Insurers are playing a zero-sum game -- the aggregate of insurable risks is simply not growing at a rate commensurate with growth projections. It is unreasonable to believe that there will be enough business to satisfy everyone's industry-growth objectives. The companies that do achieve growth will do so organically through innovation, improved customer retention, improved cross-selling and rapid new-product introductions.
As critical business partners in this complex growth equation, carriers' IT organizations must focus on an end-to-end, speed-to-market culture. Among numerous skill sets, IT capabilities must address flexible architectures, component-based design and implementation, express product and feature design, granular data acquisition and storage, enterprise rules consolidation and management, predictive modeling, advanced analytics and real-time management reporting, improved operational efficiencies, and an overall modernization of the IT organization's business service model.