Growing in a downturn: Key commercial topics for insurers in 2023
An environment of high uncertainty and a recession on the horizon: many insurance firms are at an inflection point. Insurers are forced by intensifying cost pressure to review tariffs and increase prices for new and existing customers. At the same time, new business volumes are expected to decline as households and businesses reduce spending and investments e.g., leading to fewer new cars and homes being purchased.
The consequence? This is an industry that generally fairs well during a crisis. But the current macro and micro trends are solidifying the need for transformation and commercial counteractions. Insurers need to look careful at their costs for serving existing customers and adjust marketing and sales costs to the expected lower new business volumes.
Aiming to maintain and grow your premiums and margin throughout the economic downturn? Check out these six topics for the top of your CCO agenda, including:
