Pressure to cut costs and innovate, alongside an increasingly robust regulatory environment, has squeezed the UK insurance industry in recent years. How are in-house teams faring in an ultra-competitive market?
The UK insurance market is the third largest in the world, according to the Association of British Insurers, yet it is struggling to make money. Despite taking a battering, the industry has weathered the global financial crisis far better than its counterparts in other financial services and, while it has successfully avoided many of the high-profile difficulties that have undone retail banks in recent years, the retail insurance industry now finds itself in a new era of challenges.
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