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The State of the Industry

Author

Listed:
  • Robert Stein
  • Peter Porrino

Abstract

The new millennium has arrived, bringing with it tougher competitive conditions than most insurance companies would have thought possible a few decades ago. While the state of the industry today is the direct result of the transformation of the overall financial services industry over the past 20 years, its metamorphosis is still in progress. Staggering changes have taken place in the financial services environment during this period. What do these changes mean for insurers, and what will the industry look like 20 years down the road?A brave new world lies before us—a world dominated by the advent of a more financially astute and demanding customer and the power of the Internet. The retail marketplace is being transformed as providers scramble to meet the needs of sophisticated, technology-smart consumers. To reach these consumers, insurance companies must rethink the way they do business, embracing multiple distribution channels and seeking out bold new alliances. The stakes are higher than ever, and companies that remain mired in the past will not be around for long.

Suggested Citation

  • Robert Stein & Peter Porrino, 2000. "The State of the Industry," North American Actuarial Journal, Taylor & Francis Journals, vol. 4(3), pages 113-120.
    • Handle: RePEc:taf:uaajxx:v:4:y:2000:i:3:p:113-120
    DOI: 10.1080/10920277.2000.10595929
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    Cited by:

    1. David L. Eckles & Anthony M. Santomero, 2000. "The determinants of success in the new financial services environment: now that firms can do everything, what should they do and why should regulators care?," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 11-23.
    2. Anthony M Santomero & David L. Eckles, 2000. "The Determinants Of Success In the New Financial Services Environment: Now That Firms Can Do Everything, What Should They Do And Why Should Regulators Care?," Center for Financial Institutions Working Papers 00-32, Wharton School Center for Financial Institutions, University of Pennsylvania.

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