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Insurance companies need to face an era of relentless change

A couple of recent articles came my way with an insurance focus - Insurer says fierce competition is cutting rates (Houston Chronicle) and Progressive CEO WIll Push Insurance Pricing Harder (Marketing Daily). These articles basically summarize the comments of the CEO of Progressive Insurance. There were a number of great comments in these articles:

  • "Consumers are shopping more aggressively for insurance"
  • "We want to make sure we don't lose them to someone else at a price we would be comfortable with."
  • "We're looking at long-term cash flows that yield more"
  • "Growth in the auto-insurance industry has traditionally come from raising premiums rather than increasing the number of customers. That dynamic has changed"

If all this sounds familiar, then check out how Auto Club Group used business rules to automate underwriting, how Ohio Casualty empowers its agents to compete more effectively using business rules among other things and how marketing and segmentation are driving insurance companies in this era of price competition. All of these stories help you deliver a successful response to the shrinking prices and margins being discussed. Want to know more? Check out the Insurance section of the blog.

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