Featured White Paper
Claims Correspondence: From Bottleneck to Breakthrough
Discover how real-time claims communication can optimize customer experiences, productivity and profit.
Featured Case Study
Fortune 500 Property and Casualty Firm Saves Millions
A Fortune 500 Property and Casualty firm saves millions by correctly assigning rates, improving their exposure to risk and increasing customer satisfaction.
Challenges & Opportunities
Major challenges — both natural and man-made — have rocked the P&C industry in recent months. In 2005, U.S. Property and Casualty insurers experienced the most catastrophic year in recent history. Private claims from Hurricane Katrina alone exceeded $35 billion. And the global reinsurance infrastructure was badly shaken: the world’s No. 2 reinsurer more than doubled its loss forecast, and others fear even worse.
At the same time the P&C industry is experiencing unprecedented competition and consolidation. The bar is being raised for each insurer — to out-strategize and outperform competitors, better manage risk and meet rising customer and agent expectations. Dynamic competitors are gaining market share and leapfrogging slower-moving companies.
P&C Insurers Face Unrelenting Pressure
- Streamline workflow and reduce manual processes
- Attract and retain the most profitable agents and partners
- Deepen relationships with new and existing customers
- Enhance customer- and agent-facing services and delivery channels
- Achieve profitable and sustainable growth
- Integrate risk management initiatives with day–to–day operations
Weathering the Global P&C “Perfect Storm”
The global Property & Casualty insurance industry is in the midst of a “perfect storm” that will change the competitive landscape more in the next five years than in the past 50. Market leaders are attacking weaker competitors by drastically reducing costs and streamlining operations. At the same time, they are introducing a broad range of new, personalized services that deliver more value to customers than ever before.
Insurers that fail to keep pace with automation and innovation may risk falling behind in a global market where the bar will only continue to be raised.
According to a study by the Tower Group, Inc., P&C Insurers must focus on customer-focused strategic and operational priorities — especially in product management, underwriting, claims and distribution — in order to compete and win.
Read about our practical solutions for the P&C industry to learn how Pitney Bowes Group 1 Software can help you weather the coming “perfect storm” by delivering better service at lower costs than ever before.