Benefits 101: Health Insurance Definitions Every Employee Needs to Know

Consultants Mind

Here’s a breakdown of the most common terms found on a health insurance policy. Premium is the amount you and/or your employer pay each month towards an insurance policy. This enables the employer to pay February’s insurance bill at the beginning of February and allows the employee to have coverage for the entire month, even if the employee quits on February 1. A deductible is how much you pay before insurance kicks in to cover any remaining expenses.

New Technologies in the Insurance Landscape (Part 1 – Artificial Intelligence)

Tom Spencer

Digital disruption is touching every aspect of the consumer market, including the insurance industry. Traditionally, the insurance industry has lagged behind other sectors in the shift into digital technologies, its business model proving to be remarkably resilient.

Motor Insurance 2.0

BCG

Auto insurers are basking in a false sense of security, seemingly oblivious to the impending decline in market size and the threat of new entrants. Insurers must adapt. Article Thursday, October 13, 2016.

The Insurance Industry Needs an Intervention

Strategy+Business

Before attempting to execute new strategies, insurance companies need to reevaluate every dimension of their operating model. Here are some recommendations

Life insurance: Ready for the digital spotlight

McKinsey

Life insurers have been latecomers to the digital era. That will have to change. Our Insights

Generating Value While Transforming Insurers’ Legacy Technology

BCG

For insurers that are considering a digital transformation of their business, technology is at the heart of the endeavor. Forward-looking insurers first need to alter their approach. See “Building a Digital Technology Foundation in Insurance,” BCG article, August 2016.).

Building a Digital Technology Foundation in Insurance

BCG

Insurers today face a host of digital to-dos if they want to stay competitive—much less gain an advantage on their peers. Most insurers need to overcome significant constraints in their current IT landscape. We recently researched the readiness of insurers to go digital.

Liquidity Insurance

MishTalk

Cash Cow Capex Thesis vs. Liquidity Insurance Thesis Nick Nelson has it correct. Much of the cash on hand is nothing but insurance against the same thing happening again. Nonetheless, the cash does provide cheap liquidity insurance against a credit crunch.

Evolving insurance cost structures

McKinsey

How incumbents can adapt and save to remain competitive in the digital age. Insights on Financial Services

How traditional insurance carriers can disrupt through personalized marketing

McKinsey

We have adapted the framework they presented to the insurance industry. Last year, our colleagues in the Marketing and Sales Practice published a piece on personalized marketing. Insights on Financial Services

Creating Value in Insurance M&A

BCG

This article is based on “Influencing Outcomes in a Consolidating Insurance Industry: Three Keys to Value Creation,” by Pia Tischhauser, published in January 2016 in The Geneva Association’s Insurance and Finance Newsletter. Although not quite at the stage of mania, mergers have been sweeping the global insurance industry. The half of insurance deals that failed to deliver value had fallen prey to a variety of culprits. Insurers can do better.

Claims in the digital age: How insurers can get started

McKinsey

Attackers are transforming the competitive landscape and elevating customer expectations, so insurance companies must integrate digital technologies into their operations to keep pace. Claims should be a top priority. Insights on Financial Services

The Insurance Industry Needs an Intervention

Strategy+Business

Before attempting to execute new strategies, insurance companies need to reevaluate every dimension of their operating model. Here are some recommendations

Make Insurance Cheap Again: Trump Promises Insurance for All

MishTalk

In an interview in the Washington Post , Trump Vows ‘Insurance for Everybody’ in Obamacare Replacement Plan. more…). Economics

Insurance beyond digital: The rise of ecosystems and platforms

McKinsey

Insurance companies have the opportunity to create new sources of revenue by rethinking their traditional roles and adopting an ecosystem mind-set. Our Insights

Global insurance insights: An overview of recent trends in life, P&C, and health

McKinsey

The following article is an extract from the annual white paper of the McKinsey Global Insurance Pools team. The report describes global trends in the insurance industry, leveraging the McKinsey Global Insurance Pools database.

Raising returns on analytics investments in insurance

McKinsey

In an era of narrow margins and slow growth, insurers’ need to invest in analytics has never been greater. A few thoughtful initiatives can accelerate the analytics journey. Our Insights

Wholesale insurance distribution: Eight levers to unlock productivity

McKinsey

Insurance carriers will continue to struggle with profitable growth unless they reshape their distribution model by changing how they work with, and what they expect of, wholesalers. Insights on Financial Services

Insurance 2030—The impact of AI on the future of insurance

McKinsey

The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change. Insights on Financial Services

Automation at scale is driving transformative change across insurance

McKinsey

Machines can now match or outperform humans across a range of activities in a number of industries, including insurance. Advances in robotics, cognition, artificial intelligence, and machine learning are ushering in a new era of automation.

Time for insurance companies to face digital reality

McKinsey

Regulation, product complexity, and insurers’ large balance sheets have kept digital attackers from insurers’ gates. That is changing, but in ways incumbents should embrace. They can flourish in the digital age—if they move swiftly and decisively. Our Insights

How to Thrive in Hard Times

Tom Spencer

Invest for the future, reduce your debts, and insure your income. Insure Your Income. One way to protect your lifestyle and your family is to take out insurance: life insurance, income protection insurance, and property insurance.

Digital Disruption in the US Small-Business Insurance Market

BCG

Insurers know that many small businesses in the US—those with up to 30 workers—will eventually buy insurance directly online. What insurers don’t appreciate is how fast this shift is likely to happen. Article Thursday, April 07, 2016.

Digitizing Customer Journeys and the New Insurance IT Model

BCG

One Monday morning, as he rides the bus to work from his new apartment in the city’s Wilmersdorf section, where the family moved over the weekend, Rolf downloads his insurance company’s mobile app and updates his account information. Article Thursday, August 18, 2016. Consider this scenario.

The rise of ecosystems and platforms: What role can insurers play and how can they get started?

McKinsey

In this video, McKinsey senior partner Johannes-Tobias Lorenz introduces the concept of digital ecosystems and discusses the roles insurers can play in them.

Harnessing the potential of data in insurance

McKinsey

Insurers collect a wealth of data, but few have found a way to monetize this asset. New “data as a business” models point the way forward. Our Insights

Obamacare Design Objective - Force those with insurance onto the exchange

Consultant Ninja

The individual market health care exchanges are set up to, in part, enable the the (non-medicaid) poor, sick, and uninsured to get affordable insurance. But for this risk pool to work, you need a bunch of people who can pay insurance and aren''t that sick. Forcing people out of their existing individual insurance plans wasn''t a surprising, unintended consequence - it is a core design objective of the success of the ACA

Listening to What Chinese Consumers Say About Insurers

BCG

When Chinese life and auto insurers set their agendas, they should think about how to make their brands more trustworthy, their products and services simpler, and their claims processing faster and more transparent. Their answers provide a map of where insurers can look to gain an advantage.

Insurers’ digital reality—fewer premiums, more competition

McKinsey

Incumbents should consider partnerships and find new value-added services. Digital Disruption

Opportunities Open Up in Chinese Private Health Insurance

BCG

Yue, a 38-year-old mother in Beijing, knows all about the limitations of health insurance in China. Her public insurance allows her to go to public hospitals to get routine care, but those hospitals are crowded and confusing to navigate. Focus Monday, August 22, 2016.

Harnessing the power of digital in life insurance

McKinsey

Big data and advanced analytics will enable a wide range of new business applications for life insurers, empowering sales forces and better serving consumers. Our Insights

London Insurers Excel at Home but Struggle in Emerging Markets

BCG

Though solid performance in the fast-growing North American market and in the UK has buoyed London Market insurers, they must improve in emerging markets, reinsurance, workforce diversity, and innovation. Article Tuesday, May 09, 2017.

Insurance 101: How to Decode Business Insurance and its Value to Independent Professionals

MBO Partners

Learn the benefits of small business insurance and how to decode what the terms in your policy mean

The growth opportunity for private health-insurance companies

McKinsey

The global market for private health insurance is being disrupted—but also growing rapidly. Understanding the forces at work can help payors capture the opportunity. Our Insights

Why Life Insurers and Asset Managers Must Join Forces to Win

BCG

Article Thursday, December 15, 2016 Life insurers are feeling the squeeze. In their efforts to adapt to this upside-down world, life insurers are focusing on optimizing their investment strategies and operations.

Making digital strategy a reality in insurance

McKinsey

Digital transformation is challenging in insurance, where change must happen without interrupting the flow of daily business. Here’s how savvy leaders are taking on the challenge. Our Insights

How Digital Switchers Are Disrupting US Auto Insurers

BCG

Health Insurance Options for Independent Consultants

MBO Partners

Five health insurance options for independent consultants

Why digital is now crucial for private health insurers in Europe

McKinsey

A digital transformation can enable private health insurers in Europe to control costs, attract new customers and retain existing ones, and influence the quality and quantity of delivered care. Insights on Healthcare Systems & Services

Do Independent Contractors Need Business Insurance?

MBO Partners

What you need to know about business insurance as an independent contractor

Managing Health Insurance as an Independent Contractor

MBO Partners

Navigating health insurance as an independent professional can be daunting. Here's what you need to know about individual and group coverage options

Driverless Cars Will Change Auto Insurance. Here’s How Insurers Can Adapt

Harvard Business

There is little doubt that the widespread adoption of autonomous vehicles will have a huge impact on the automobile insurance industry. Since insuring privately owned vehicles is what the auto insurance industry has been all about, insurers have every reason to be concerned about their future growth and profitability. However, auto insurers have one factor weighing in their favor: The shift to fully autonomous vehicles will be gradual. Infrastructure insurance.

Insurance Claim Adjusters Replaced by “IBM Watson Explorer”

MishTalk

Fukoku Mutual Life Insurance in Japan is about to replace claim adjusters with a software robot from IBM. Manufacturing jobs have already been decimated by robots. White collar workers are next in line. more…). Economics