How insurers can act on the opportunity of digital ecosystems

McKinsey & Company

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

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

McKinsey & Company

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

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Revolutionizing insurance: The personalized insurance engine

McKinsey & Company

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

Will Asian insurers make the right choices for health insurance?

McKinsey & Company

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.

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.

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

McKinsey & Company

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

How insurance can help combat climate change

McKinsey & Company

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

A better approach to M&A in North American insurance

McKinsey & Company

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.

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.

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.

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

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

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.

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.

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

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

Africa’s insurance market is set for takeoff

McKinsey & Company

Five strategic considerations to help guide insurance companies on their journey to success in Africa. Middle East and Africa

A unique time for chief risk officers in insurance

McKinsey & Company

Amid rising economic uncertainty, leading insurers are looking to their CROs to do even more than manage risks. Risk Insights

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

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

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

Agile 94

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

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

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 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

Insurance strategy in Asia: Using programmatic M&A during the pandemic

McKinsey

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

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.

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

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

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

Product innovation: The new imperative for insurers in Asia

McKinsey & Company

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

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

Climate change and P&C insurance: The threat and opportunity

McKinsey

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

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.

Insurers must rethink the SME segment: Lessons from the United Kingdom

McKinsey

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

The future of life insurance: Reimagining the industry for the decade ahead

McKinsey

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