Boston — Mired in a soft market and unable to differentiate themselves by further slashing prices, carriers have no choice but to invest. That was the message delivered by David West, research area director, insurance, for Needham, Mass.-based TowerGroup Inc. at the company’s 2008 Financial Services Business & Technology conference. West said that in lieu of cutting rates, increasing the ease of interactions with customers and agents was now the primary way to improve one’s competitive position in the market.
“Price competition is not sustainable,” he said. “Therefore, insurers should improve the ease of doing business.”
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