The new standard for insurance claims

McKinsey

In this podcast, three claims experts discuss what insurers should consider as they update their technology, ways of working, and workforces to bring forth the future of claims. Insights on Financial Services Individual insurance Financial Services

Insurance: Transforming risk and compliance

McKinsey

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

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Creating value, finding focus: Global Insurance Report 2022

McKinsey

The insurance industry struggles to create economic profit. Insights on Financial Services InsuranceBut amid COVID-19’s enduring changes, opportunities await.

How American Family Insurance is investing in the agency channel

McKinsey

As insurers rethink agent relationships, American Family Insurance is looking ahead, investing in digital tools and solutions that help agencies stay on top of trends and changing customer needs. Insights on Financial Services Individual insurance Health Care Financial Services

Building new digital businesses in insurance

McKinsey

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

A wave of innovation: The state of insurance in Asia and North America

McKinsey

McKinsey senior partners Brad Mendelson and Kurt Strovink discuss insurance trends amid the COVID-19 pandemic and how insurers can adapt to stay ahead and capture customers. Insights on Financial Services Insurance

A new age for insurance procurement

McKinsey

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

Going all in: How one insurer updated its technology stack

McKinsey

Enrique Laso of MAPFRE USA discusses the insurer’s decision to undertake a massive modernization effort and how it successfully managed this change while meeting its technical objectives. Insights on Financial Services Insurance United States

Four executives on the future of insurance distribution

McKinsey

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

Developing an effective M&A blueprint for insurers

McKinsey

The North American insurance industry needs systematic capabilities to support programmatic deal making. Insights on Financial Services Insurance Mergers & acquisitionsA good place to start is the where, why, and how of an effective M&A blueprint.

Unlocking the potential of deeper customer-agent-insurer relationships

McKinsey

When done well, building more holistic customer relationships is a win-win-win for customers, agents, and insurers. Insights on Financial Services Insurance

How insurers can act on the opportunity of digital ecosystems

McKinsey

Professor Markus Warg, an ecosystem and platform enthusiast, discusses the role that big tech will play in insurance and the importance of setting the rules of the game within ecosystems. Insights on Financial Services Insurance

Revolutionizing insurance: The personalized insurance engine

McKinsey

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

CEO brief: The future of business building in insurance

McKinsey

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

Underwriting talent: Strategies for property and casualty insurers

McKinsey

Insights on Financial Services InsuranceFast-moving market conditions are putting new and more intense demands on underwriting. Updated talent strategies can help carriers meet this challenge.

Pathway to distinctive performance: M&A options for European insurers

McKinsey

As European insurance players reassess their strategic options in light of the pandemic, M&A can strengthen competitiveness and enhance performance. Insights on Financial Services InsuranceHere’s what companies should consider.

Insurance of the future: An interview with Ren Huichuan of Tencent

McKinsey

The senior adviser for the Tencent Group discusses the competitive advantages of WeSure, the group’s insurance-agency platform, and the wide-ranging challenges confronting modern insurers. Insights on Financial Services Insurance China

The CEO’s risk agenda: An insurance perspective

McKinsey

Insights on Financial Services InsuranceIn a fast-changing business environment, CEOs who prioritize a new, holistic risk management approach will add value to their organizations—and to their customers too.

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

McKinsey

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

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 top tech trends will transform insurance

McKinsey

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

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

How insurers can reimagine G&A for the next normal

McKinsey

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

Five steps to improve innovation in the insurance industry

McKinsey

Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA. Insights on Financial Services Financial Services

Will Asian insurers make the right choices for health insurance?

McKinsey

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.

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

McKinsey

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

A better approach to M&A in North American insurance

McKinsey

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

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

Creating value in US insurance investing

McKinsey

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

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.

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.

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.

The Cyber Insurance Market Needs More Money

Harvard Business

Securities could help give insurers the breathing room they need to keep growing — and meet customers’ mounting needs. Cybersecurity and digital privacy Finance and investing Risk management Technology and analytics Digital Article

A unique time for chief risk officers in insurance

McKinsey

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.