It is turned to personal insurance and financial services in a global marketplace. The next major force driving consolidations is competition . I spoke earlier about companies needing to be global players. Just as the lines that separate countries and continents are blurring so are the lines that once defined specific products and services sold by an organization. Banks now sell insurance.
Insurance companies sell financial services products.
This is our dilemma. Customers shop for price in all service industries, including the insurance business. We cannot pass through cost increases to our customers and expect to remain competitive. These are the companies that receive the highest ratings. We must keep costs down while retaining customers and without price increases.