Personal line insurers found success with specialization
Personal lines insurers that have achieved success in the past decade have generally pursued strategies founded on specialization, whether in product, customer segment, or regional focus, according to a new study.
Hartford-based Conning Inc. in its study on growth and profit leaders in personal lines insurance identifies the leading personal lines insurers over the past 10 years, and analyzes the common characteristics among the group.
"In our analysis we were struck by the diversity of strategies among the growth and profit leaders in personal lines in the period, as well as by the number of small and midsized companies that made the list," said Steve Webersen, head of insurance research at Conning, Inc.
The study also found there were both auto and home insurance specialists, many distribution channels represented, and some leading insurers led in lower loss ratios, while others in expense. Conning said it also discovered patterns in the personal lines insurers that consistently gained share profitably, related to their strategic specialization and execution.
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