Ernst & Young: Innovation Key to Success for U.S. P/C Insurers in 2016

The next year likely will be one of continued disruptive change in the U.S. property/casualty insurance market, and insurers will need to focus on innovation in all areas of the business to remain successful, according to the 2016 EY US property/casualty insurance outlook.

“Economic growth remains slow, regulatory pressures such as the Department of Labor fiduciary rule and systemically important financial institutions rules continue to intensify, competitive pressures from new entrants from other sectors and markets around the world abound, and technology has created refined distribution channels and risk-pricing approaches,” said Dave Hollander, principal, Ernst & Young LLP, and EY Global Insurance Advisory leader. “A customer and digitally centric business model is essential to reduce costs and offer lifetime value for end customers and channel partners alike.”

EY believes U.S. property/casualty insurance companies should focus on the following eight areas in 2016 to remain industry leaders.

The complete 2016 EY U.S. property/casualty insurance outlook is available at www.ey.com/insurance.

Source: Ernst & Young