The Impact of a Rising Rate Environment and Inflation on (Intelligent) Insurance Operations
“The right pricing strategy [in a time of high inflation] is the difference between success and failure.”
Francesco Miani, Head of Strategic Projects for the Insurance International Central Team at Generali Group, has seen first-hand the effects of international economic forces in his nearly 15 years with the Group, in assignments across Europe, in Brazil, and most recently in Argentina.
With headlines packed with stories of today’s high-inflation environment, insurers are struggling to maintain and grow their businesses, but the three traditional levers – pricing increases, expense control (including claims), and investment management – offer limited options if one wants to not drive customers and prospects into the arms of competitors.
Miani has faced this dilemma in his work with La Caja de Ahorro y Seguros, one of the leading insurance companies in Argentina and part of Generali Group. With inflation in Argentina running at 65% in 2022, the company, a multi-line, multi-channel insurer, needed to raise prices, but needed to do it differently than in the past. With the help of Earnix, the Group was able to not only implement price increases to help blunt inflationary pressures, but to do it faster and more intelligently than in the past.
Inflation in your back yard may not be as severe as that in Argentina, but we’re all wrestling with inflation not seen in multiple generations. See Francesco’s full session, and learn what you might do to win in this environment.