High hurdles loom for insurers
The company says insurers striving to ride the storm rather than invest in technologies that help them address economic challenges will be at a disadvantage.
The report states: “Technology appears destined to play a far more prominent role within the insurance industry, beyond data management. The effective implementation of technology tools and strategies might be the differentiator many carriers need to stay ahead of their competitors.”
According to Deloitte, the ongoing struggle to maintain growth in a slowly recovering economy, coupled with a host of new challenges, has resulted in the insurance industry adopting a 'bearish' attitude toward economic growth, says PR Newswire.
Regarding enterprise risk management, Deloitte indicates while information is the 'lifeblood' of risk management efforts, there appears to be much room for improvement in data management, says Business Insurance.
Deloitte notes its 2010 global risk management survey of chief risk officers at global financial services firms found that only small percentages of respondents characterised their organisation's risk data strategy and infrastructure as 'extremely effective.'
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