Mario Greco, CEO of Zurich Insurance Group, one of the world’s largest insurance companies, sat down with CNBC following the release of the company’s Q4 2017 earnings. He shared his views on how the industry is doing as a whole, as well as how Zurich is maintaining its leadership position in such a competitive environment.
“The industry is in a fantastic state of transformation. It’s something that we’ve been waiting for a long time. It is exciting. It’s happening very, very fast, and very quickly,” Greco said. When speaking specifically about his company’s growth plan, Greco said the company is “riding this wave of transformation” and that it has every intention of continuing to invest in assets that help the company expand its ability to reach and serve new customers. “We’re transforming the way we’re dealing with the customers, and we’ll continue doing that.”
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Greco’s positive tone and outlook on the industry isn’t unique by a long shot. Even after a year full of natural disasters (2017 happens to be the costliest year on record for the global insurance industry) and the potential financial burden (i.e., more claims) that climate change can place on insurers moving forward, the overall feeling about the future is optimistic. That optimism comes from the stability these companies have managed to develop. It stems from a focus on the fundamentals of the business, which includes pricing and assuming risk, interest earnings, and revenue, as well as claims and loss handling. After all, the Holy Grail for insurance companies is to market effectively and minimize administration costs.
To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.