Information & P&C

In: Business and Management

Submitted By UTSAgrad16
Words 817
Pages 4
The Age of Information & the Insurance Industry The Deloitte Center for Financial Services provides an outlook for the Property and Casualty Insurance Industry. In the 2015 report Deloitte pointed out four major priorities for property and casualty insurers to capitalize on in order to stay alive in this industry during this day and age. Among them were overcoming regulatory challenges, getting ahead of climate change, upgrading capital management, and last but not least achieving information fluency. This paper will look into the topic of information fluency and the issues facing insurance carriers when trying to provide an information system to better service their customers and maintain business growth.
Why I chose this topic: “Insurers may struggle to adapt as fundamental shifts challenge traditional business models.” I started as an intern working with Southwest Business Corporation (SWBC) in the accounting department. SWBC is a diversified financial services company serving individuals, businesses, and financial institutions. Their products range from insurance solutions to mortgage lending. I was hired for production purposes while the team underwent implementation of a new system SWBC was planning to adopt. SWBC had grown to where converting to this new system was necessary in order to stay competitive in this ever changing market. I worked in the legacy system long enough to know it was due time for something new. Although I didn’t work in every aspect of the legacy system or every aspect in the new system, Workday (the new system) was exactly what SWBC needed. But what drives a company to convert to an entirely new method of business? What are some contributing factors? After reading about information and the insurance industry, one reason that stands out when it comes to P&C insurers and information is data.
Why staying up to date with…...

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