The insurance industry is facing an unprecedented number of business challenges brought on by a harsh economy, low investment returns, increases in claims and fraud, and greater consumer and agent expectations. P&C carriers are under pressure to sustain profitability. They have been hit with low investment returns that are not sufficient to offset major underwriting, and several years of soft-market pricing. To improve profitability, their focus must shift toward increasing customer retention and growth.

Life carriers, on the other hand, are recognizing that to remain competitive, they need to become diversified financial management organizations. To facilitate a move beyond classic insurance products, life carriers are looking for ways to speed new product introductions, and increase cultivation of the existing customer base.

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