Insurers must cross an “inflection point” next year, crossing from operating in a product-oriented marketplace to operating in a customer-oriented marketplace, according to “2014 Trends to Watch: Insurance,” from consultancy Ovum Ltd.
Growing customer empowerment, the increasing ubiquity of mobile capabilities and little or no economic growth in major countries in the developed world are limiting revenue opportunities and making it imperative that insurers make the transition, Ovum said.
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