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(I-SoftwareNews.Com, July 12, 2013 ) Orlando, FL -- There are concerns amongst insurers regarding capital management and regulations. The concerns are surrounding the macro data and extreme weather that is being experienced across the nation, according to a survey recently released.
A survey of over 500 executives and actuaries from various insurance companies, which was then released by the New York-based Towers Watson & Co. (and along with the International Insurance Society), asked those surveyed which of the trends appeared most significant to the business over the coming years.
In the two-year time frame, 66% of respondents picked the capital management challenges as the largest concern in their minds. There was a 61% tally that considered increase in regulatory and legislative constraints to be a top concern.
“A focus on capital management and regulations is familiar territory for insurance companies and therefore the least surprising finding in our survey,” Tricia Guinn, managing director of risk and financial services for Towers Watson, said in a statement.
In the last half-decade, while 47% of respondents cited regulatory issues, just over a third of concerned individuals cited technology’s advanced role in predictive modeling.
“Big data is another area where an insurance company can differentiate itself,” Steve Shurety, head of the insurance management consultant at Towers Watson, said in a statement. “There's great potential for looking differently at the data we already have, identifying new sources of data and seeing how we can use either to improve the bottom line or to give us a pricing, product or service advantage with the customer base.”
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Rick Harrington, Jr.
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rghjr@harrington-group.com
Source: EmailWire.Com 
Source: EmailWire.com
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