Top Insurance Industry Issues in 2011

A challenging global economy, changing consumer preferences and behavior, and rapidly changing information technology provide insurers with opportunities to transform their business model inlcuding pricing, products, service and channels.

Top Insurance Industry Issuses, published 2011 by PwC, describes in detail the new and existing challenges the insurance industry is facing and the strategies insurers can address them:

As insurance companies face increased pressures from more demanding customers, new regulations and aging technology systems, they are continuing to invest in improving operational efficiency, increasing revenue and reducing costs. Beceause more effective integration and use of information can improve all aspects of their business, insurers are paying closer attention to how they generate, maintain and apply information. In addition, insurance executives are particularly focused on making improvments to corporations, including policy administration, claims management and billing.

In an attempt to grow and maintain profitability, many insurers are attempting to transform their business and operating models to create new market positions. In the process, they are taking a close look at their products and services, including how they approach customers and distribution.

Real and proposed changes (as solvency) will have a significant impact on all aspects of insurers business and operations.

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