During the boom and bust cycles of the last decade, insurers have looked to policy management technology as a potential magic bullet that could strengthen growth. Unfortunately, magic bullets come few and far between.Yet, according to recent studies, property/casualty insurers reported their first net underwriting gain in more than 15 years during the first quarter of 2004.

This gain is partly due to insurance executives' realization that simply increasing premiums will not achieve long-term profitability.

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