Insurance companies have a unique set of challenges to overcome in creating efficient operations. Because of increased competition, insurers are being forced to narrow their focus to the core competencies at which they excel. At the same time, carriers must offer greater product and service offerings and faster distribution to meet increasing customer demands.And, because service industries such as insurance are so dependent on information, the increasing digitization of data is forcing these companies to redefine how they operate. Therefore, to be successful-and to prosper-in this digital environment, organizations must reshape their business models.
Many companies recognize that the best way to meet these challenges is to create a virtual entity. Virtual entities typically consist of a core group of personnel focused on risk and capital management and a network of business partnerships.
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