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. Ultimately, no one benefits from the high cost of public liability insurance.

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. Insurance Media / Internet big data Cloud insurance

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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.

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.

The multi-access (r)evolution in insurance sales

McKinsey

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

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.

Scaling the impact of advanced analytics in Iberian insurance

McKinsey

Although insurers within the Iberian Peninsula have embraced analytics, realizing the full value of new technologies will require a confident move from moderate pilots to enterprise-wide deployment.

The insurance switch: Technology will reshape operations

McKinsey

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

The productivity imperative in insurance

McKinsey

Most carriers are struggling to meet their cost of capital, and productivity has barely moved over the past decade. Taking a more structural approach to productivity is required to make significant progress. Insights on Financial Services

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.

2019 global insurance trends and forecasts

McKinsey

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

How to win in insurance: Climbing the power curve

McKinsey

A small group of winners captures much of the economic profit in the insurance industry. New research quantifies just how far ahead the leaders are—and what other insurers can do to catch up.

Using Cartoons to Get Attention in Emails

The More Clients Blog

Here’s the opening of an email to executives in the Insurance Industry interested in increasing sales: We’ve all seen this opera a thousand times: Yes, insurance salespeople have been the victim of vicious stereotypes.

The future of insurance claims

McKinsey

Four McKinsey partners describe their Claims 2030 vision. Insights on Financial Services

IT modernization in insurance: Three paths to transformation

McKinsey

Insurance companies can reap significant benefits from overhauling their core IT systems. Deciding which approach to choose depends on a range of considerations. Insights on Financial Services

How insurers should think about digital in distribution

McKinsey

In this video, McKinsey partner Sumit Popli discusses the role bancassurance, digitization, and digital distribution have been playing in Asia and what this means for insurers.

Life insurance: Ready for the digital spotlight

McKinsey

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

Should Your Independent Contractors Have Cyber Insurance?

MBO Partners

Cyber insurance helps protect your company from costly data breaches not covered by general or professional liability insurance. Learn the benefits of cyber insurance, what it protects, and why you should consider it if your company engages independent contractors

Tackling the IoT opportunity for commercial lines insurance

McKinsey

Insurance carriers that capture the opportunities of IoT stand to boost revenues and reduce claims expenses. The Internet of Things connects the world in truly exciting ways. Insights on Financial Services

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.).

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 product innovation: What insurers can learn from leading tech and consumer companies

McKinsey

Insurers can develop a competitive advantage by looking to how leading technology and consumer-product companies accelerate product development and improve product innovation. Insights on Financial Services

Life insurance in China: Four priorities to transform the agency channel

McKinsey

Chinese insurers can take four strategic actions to boost agency productivity and professionalize their core distribution channel. Insights on Financial Services

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.

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.

Capturing current and future value in Asia–Pacific insurance

McKinsey

In this video, McKinsey senior partner Bernhard Kotanko discusses the most attractive value pools in Asia insurance today and, looking ahead, suggests how to capture that value. Insights on Financial Services

Who Will Insure Self-Driving Cars?

Strategy+Business

The first sector to be disrupted by connected-car technologies could be auto insurance. The overall safety improvements ushered in by self-driving technology will affect the insurance business long before fully autonomous vehicles reach the mainstream.

How digital and advanced analytics can boost growth in Asian insurance

McKinsey

Asian insurers have achieved remarkable growth in recent years, but disruptors are looming. To maintain their momentum, these insurers must ramp up their digital and advanced analytics capabilities.

Changing the insurance paradigm: A perspective from Allianz Poland’s COO

McKinsey

A 20-year industry veteran, Radoslaw Kaminski believes that insurers must rethink long-standing business models and “become part of something bigger.”.

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.

Where the life insurance industry can go from here

McKinsey

Our annual life insurance and annuities review finds that the industry is poised for growth but will need to improve its capacity for bold resource allocation and productivity improvement. Insights on Financial Services

Digital ecosystems for insurers: Opportunities through the Internet of Things

McKinsey

This environment brings opportunities for insurers: to develop new products, open new distribution channels, and extend their role to include prediction, prevention, and assistance. The Internet of Things has entered customers’ everyday lives around the globe and transformed business models across industries. Insights on Financial Services

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

The value for insurers in better management of nonfinancial risk

McKinsey

Is 6 percent or more of your net income flying out the window? Risk Insights

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

Evolving insurance cost structures

McKinsey

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

Effective insurance leadership: Bring values and emotions into the workplace

McKinsey

Kai Grünewald, a founding partner at McKinsey subsidiary Aberkyn, discusses bringing more humanity to the insurance workplace, the role of emotions in resilience, and stories as tools.