Being an insurance company simply isn’t the same business as it was years ago. Increasingly, consumers make the rules today as they increasingly turn to the Internet to buy insurance, opening the door for new, more customer-centric competitors to enter the market. What does this mean for insurance companies?
Analysts have predicted that many large insurers will find it difficult to reduce operating expenses to compete against new competition and these large insurers will be slow to respond to shifting market conditions. This is according to a new report from research and analyst group Gartner (News - Alert).
“Consumerization and digitalization are two of the biggest business strategies among insurers in 2012," said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner, in a statement... Read More