CBI/PwC: Competition bigger threat than Brexit for insurers
Insurers continue to target investment in technology to bring in new customers and improve efficiency.
Competition from new entrants and other areas of the financial services sector is seen as a bigger challenge than Brexit for insurers, according to the latest CBI/PwC Financial Services survey.
To overcome this threat, investment in technology continued in the past year to help general and life insures gain new customers and improve efficiency, noted the survey.
Jim Bichard, UK insurance leader at PwC, said insurers are hoping that this would "stave off competition".
Competition
"UK insurers have
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