In an effort to stave off the continued effects of the projected soft market in 2010, insurers are looking to technology for help. According to a recent survey conducted by IVANS Inc., 93% of insurance carriers queried are increasing their investment in automation technologies to improve operational efficiency. Additionally, adoption of technologies that streamline transactions between carriers and agents will continue to grow in 2010, as carriers look for ways to maintain profitability in a sluggish economy.
“Insurance carriers are shoring up operations and focusing on investments that help them do more with less,” says Clare DeNicola, president and CEO of IVANS Inc. “In large part, property/casualty insurance carriers reasonably weathered the economic turmoil of 2009 because they stuck to their core businesses. The industry will continue to be under intense financial scrutiny and, most likely, greater regulatory scrutiny, so the markets will look to carriers to make strategic investments that build on existing strengths versus breaking completely new ground.”
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