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.

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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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

How insurers can improve combined ratios by five percentage points

McKinsey

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

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. Insights on Financial Services

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. 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

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 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

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

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 post-COVID-19 pricing imperative for P&C insurers

McKinsey

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

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

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

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.

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. 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

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

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

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

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.

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

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. 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. Insights on Financial Services

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

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

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.

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

Life insurance: Ready for the digital spotlight

McKinsey

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

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

CX Snapshot: Health Insurance

Think Customers

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.

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. Insights on Financial Services

The future of insurance claims

McKinsey

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

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