Insurance: Transforming risk and compliance

McKinsey & Company

As economies emerge from the pandemic and plan for the next decade of growth, insurance companies need to rethink the strategic function of risk. Risk & Resilience Insights Insurance Risk management organization

Tech-driven insurers: How to thrive in 2030

McKinsey & Company

Insurance operating models are on the verge of a fundamental change. To thrive in 2030, insurers must commit to a specific role and take action now to secure the tech capabilities they need. Insights on Financial Services Insurance

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Building new digital businesses in insurance

McKinsey & Company

More incumbent insurers are considering building digital businesses. Insights on Financial Services InsuranceThree McKinsey experts discuss what to do—and with whom.

A new age for insurance procurement

McKinsey & Company

In this podcast, McKinsey experts explore the insurance procurement themes executives should consider as the tremors from the pandemic push them to rethink their service-provider relationships. Insights on Financial Services Insurance

Four executives on the future of insurance distribution

McKinsey & Company

Four insurance executives from around the globe weigh in on how distribution is changing, both in the wake of the pandemic and more broadly as customer and agent needs and expectations evolve. Insights on Financial Services Insurance

CEO brief: The future of business building in insurance

McKinsey & Company

Insurance executives must drive a shift in business from methodical to adaptive and faster. Insights on Financial Services Insurance

How top tech trends will transform insurance

McKinsey & Company

Over the next decade, the fully tech-enabled insurer will bear little resemblance to today’s organization. Five trends, individually and in combination, will have a seismic impact. Insights on Financial Services Financial Services

Global Insurance Pools statistics and trends: An overview of life, P&C, and health insurance

McKinsey & Company

The ninth edition of McKinsey’s Global Insurance Pools database offers a detailed look at the insurance industry by region and line of business. Insights on Financial Services Insurance

Revolutionizing insurance: The personalized insurance engine

McKinsey & Company

Uwe Stuhldreier—an executive at HUK24, Germany’s largest fully digital direct insurer—discusses a customer-centric, digitally enabled business model that could shape the future of insurance. Insights on Financial Services Insurance

Health Economics Part II – Insurance

Tom Spencer

In this post, I will go beyond a general interpretation of demand and give you an in-depth overview of a specific and expensive issue: the rising cost of public liability insurance. Public liability insurance (PLI) is an interesting and important topic because its costs are far-ranging and complex. The total cost of PLI is a result of the frequency of claims made, the size of damages awarded, legal costs, and insurance company profits.

How insurers can reimagine G&A for the next normal

McKinsey & Company

Insights on Financial Services Financial Services InsuranceThis often-overlooked function can yield significant cost savings.

Insurance productivity 2030: Reimagining the insurer for the future

McKinsey

The pandemic has created significant challenges for insurers and sped their digital shift. To stay competitive, carriers will need to radically transform their operating models and cost structures. Insights on Financial Services

Scale matters … to an extent: Playing the scale game in insurance

McKinsey & Company

Large insurers can turn their scale into a strong competitive advantage—if they recognize that fully harnessing the benefits of scale requires managing complexity. Insights on Financial Services Insurance

Will Asian insurers make the right choices for health insurance?

McKinsey & Company

Private health insurance is a significant growth opportunity for insurers in Asia. To compete, insurers will need to reimagine their value propositions and rethink their operating models.

A better approach to M&A in North American insurance

McKinsey & Company

Insights on Financial Services Insurance United StatesLarge deals are enticing but rare—and smaller ones create more value. Programmatic deal making would help.

New Technologies in the Insurance Landscape (Part 3 – Cloud)

Tom Spencer

For this reason, any reticence the insurance industry showed early on has been replaced with a holistic embrace of trusted cloud platforms. Cloud in the Insurance Sector. Implementing cloud technology into the insurance industry is a positive step towards building a digital insurance landscape. For the insurance industry, the cloud has proven itself in three distinct areas: access to data, scalability, and trust and reliability.

How insurance can help combat climate change

McKinsey & Company

In the transition to a green economy, the insurance industry can play a critical role in helping stakeholders manage risk. Insights on Financial Services

Future of insurance: Unleashing growth through new business building

McKinsey

To compete with digital players, traditional insurers should consider building their own new digital businesses. Markers across four critical areas can show if insurers are on track.

Creating value in US insurance investing

McKinsey & Company

Despite market complexity, many opportunities exist for private equity players to create value in insurance. We studied the US industry and offer a set of investment recommendations to guide PE firms’ decisions. Insights on Financial Services

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. The sector is ripe for disruption: the value of insurers’ proprietary data and traditional expertise is diminishing, and other players are emerging with the data, analytics, and customer access needed to attack the value chain. Insurers must adapt. Article Thursday, October 13, 2016.

Top ten myths of technology modernization in insurance

McKinsey

Many insurers have experienced unsuccessful tech modernization efforts. To reverse this trend, insurers need to first become aware of common misconceptions—and then address them head-on.

A digital-business builder: An interview with the CEO of Allianz Direct

McKinsey & Company

Digital Insights Financial Services Insurance Life insurance Property & casualty insurance DigitalWhat does it take to build scalable new businesses inside of an older, more established company? Bart Schlatmann is building one now.

How insurance can prepare for the next distribution model

McKinsey

As the COVID-19 crisis evolves, it will continue to affect insurance distribution around the world. Insurers can prepare by building a strategy focused on near- and long-term implications.

A unique time for chief risk officers in insurance

McKinsey & Company

Amid rising economic uncertainty, leading insurers are looking to their CROs to do even more than manage risks. Risk Insights

Future Workplace Insurance 2025

Cheryl Cran

Many industries including insurance are adapting quickly to the many changes impacting the future workplace insurance 2025. AI, automation, robotics, changing worker attitudes are quickly impacting the future of insurance. The post Future Workplace Insurance 2025 appeared first on NextMapping. Blog future of insurance future of work future of work expert future of work trends future ready leaders future ready teams future workplace 2025 lead change

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. So with customers expecting more personalized, agile, and on-demand delivery, insurers are now racing to keep pace and deliver more relevant solutions for a changing user landscape.

New Technologies in the Insurance Landscape (Part 2 – Blockchain)

Tom Spencer

Insurance industry observers, for their part, believe that the innovative distributed ledger could introduce a variety of improvements and efficiencies to the insurance landscape, and have the following four applications: Fraud detection. Peer-to-peer insurance. Fraud accounts for as much as $80 billion every year across all lines of insurance, according to the Coalition Against Insurance Fraud. Peer-to-Peer Insurance. Blockchain insurance

Ecosystems and platforms: How insurers can turn vision into reality

McKinsey

Today, insurers win by offering a product. Tomorrow, insurers will win by providing access to prevention and assistance services—and by offering the right product to the right customer at the right time.

Africa’s insurance market is set for takeoff

McKinsey & Company

Five strategic considerations to help guide insurance companies on their journey to success in Africa. Middle East and Africa

State of property and casualty insurance 2020

McKinsey

P&C represents about one-third of premiums in the insurance industry—yet it has been losing relevance for years. Six market-shaping forces are the key to its reinvention. Insights on Financial Services

Scaling agility: A new operating model for insurers

McKinsey

Industry-leading insurers have proved enterprise-wide agility delivers the innovation and change incumbents need. The COVID-19 crisis has also highlighted the need for organizational change. Insights on Financial Services

Agile 94

Reaching the next normal of insurance core technology

McKinsey

Now more than ever, insurers are focusing on reimagining the role of technology, reinventing technology delivery, and future-proofing the foundation of core technology.

Climate change and P&C insurance: The threat and opportunity

McKinsey

Many in the property and casualty insurance industry have underestimated the immediacy of physical—and systemic—effects from climate change. Business models must adapt. Insights on Financial Services

Rewriting the rules: Digital and AI-powered underwriting in life insurance

McKinsey

COVID-19 reinforces the urgency to make life insurance purchasing simpler and more digitally enabled. Insights on Financial Services

Reimagine insurance: Five keys to innovation

McKinsey

The pandemic could usher in a new era for the global industry, with implications for strategy and organization. McKinsey’s three regional practice leaders share insights on what the future holds. Insights on Financial Services

Future of Asia: The future of financial services

McKinsey & Company

Insights on Financial Services Banking Insurance Payments Asia-PacificChanges in Asia's consumer markets offer new and diverse opportunities for growth.

Technology-driven growth in China: An interview with Jiang Xing

McKinsey & Company

The CEO of ZhongAn Insurance says the industry can generate momentum for growth by taking advantage of trends, preparing for future developments, and increasing investments in digital transformation. Insights on Financial Services Insurance China