Earnix helps insurers and banks with profitability on a global scale. The company recently took 400 execs aside and asked them about their priorities. Those answers are found in a report titled, Insurance Operations in a Changing Industry.
Almost half — 48% — say they’re going to make profit more important than the growth of the company. Just 13% find growth to be more important.
The 400 had responsibilities in various departments with over half — 241 — being executives for P&C personal lines insurers and 78 of them were from commercial carriers.
Here’s a bit more from the report:
- 35% say macroeconomic challenges are one of the top three trends currently impacting their firms
- These are things like actuarial pricing and underwriting
- As for climate change — on a 10-point scale, the execs rated it an 8.06
- Another challenge — recruiting and keeping talent
- That got an 8.05 out of the 10-point scale
Many of the executives are also making IT a priority.
As for profitability, the executives said getting to profitability isn’t easy. They are dealing with pressures like inflation, high interest rates, the breakdown of the supply chain and other economic factors.
Source link: Carrier Management — https://bit.ly/48UEdS5
Source link: Insurance Journal — https://bit.ly/3FmaSlP