"Insurance is essentially a community enterprise, social in character but economic in consequence. It touches all phases of commercial endeavor and personal welfare. It creates a stabilizing influence upon business and human relations by reducing uncertainties and risks to a degree of comparative security and provides protection against the losses involved."What has changed since 1948 when Alexander Hamilton Institute Inc. published this quote in "Modern Business?"

The speed at which insurance companies transacted business was certainly much slower, largely due to the lack of automation. But the concern about where new business would come from, along with pressure to shore up "economic consequences," i.e., improved net earned premium levels, was probably comparative to today's expectations: Do more with less-faster and cheaper.

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