UK - insurers see competition as bigger threat
Tuesday, 01 24 2017, Category: Insurance and Reinsurance, Country: United Kingdom
Competition is cited as the biggest challenge to business by general and life insurers in the UK, according to a CBI-PwC financial services survey.
Insurers have highlighted growing concerns about a threat from new entrants and competition from other areas of financial services. As a result, there has been continued investment in technology throughout the past year to acquire new customers and improve efficiency. Additionally, insurers are continuing to prioritise strategic partnerships for their growth strategies.
On Brexit, insurers believe the biggest impact the UK’s negotiations with the European Union will have on their business is an increased intensity of interaction with regulators.
Source: Intelligent Insurer