In the face of continued economic, competitive and regulatory challenges, property-casualty insurers are seizing opportunities to improve underwriting discipline, drive operating efficiencies and leverage data and enhanced analytics to sustain growth...
NEW YORK, Dec. 17, 2013 /PRNewswire/ -- In the face of continued economic, competitive and regulatory challenges, property-casualty insurers are seizing opportunities to improve underwriting discipline, drive operating efficiencies and leverage data and enhanced analytics to sustain growth and widen their performance advantage, according to EY's 2014 US Property-Casualty Insurance Outlook.
"Successful companies are in various stages of implementing a customer-centric business model that integrates internal technology to reach consumers," said David Hollander, principal, Ernst & Young LLP, and EY Global Insurance Advisory leader. "As closer alignment of technology with commercial objectives becomes a strategic imperative, insurers have an opportunity to invest in cost-effective systems for distribution, underwriting, product development and claims. Such investments can improve profitability in an increasingly price-competitive environment."
EY believes that U.S. property-casualty insurance companies must focus on these key areas to protect their margins and improve operating efficiencies in 2014:
The complete Property-Casualty Insurance Industry 2014 Outlook report can be found at www.ey.com/insurance
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This news release has been issued by Ernst & Young LLP, a member of the global EY organization that provides services to clients in the US.