Insurance: Converging Customers, Cost Management and Compliance - Sponsored Whitepaper

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Insurance: Converging Customers, Cost Management and Compliance

Outlook to a Bright Future The global nancial crisis has not hit the insurance industry as hard as the banking or investment industry—with the exception of those insurers with high exposure to the banking industry—but all insurers, both local and global, face mounting challenges.

Fallen stock markets and write downs of investments in collapsed nancial rms have resulted in steep declines in investment income and often even losses. Those investment losses inevitably push premiums higher, which is the last thing consumers are looking for today. Insurers, in fact, face a new consumer world: Policy holders and prospects lack both trust and disposable income, and the new generation demands unprecedented choice of products and services, rates, exibility, communication and interaction channels and quality of care.

As a consequence of the nancial crisis, new regulations are expected to become effective by 2011. Regulatory agencies are about to increase their review activities that target risk vulnerability and nancial uncertainty. Europe is expecting a “super regulation,” and compliance with Solvency II will become mandatory in 2012.

As challenges always provide chances, the future looks good for the insurance industry as a whole. Companies that understand the new market dynamics and take a
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