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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. MORE
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 MORE
Over the past decade, life insurers have struggled with growth and profitability. By focusing on three priorities, insurers can reinvent themselves and reestablish their vital role in customers’ lives. Insights on Financial Services MORE
Three different approaches can enable insurers to respond effectively. Consumers expect a seamless, digitally enhanced experience across multiple access points and channels. Insights on Financial Services MORE
As the world recovers from the COVID-19 crisis, insurers should invest in digital and analytics capabilities that will make them more customer-centric, simple, tech driven—and competitive. MORE
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. MORE
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. MORE
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 MORE
As consumers take more control of their healthcare decisions, insurance companies are catching up to other industries in how they interact with members and deliver customer experiences. So what is the state of CX among health insurance firms? health insurers, where we assessed channel experience and overall service. MORE
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 MORE
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. MORE
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. MORE
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 MORE
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. MORE
Our 2019 analysis of McKinsey’s Global Insurance Pools database offers a detailed look at global insurance trends, with analysis by region and line of business. Insights on Financial Services MORE
Five strategic considerations to help guide insurance companies on their journey to success in Africa. Middle East and Africa MORE
Incumbent insurers in Asia find product innovation challenging. Developing products to respond to customer needs, not risks or competitor actions, will be crucial. Insights on Financial Services Financial Services Asia-Pacific MORE
Few insurers thrive by relying solely on organic growth. Insurers operating in Asia must make M&A and other forms of inorganic growth strategic priorities. Insights on Financial Services MORE
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. MORE
Insights on Financial Services Insurance United StatesLarge deals are enticing but rare—and smaller ones create more value. Programmatic deal making would help. MORE
Midsize North American property-and-casualty insurers have been slow to make improvements to their cost structures and operating models. Eight building blocks can help them make significant progress. Insights on Financial Services MORE
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 MORE
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 MORE
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. MORE
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 MORE
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 MORE
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 MORE
Insurers that can adapt their offerings could seize a sterling opportunity. UK small and medium-size enterprises are facing the recovery with a new set of needs. Insights on Financial Services MORE
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 MORE
As insurance companies allocate more resources to technology functions, operations will need to reshape to make the most of their new tools. Insights on Financial Services MORE
Amid rising economic uncertainty, leading insurers are looking to their CROs to do even more than manage risks. Risk Insights MORE
In the transition to a green economy, the insurance industry can play a critical role in helping stakeholders manage risk. Insights on Financial Services MORE
A recent McKinsey survey of Chinese agents offers insights into how COVID-19 has affected the Chinese insurance industry and what insurers can do moving forward. Insights on Financial Services MORE
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. MORE
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 MORE
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 MORE
Insurance Related Topics 
McKinsey & Company
MARCH 30, 2021
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
McKinsey & Company
APRIL 29, 2021
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
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McKinsey & Company
MARCH 11, 2021
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
McKinsey & Company
FEBRUARY 18, 2021
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.
Tom Spencer
JUNE 22, 2019
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.
McKinsey & Company
MARCH 2, 2021
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
McKinsey & Company
JANUARY 6, 2021
In the transition to a green economy, the insurance industry can play a critical role in helping stakeholders manage risk. Insights on Financial Services
McKinsey & Company
MARCH 9, 2021
Insights on Financial Services Insurance United StatesLarge deals are enticing but rare—and smaller ones create more value. Programmatic deal making would help.
Tom Spencer
DECEMBER 1, 2018
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.
McKinsey
DECEMBER 4, 2020
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.
McKinsey
JUNE 23, 2020
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.
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McKinsey
JUNE 13, 2020
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.
BCG
OCTOBER 13, 2016
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.
Cheryl Cran
JULY 4, 2019
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
McKinsey
APRIL 23, 2020
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
Tom Spencer
OCTOBER 6, 2018
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.
McKinsey
MARCH 12, 2020
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.
Tom Spencer
OCTOBER 20, 2018
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
McKinsey
NOVEMBER 10, 2020
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
McKinsey & Company
DECEMBER 16, 2020
Five strategic considerations to help guide insurance companies on their journey to success in Africa. Middle East and Africa
McKinsey & Company
DECEMBER 17, 2020
Amid rising economic uncertainty, leading insurers are looking to their CROs to do even more than manage risks. Risk Insights
McKinsey
JULY 6, 2020
Insurers that succeed in the coming years will be those that recognize talent strategy has the same importance as core business strategy. Insights on Financial Services
McKinsey
DECEMBER 17, 2019
As insurance companies allocate more resources to technology functions, operations will need to reshape to make the most of their new tools. Insights on Financial Services
McKinsey
SEPTEMBER 16, 2020
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
McKinsey
APRIL 2, 2020
Three different approaches can enable insurers to respond effectively. Consumers expect a seamless, digitally enhanced experience across multiple access points and channels. Insights on Financial Services
McKinsey
AUGUST 1, 2020
COVID-19 reinforces the urgency to make life insurance purchasing simpler and more digitally enabled. Insights on Financial Services
McKinsey
MAY 11, 2019
Our 2019 analysis of McKinsey’s Global Insurance Pools database offers a detailed look at global insurance trends, with analysis by region and line of business. Insights on Financial Services
Think Customers
MARCH 18, 2019
As consumers take more control of their healthcare decisions, insurance companies are catching up to other industries in how they interact with members and deliver customer experiences. So what is the state of CX among health insurance firms? health insurers, where we assessed channel experience and overall service.
McKinsey
MAY 8, 2020
To navigate the next normal, Indian insurers must consider the potential recovery scenarios and act quickly and decisively. Insights on Financial Services
McKinsey
OCTOBER 27, 2020
Few insurers thrive by relying solely on organic growth. Insurers operating in Asia must make M&A and other forms of inorganic growth strategic priorities. Insights on Financial Services
McKinsey
JULY 3, 2020
Now more than ever, insurers are focusing on reimagining the role of technology, reinventing technology delivery, and future-proofing the foundation of core technology.
McKinsey
AUGUST 19, 2020
Midsize North American property-and-casualty insurers have been slow to make improvements to their cost structures and operating models. Eight building blocks can help them make significant progress. Insights on Financial Services
McKinsey
JULY 14, 2020
Pricing excellence has always been a prerequisite for value generation, but it will be even more critical as insurers recover from the crisis. Insights on Financial Services
McKinsey
SEPTEMBER 16, 2020
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
McKinsey & Company
MARCH 3, 2021
Incumbent insurers in Asia find product innovation challenging. Developing products to respond to customer needs, not risks or competitor actions, will be crucial. Insights on Financial Services Financial Services Asia-Pacific
McKinsey
JUNE 23, 2020
A recent McKinsey survey of Chinese agents offers insights into how COVID-19 has affected the Chinese insurance industry and what insurers can do moving forward. Insights on Financial Services
McKinsey
NOVEMBER 19, 2020
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
McKinsey
MAY 15, 2020
As the world recovers from the COVID-19 crisis, insurers should invest in digital and analytics capabilities that will make them more customer-centric, simple, tech driven—and competitive.
McKinsey
NOVEMBER 5, 2020
Insurers that can adapt their offerings could seize a sterling opportunity. UK small and medium-size enterprises are facing the recovery with a new set of needs. Insights on Financial Services
McKinsey
SEPTEMBER 29, 2020
Over the past decade, life insurers have struggled with growth and profitability. By focusing on three priorities, insurers can reinvent themselves and reestablish their vital role in customers’ lives. Insights on Financial Services
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