Insurance companies are likely to face a number of challenges as the industry overcomes the global financial crisis, Insurance Networking reports.
This is according to the latest report from Deloitte, which noted that the low-growth environment presents a multitude of challenges and technology could make the difference for many firms.
Organizations that "merely circle the wagons and try to ride the storm" rather than invest in technologies will be at a disadvantage, the report concluded.
"Technology appears destined to play a far more prominent role within the insurance industry, beyond data management. Indeed, the effective implementation of a number of technology tools and strategies might be the differentiator many carriers need to stay ahead of their competitors," Deloitte added.
Elsewhere, the report stated that firms will also face challenges trying to meet the needs of more price and service conscious consumers.
As such, insurance companies have been encouraged to integrate their traditional operations with the online.
Posted by Richard Jones