insurers in response to the economic crises? As shown in an upcoming Celent report on insurer response to the market crisis, companies are now taking or have completed the short-term cost savings/efficiencies steps such as staff redundancies, renegotiation with suppliers, asset rationalization, etc. But, once these actions have been taken, attention must move to top-line growth.
Prior to last October, there were a number of initiatives around innovation and speed to market in order to expand market share. After so many years of continued growth, there was a belief that “if we build it, they will come.”
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