A new report, “Is Today the New Normal for the U.S. Insurance Industry?” challenges insurers’ traditional thinking about their growth strategies. The report, published today by Celent, a Boston-based financial research and consulting firm, uses the term "New Normal" to mean an economic and insurance industry environment with an extended period of flat, minimal, or negative economic growth; persistent high unemployment; very low interest rates; lackluster equity returns; and reluctance by businesses and consumers to make major purchases and investments regardless of prevailing interest rates.
"If the industry is operating in a new normal environment, then insurers should rethink their corporate objectives and strategies for size and growth, expense control, getting smarter, and solidity and risk management," says Donald Light, senior analyst with Celent's Insurance Group and author of the report. "Celent's prime directive for insurance technology continues to be the context for technology strategy decisions."
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