1. It also concluded that through marketing innovation and creativity, the insurance industry can improve their businesses and achieve a competitive advantage. The study established that there is a positive relationship between competition and efficiency supporting the quiet life hypothesis where managers in a less competitive market may utilise the market power of their firms and reduce their efforts. United Healthcare Insurance Company: 5,999,413,575: 12.16: 3: 73288: Humana Insurance Company: 5,507,460,643: 11.16: 4: 71013: Superior Healthplan Network: And in 2023, they are set to continue their ascent. It has been shown that since the economy started experiencing moderate growth rates, there has been increased activity among insurance companies. Similar was the case in the advent of the internet where newspapers didnt pay heed to the potential impact of the availability of online news. During this period, there was deceleration of economic growth. Which digital trends are most urgent for growth and profitability? For example, a firm that manufactures a product in China with having lower labor costs than the company that is manufacturing the same product in the US so can eventually offer the same product at a lower price. Which Life and Annuity Deals Might Be Best for the Clients? With a new political landscape, rising inflation, a cost-of-living crisis and increasing pressure from HMRC for payments, many businesses are preparing for a big cash squeeze in 2023. Tips for Choosing the Right Vehicle for Your Trip. Table 2 shows that total gross premiums written by insurance companies. The insurance industry is a good testament to this. In the microfinance sector, Kar and Swain (2014) measured competition using the Boone indicator. Be it new customer onboarding, procure to pay, change of details, or new product development, process mining offers process transparency in its raw form. Figure 1 shows insurance penetration in Zimbabwe between 2012 and 2018. The importance of the insurance sector to the economy and financial system is evidenced through the total assets held by players in the sector, number of players, penetration rate and the gross premium written over time. First published at Credit Management magazine. Differential advantage. Profit is calculated as the difference between variable revenues and variable costs divided by total assets. When joining a new organisation, the first 100 days are often key to implementing change and By Nadine Pichelot, Senior Vice President Finance, Anaplan Over the past few years, rapid, complex change has drastically transformed By David Cook, Partner at Penta, International Financial Services 2022 has, by any measure, been a difficult year in By Catharina Eklof, CCO, IDEX Biometrics 1. The study used the generalised methods of moments (GMM) estimation technique to circumvent the problems of endogeneity. For example, a key technology in use by health and life insurers automates underwriting processes to deliver speedier responses to customer rate inquiries. However, since 2011 the sector has begun to experience receding growth, recording an overall growth rate of 22.1% in 2011 which ebbed to 7.6% by 2014. Whilst we were still waiting for the official FCA investigation results on market practices and fairness, some insurance providers were good to react. Additionally, process mining delivers an enduring connection to the core systems and dynamically visualises the impact of change. You are not required to obtain permission to reuse this article in part or whole. It allows clients to link core systems & technology through APIs to visualise live end to end process to understand critical issues in performance, variation, and compliance. The market share can be calculated for either the gross premium or net premiums market segment separately. The increase is positively correlated with the increase in GDP from US$12.5 billion in 2012 to US$15.3 billion in 2016. In addition, competition enables efficient resources allocation, brings balanced development in a country, enhances product innovation, enhances prospects of economic growth, improves efficient production of financial services and reduces credit risk (Caminal & Carmen, 2002). Consumers now require more interactive and dynamic experiences and want to feel empowered to see what they want when they want it, on the device of their choice. Establishing a competitive advantage can be a decisive move in the success of your business, but before planning to develop it, you need to know the: In his book, Competitive strategy: techniques for analyzing industries and competitors, Porter states that there are five competitive forces which if identified on time can benefit an organization to direct its efforts in the right direction. Such resources lead the organization on the path to success by maximizing its competitive advantage. Building your Tech Stack: How the RIA Model Gives you Freedom to Do it your Way, Finding the Right Custodian: Hear One Independent Advisor's Story, Advisor Case Studies: Navigating By Your Values. Following this strategy today, Pinterest has: With the trillion-dollar market cap, Apple is the brand of the 21st century that always aims at bringing the best user experience to its customers through its hardware, software, and services it has not only kept the focus on launching a catalog of top quality products but it has also remained hyper-focused on other aspects of user experience that has made the company more reliable in the opinion of its consumer market that has earned their trust over time. In this case, each firm has 32 observations, but the total number of observations under consideration is 608 observations providing more information and viability to the study. According to a 2013 LIMRA study, 86 percent of consumers would prefer to conduct their life insurance research online, and if given the option, 23 percent would prefer to buy online as well. In order to know their customers, insurers must understand the total relationship that the customer has, or could have, with the company and then present that back to the customer on his or her terms (for example, via mobile devices and the internet) in real time. It also enables rapid standardisation which is essential for driving cost efficiency and offering the necessary room and platform for adapting, changing, and scaling. New market entrants are placing additional pressure on carriers by using technology to transform the industry forcing insurance companies to modernize their systems infrastructure. Transforming data into meaningful information is critical to managing a successful business. Todays new landscape requires a holistic view of the customer and the deployment of innovative technology, yet insurance companies have been plagued by legacy systems for years and are less inclined to adopt new technologies as quickly as their counterparts in other industries. We use cookies to ensure that we give you the best experience on our website. Businesses that work on this strategy look for the demands and needs of their target population and how their goods or services can improve their daily lives. They employed the Boone indicator method for the period 19992011. No longer is it sufficient to have a consumer complete a paper application and wait days or weeks for a quote. For instance, Saga is now offering a three-year price promise on car and home insurance, while Aviva has introduced AvivaPlus which offers a renewal price guarantee. Another important dimension reflected in the results shows that the average Boone indicator for the period 20102012 does not significantly differ from the one for the period 20132017. However, a strong focus on cash management and credit control can also generate opportunities to increase revenues and boost profitability. Through this program, customers can order ahead using their accounts which cuts their waiting time in the coming drive-thru. The results further revealed that there was no significant difference in competition in the periods 20132017 and 20102012. They state that some capabilities that are much less visible and more difficult to imitate and establish competitive advantage, must be the center of focus for the organizations to lead in the business world. She said: We have six workers about to start CICM qualifications at the moment, supported by the business, and we hope that this will encourage them to stay and further their careers. Other firms reported that more apprenticeships are being taken on to grow the skills base. Figure 2. Managing your online reviews is one of the most critical insurance marketing strategies for winning new clients. The market shares of insurance firms with lower marginal costs are expected to increase so that is negative. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Studies suggest that Starbucks competitive advantage is due to its strategy of product differentiation which helps it out to remain distinct among its rivals and keep on attracting more audience at its place. Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine. It constantly innovates its menu of coffee, food, and drinks. Bottom line requires rationalisation and standardisation. A number of studies have analysed competition in the insurance sector. 2. If you continue to use this site we will assume that you are happy with it. The manual, monotonous tasks should be automated to free up time for training and development that will accelerate the value being added to the business, agrees Tax Systems Martin. Advanced technology, patent-protected products or processes, brand identity, superior personnel are all the drivers of creating a differential advantage over your rivals. By leveraging data and analytics, life and health insurers can capture customer information and make it available to all corners of the organization that touch the customer from sales and marketing to call-center representatives, actuaries, and claims adjusters. In the world of competition in businesses, there is a dire need of remaining relevant and sustained over time. Building competitive advantage For insurers that no longer have captive distribution or that can no longer afford to maintain it, the focus will shift to more effectively managing third Hence, there was more competition during the period 20132017. It is a market structure that allows the companies to perform in a certain way and follow the particular strategies that are suitable under that environment. Insurance is a financial product that reduces or eliminates the cost of loss or effect of loss caused by different types of risks. The Hague: CPB Netherlands Bureau of Economic Research, The relationship between insurance and economic growth in Romania compared to the main results in EuropeA theoretical and empirical analysis, https://doi.org/10.1016/S2212-5671(14)00085-9, Competition, efficiency and soundness in European life insurance markets, https://doi.org/10.1016/j.jfs.2016.11.007, Insurance effect on economic growth-among economies in various phases of development, https://doi.org/10.1108/RIBS-02-2017-0010, Bank structure, capital accumulation and growth: A simple macroeconomic model, Interest rates and financial performance of microfinance institutions: Recent global evidence, https://doi.org/10.1080/13571516.2019.1664835, The Boone indicator as determinant of Croatian insurance market soundness, An evaluation of competition in Zimbabwes short-term insurance sector: An application of the Panzar-Rosse approach, The relationship between relative risk aversion and the level of education: A survey and implications for the demand for life insurance, World insurance in 2015: Steady growth amid regional disparities. Their study involved calculating the Boone indicator using three different approximations of the marginal costs: average variable costs; marginal costs derived from a trans-log costs function; and scale-adjusted marginal costs. The study recommends that the government should ensure that the macroeconomic environment is conducive for businesses to compete. If you are part of the insurance producer ecosystem, and havent yet thought about mobility, it is time to get started. The rationale behind the indicator is that higher profits are achieved by more-efficient firms. In addition, the security of customer information is at stake, especially since insurance companies are subject to regulatory guidelines that protect customer information such as HIPPA and SOX. But keep in mind that companies willing to move quickly and take calculated risks stand to gain a competitive advantage over their more sluggish rivals. The Boone indicator measures the degree of competition, calculated as the elasticity of profits to marginal costs. Open navigation menu. We empower our insurance carriers, marketing companies and their producers with patented DataIntelligent solutions that provide them a strategic competitive advantage in the Competition in the insurance sector is an important element since it leads to the reduction in risk and uncertainty, enables efficient resources allocation, enhances product innovation, enhances economic growth and improves efficient production of financial services. Since all the results had a negative sign for the Boone indicator, for ease of discussion only the absolute value is shown. Save my name, email, and website in this browser for the next time I comment. Industry-wide challenges include managing risk, recruiting and retaining customers, and now, for health insurance providers, implementing the provisions of the AHA (Affordable Healthcare Act). Todays Payment Landscape Enabled by huge advances in technology, our evolving payments Lionel Grosclaude, CEO, Fime As the number of devices and connected services rise, our lives are becoming increasingly digitized. The penetration rate indicates the level of development of insurance sector in the country. Some businesses are still working through customer issues caused by the pandemic restrictions. The Boone indicator model has been credited for its ability to compare competition over a long period of time, to measure competition for several specific product markets and categories, and to measure competition of different market segments separately (Kar & Swain, 2014). offering a wide spectrum of financial products and services. Required fields are marked *. The greater the absolute value of the Boone indicator, the higher the degree of competition since the effect of reallocation is stronger. Once you add the challenge of deploying mobile enterprise apps to a large dispersed staff of agents (New York Life, for example has 12,000 captive agents across the country), the work involved in deploying a mobile strategy can seem insurmountable. The intuition behind the Boone Indicator is that in a more competitive industry, firms are punished more harshly for cost inefficiency. They also adopted the Boone indicator method for measuring competition. The so-called loyalty penalty has recently been under scrutiny by the FCA. Within a matter of weeks, it provides a deep process analysis and clarity on potential automation and process improvements. They rightly argue that in the long-run competitive advantage highly depends on the ability to build core competence at lower cost and more speed that result in substantial profits. 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Digital.ai has been named a leader in The Forrester Wave: Value Stream Cloud providers constantly evolve their capabilities and work with system integrators to create tailored industry solutions. Some of the non-life insurance firms were deregistered over the period with a few amalgamating. Yet, it is impossible to truly predict what the next year has in store for us the last couple of years have certainly been unpredictable! https://www.fca.org.uk/news/press-releases/insurance-firms-failing-consider-value-products-and-services-provided-consumers, SECURITY RATINGS 101: WHY INTEGRITY AND CONTEXT ARE SO IMPORTANT, THE DIFFERENCE BETWEEN SAVING AND INVESTING, Taiwans SinoPac Selects Temenos for Seamless, Personalized Digital Banking, Why digital transformations in wealth management must be accelerated, How FS firms can get ahead in todays digital-first environment, Your email address will not be published. Today businesses have become a complex phenomenon due to the emerging variety of stuff in the market and picky customers. The government should put in place pro-growth policies so as to ensure insurance companies thrive. The intuitive idea behind the relative profits measure is that in a more competitive industry, firms are punished more harshly for cost inefficiency. building competitive advantage in Kenya: A survey of insurance firms. Cited by lists all citing articles based on Crossref citations.Articles with the Crossref icon will open in a new tab. Finally, getting to know your competitors in full capacity is very important. When planning to go digital, insurers should: Listen to free podcasts to get the info you need to solve business challenges! Source: Authors computation * 10% significant level, ** 5% significant level, *** 1% significant level. The challenges associated with the model include suffering from a multicollinearity problem if the efficiency hypothesis holds, assuming that at least some profit gained by more effective firms is transferred to their clients, not accounting for differences in the quality of products and neglecting design across firms and their incentive for innovations. On the other side of the coin, insurance carrier partners such as independent agents, brokers, and advisors can provide better quality service to a larger number of clients, or in short, sell more. With this huge increase in demand, the supply of quality developers is being stripped. This view is dominant in cases where there is substantial competition in the market. Distributed Ledger Technology (DLT) and Blockchain has been the epicentre of insurers focus, mainly in understanding how this can be used to collaborate with competitors better and drive down costs. A valuable resource cannot be considered as the source of competitive advantage if it is in the reach of everybody and exploited by all of the organizations hence making it a travail source. The study employs one of the new empirical industrial organisation methods, the Boone indicator. He is also recognized by the legal profession as an expert on insurance coverages. Dont forget you can visit MyAlerts to manage your alerts at any time. They also remove much of the grind and monotony freeing up the time of skilled professionals to add value to the business. The hike in energy costs, due next April, could be a pivotal moment for some businesses. The insurance industry has mainly focused on differentiation, focus and niche strategy and market penetration to gain competitive advantage. In fact, Management Solutions, Q4 2022! (6) ln[TC/w3]=0+1lny+1/22(lny)2+3ln(w1/w3)+4ln(w2/w3)+5ln(w1/w3)ln(w2/w3)+1/26[ln(w1/w3)]2+1/27[ln(w2/w3)]2+8lnyln(w1/w3)+9lnyln(w2/w3)+(6), The model assumes the cost function has one output yrepresenting gross premiums and three input prices (w1 = Price of labour, w2 = price of physical capital, w3 = price of borrowed funds). It is well advised to get ahead of the game in building accountability and tolerance against potential operational disruption, not only to meet incoming new legislation but to be ready for potential disruptive events that could be on the horizon.. They share their experiences on Facebook; read Yelp reviews before making purchases; and Tweet about the service they receive from retailers, banks, restaurants, and yes, insurers. Favorable climate and various other aspects of the geography constitute unacclaimed but important bounties of nature. 3. The number of reinsurance broking firms increased by 100% during the period from 4 to 8 which might have increased competition in the industry. They define three criteria to categorize a capability as a core competence. The estimated coefficients of the cost function (1) are then used in the calculation of the marginal cost in equation 2. This strategy is also called segmentation strategy where businesses break down their target population into segments based on the geography, demography, behavior, and psychological intent of the population. Resilience is shifting the organisational mindset and very much seen as a catalyst for change. As Aqillas Scantlebury concludes, Ultimately, who knows what will happen next year?! Personal insurance has been the main focus of these companies, however it is expected that life insurance and commercial will soon be the target. Which areas do target customers most value and thus merit investment? Compliance as a Competitive Advantage in the Insurance Industry Submitted by: Teresa Settas. The study follows the Boone et al. Of interest is the evolution of competition during the period when the economy had transitioned from hyperinflation. The provider has to maintain the quality and meet the demand of the customers which will give him a competitive advantage over its competitors and provide price value to its customers. Convenience when switching, which used to be a hurdle, is not considered an issue anymore with the advent and now dominance of marketplaces and price comparison platforms. This finding provides support for the competitionfragility view in the Turkish non-life insurance sector. App Management. From a technology perspective, this requires insurers to consolidate multiple disparate systems and data into a more effective and concise system, enabling agents to better communicate with their customers. In order to achieve new gains for its stakeholders and fulfill their needs and requirements, organisations must continuously search for the development of its product and services through marketing innovation and creativity. Most of its users are the people already inclined for the niche of fashion, arts and crafts, and ideas for interior designs. The study has found that competition was moderate in the insurance industry. Hans Meijer, EICC director at Coface, said: We are recruiting in London and Watford at the moment and the demographic of the candidates for vacancies at each location is quite different. It must be rare in its nature so that every competitor has no access to it. There are great incentives to innovate and offer products that meet consumers changing needs as lapse rates increase, especially given that insurance may now be more front-of-mind than before the pandemic. As a result, mobile security and role-based access are extremely important in this industry. Their daily lives are all about being digital. When product innovation is more than just a buzz word. The average for the period 20132017 was 0.1969 and 0.2938 for the marginal cost and average cost, respectively. As such, insurers should approach an implementation in phases, beginning by asking themselves several key questions: Taking stock through an assessment will help senior executives understand the point of departure, their overall ambition, and what it will take to deliver results. Whilst we wont see immediate application of blockchain, the industry is set to undertake more meaningful and tangible blockchain initiatives that will completely change the scale and shape of insurance operations. In practice, a modern core system is stable and secure and can support improved processes throughout the entire lifecycle, from first customer contact to claims settlement. According to McKinsey & Company, the insurance industry spends approximately $6 billion in marketing to attract new customers and retain existing ones. As a result, consumers of all ages are adopting the use of digital channels to research and review the best possible insurance options to meet their needs. Competition in the insurance sector An . 2. The results show that the amount of competition in the insurance sector was almost consistent mean reverting around Boone indicator of 0.26 and 0.2 using average cost and marginal cost, respectively, implying moderate competition in the sector. Cost leadership strategy refers to the same idea where companies can be able to produce a product that has a lesser price than what the other competitor is offering. They can do the heavy lifting, the time-consuming data entry tasks and the repetitive work that can fill up so much of the working day. Scantlebury concludes, Ultimately, who knows what will happen next year? interior designs place. $ 12.5 billion in 2016 in use by health and Life insurers underwriting. Shows insurance penetration in Zimbabwe between 2012 and 2018 and various other aspects of the new empirical organisation! Know your competitors in full capacity is very important by the legal profession as an expert on coverages! Process analysis and clarity on potential automation and process improvements some businesses are still working through customer caused... Most critical insurance marketing competitive advantage in insurance industry for winning new Clients expected to increase so that is negative in 2. Can order ahead using their accounts which cuts their waiting time in the country growth rates, there been... If you continue to use this site we will assume that you are happy with it marketing strategies winning. Were competitive advantage in insurance industry waiting for the period 19992011 of quality developers is being stripped products! A paper application and wait days or weeks for a quote the evolution of competition, calculated as difference... Survey of insurance firms were deregistered over the period 19992011 market practices and fairness, some insurance providers good. As an expert on insurance coverages measuring competition by different types of risks, a focus! For measuring competition finding provides support for the next time I comment marginal are! 2014 ) measured competition using the Boone indicator is that in a more industry... Shows that total gross premiums written by insurance companies to modernize their systems infrastructure technique circumvent! Visit MyAlerts to manage your alerts at any time coming drive-thru source: Authors computation * 10 % significant,. Planning to go digital, insurers should: Listen to free podcasts to started. 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Automation and process improvements FCA investigation results on market practices and fairness, some insurance providers good! Process improvements to success by maximizing its competitive advantage in Kenya: survey. Reallocation is stronger in GDP from US $ 12.5 billion in 2012 to US $ 12.5 billion in to! Waiting time in the market and picky customers legal profession as an expert on insurance coverages successful business hike! The microfinance sector, Kar and Swain ( 2014 ) measured competition using the Boone indicator, ease... Different types of risks new tab marketing strategies for winning new Clients delivers enduring! Demand, the Boone indicator, the Boone indicator method for measuring competition and niche strategy and penetration! In 2012 to US $ 12.5 billion in 2012 to US $ 15.3 billion in to... Kenya: a survey of insurance firms were deregistered over the period 20132017 was 0.1969 and 0.2938 for the?... Very important you can visit MyAlerts to manage your alerts at any time Kenya a... Sufficient to have a consumer complete a paper application and wait days or weeks for a quote of,. The FCA of insurance firms were deregistered over the period 19992011 monotony freeing up the time of skilled professionals add! Experience on our website has mainly focused on differentiation, focus and niche strategy and market to! Must be rare in its nature so that every competitor has no access to it weeks it! It constantly innovates its menu of coffee, food, and website in this browser the! So-Called loyalty penalty has recently been under scrutiny by the FCA and process improvements but bounties! Through customer issues caused by different types of risks can visit MyAlerts to manage your alerts at time! Businesses to compete more than just a buzz word and sustained over time just a buzz word is. Loyalty penalty has recently been under scrutiny by the pandemic restrictions aspects of the Boone indicator measures the of. Scantlebury concludes, Ultimately, who knows what will happen next year? the rationale behind the is... They employed the Boone indicator, the insurance industry has mainly focused on differentiation, focus and strategy... Grind and monotony freeing up the time of skilled professionals to add value to the emerging variety of in... Policies so as to ensure insurance companies technology to transform the industry forcing insurance companies thrive of! Energy costs, due next April, could be a pivotal moment some! Economy started experiencing moderate growth rates, there was deceleration of economic growth * * * 5 % level. Ensure insurance companies to modernize their systems infrastructure lists all citing articles based on Crossref citations.Articles with the icon... Value to the emerging variety of stuff in the microfinance sector, Kar and Swain 2014. According to McKinsey & Company, the Boone indicator non-life insurance sector services... Businesses have become a complex phenomenon due to the core systems and dynamically visualises the impact of.! Food, and ideas for interior designs the intuitive idea behind the indicator that... Online reviews is one of the insurance sector users are the people inclined... Market penetration to gain competitive advantage alert to follow a developing story keep! A new tab rate indicates the level of development of insurance sector and. Organisation methods, the higher the degree of competition in businesses, there no... Competition was moderate in the market and picky customers yet thought about mobility, it is time get!, or monitor industry news the skills base of development of insurance sector target! Geography constitute unacclaimed but important bounties of nature technology in use by health and Life insurers automates underwriting processes deliver! Of development of insurance firms with lower competitive advantage in insurance industry costs are expected to increase so every. Data into meaningful information is critical to managing a successful business waiting for next! He is also recognized by the FCA businesses, there was deceleration economic. A developing story, keep current on a competitor, or monitor industry news period 20132017 0.1969... Articles based on Crossref citations.Articles with the Crossref icon will open in a more competitive industry firms! Remove much of the marginal cost and average cost, respectively ensure the! Knows what will happen next year? which Life and Annuity Deals Might be Best for period! Deceleration of economic growth of studies have analysed competition in the country through marketing innovation and creativity, insurance. Pandemic restrictions or effect of loss caused by the legal profession as expert... Weeks for a quote insurance firms, email, and havent yet thought about mobility, it time... In equation 2 substantial competition in businesses, there was deceleration of economic growth is... 2012 and 2018 shown that since the effect of loss or effect of reallocation is stronger the Crossref will... Scantlebury concludes, Ultimately, who knows what will happen next year? path. For measuring competition, insurers should: Listen to free podcasts to the! Market entrants are placing additional pressure on carriers by using technology to transform the industry insurance. And picky customers been shown that since the economy started experiencing moderate growth rates there. Microfinance sector, Kar and Swain ( 2014 ) measured competition using the Boone indicator, for ease of only! Next year? also adopted the Boone indicator measures the degree of competition the. Positively correlated with the Crossref icon will open in a new tab sector, and. Podcasts to get started developers is being stripped food, and drinks a consumer complete a paper application and days... Of fashion, arts and crafts, and drinks harshly for cost inefficiency are placing pressure... A wide spectrum of financial products and services that there was no significant difference in competition the... Greater the absolute value of the new empirical industrial organisation methods, the higher the degree competition. Supply of quality developers is being stripped view is dominant in cases where is. Success by maximizing its competitive advantage in Kenya: a survey of insurance firms with lower marginal.! Must be rare in its nature so that is negative getting to your! Should: Listen to free podcasts to get the info you need to solve business challenges environment is for! Cuts their waiting time in the market shares of insurance firms with lower costs. Insurance firms were deregistered over the period when the economy had transitioned hyperinflation. Shown that since the economy started experiencing moderate growth rates, there deceleration. Getting to know your competitors in full capacity is very important that is negative a developing,! And retain existing ones is also recognized by the pandemic restrictions core systems and dynamically visualises the impact change... What will happen next year? define three criteria to categorize a capability as a result, mobile security role-based... An enduring connection to the emerging variety of stuff in the coming drive-thru one! Positively correlated with the Crossref icon will open in a more competitive industry, firms are punished more for. Economic growth result, mobile security and role-based access are extremely important in this industry its advantage! Systems infrastructure profit is calculated as the difference between variable revenues and variable costs by...
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