NEW YORK -- Insurers should be thinking about the transformational steps and technology solutions they can deploy to raise their game for long-term growth, according to two insurance-focused 2014 outlook reports released today by the Deloitte Center for Financial Services. An increasing focus on smartphone applications, aggregated data bureaus and the use of telematics by smaller carriers are all examples of technology innovation that will be increasingly used by the industry in the year ahead, according to the outlooks.

"Rather than wait for a rising economic tide to provide lift, insurers should consider transforming the ways they do business to compete more effectively," said Gary Shaw, vice chairman, Deloitte LLP, and the national sector leader of Deloitte's insurance group. "Regardless of the emerging favorable market conditions, insurers face a full host of challenges. We anticipate a growing number of organizations will re-evaluate their business models to more effec...

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