The insurance industry is realizing strong premium growth from improved prices, but making a profit is still a challenge. Investment income has been hurt by weak equity markets, and there is intensifying pressure on profit margins.
The Cisco® Internet Business Solutions Group (IBSG) helps executives in the insurance industry use the Internet to reduce costs, increase insurance agent productivity, and improve customer service to enhance revenues. The insurance practice within IBSG's global services team worked with a major U.S. casualty and property insurer to identify new strategies to help the sales force sell new services—forecasted to increase revenues by $120 million.
"An Internet strategy is not a matter of price or pieces or parts. We can buy equipment anywhere, and you can find people who will sell it to you cheaper. It's about people who have a willingness to work together to find solutions. Cisco is providing that support, that comfort level to help us move in new directions."
—Martin Feinstein, CEO, Farmers Insurance Group
