LONDON, September 7, 2012 /PRNewswire/ --
As new legislation and the economic downturn presents the insurance industry's toughest challenge in years, firms have had to go the extra mile to deliver results. As World Finance announces the winners of the Insurance Awards 2012, it's clear that conditions have done little to hold back the best.
With the effect of Basel III and the Dodd-Frank Act coming into force on the industry, insurance companies have had to raise their capital requirements and reconsider their business strategies.
The result has been a reshuffling within the marketplace, as customers look for the best solutions available. The result has been greater market penetration for smaller, specialist firms, who are now capable of challenging the bigger players. The World Finance Insurance Awards are presented to some of these rising firms, where smaller scale operations and consolidation of expertise has led to the company becoming leaders in their fields.
In judging the Insurance Awards 2012, the fresh pressures on policy prices were noted as a major challenge for the industry over the past year. Whether symptomatic of low interest rates in the case of life insurance or through increased competition presented by the proliferation of online insurance comparison, the industry has encountered change.
For the best in the industry, that hasn't proved a problem. With customers focused on making saving, companies across the insurance industry have had to improve their customer service to prove their value.
World Finance is pleased to celebrate the successes of the industry's leading companies with the Insurance Awards 2012. These accolades are a reflection on their outstanding efforts over the past year to capitalise on and maximise their presence in the market.
Full coverage of the Insurance Awards can be found in the September-October edition of World Finance magazine, available now in retailers. For a full listing of award winners, visit: http://www.worldfinance.com/awards/2012-insurance-awards
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SOURCE World Finance