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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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.

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.

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.

Transforming the talent model in the insurance industry

McKinsey

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

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

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.

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

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.

What insurers can learn from China’s continuing COVID-19 recovery

McKinsey

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

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

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

How Indian insurance companies can respond to coronavirus

McKinsey

To navigate the next normal, Indian insurers must consider the potential recovery scenarios and act quickly and decisively. Insights on Financial Services

Restore and reimagine: Digital and analytics imperatives for insurers

McKinsey

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.

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 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

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.

The next frontier for sustainable growth: Capturing the cost advantage of direct insurance

McKinsey

Direct insurers in Western Europe are leaner, simpler, and faster than traditional multichannel insurers. Still, they must take action to fulfill their potential. Insights on Financial Services

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

Coronavirus response: Short- and long-term actions for P&C insurers

McKinsey

The COVID-19 pandemic brings unique challenges to commercial, specialty, and personal lines insurance. Several actions can help companies navigate the crisis. Insights on Financial Services

Life insurance: Ready for the digital spotlight

McKinsey

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

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

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

US insurance market trends during the pandemic

McKinsey

Policygenius CEO Jennifer Fitzgerald shares insights on how the industry is managing risk and safeguarding consumers in the midst of the COVID-19 crisis. 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.).

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.

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 future of insurance claims

McKinsey

Four McKinsey partners describe their Claims 2030 vision. 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

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.

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.

Insurance resilience in a rapidly changing coronavirus world

McKinsey

In times of uncertainty, carriers can pursue resilience through a staged approach to stabilizing, reimagining, and transforming operations. Insights on Financial Services