New York — While the insurance industry faces challenges over the short and long term—due to a softening market, pricing pressure and increased global competition—there is tremendous opportunity for carriers that pursue growth strategies in addition to cost efficiencies, according to “Global Insurance Industry Outlook – Mid-Year Update 2008,” a report from New York-based Deloitte.
“The insurance industry faces a tremendous challenge as it pursues future growth,” says Rebecca Amoroso, Deloitte’s U.S. insurance leader. “While profitable growth is the key to success in a mature industry such as insurance, it can be prohibitively difficult to achieve through conventional strategies simply because the industry is mature. It is vital that insurance executives take a fresh look at the industry and seek fundamental change at all levels of the organization, from its people strategy to its client and product strategy to its processes and infrastructure.”
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