2014 Trends in the Insurance Industry

Skills and Scale
2014 Trends in the Insurance Industry

Changes in the insurance industry historically move at a slow and steady pace, yet in recent years, by industry standards, they have become increasingly dynamic and fast-paced. This is due to a number of different and unique elements converging and impacting the insurance industry. This article focuses on five of these elements, or trends, and discusses their implications for the industry. The elements we focus on include the Own Risk and Solvency Assessment (ORSA), anti-money laundering (AML) compliance, big data and legacy data, social media, and the U.S. Department of the Treasury's Federal Insurance Office (FIO) report.

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