Organizations are increasingly relying on technology, automation, robotics, and remote-monitoring equipment to increase productivity and cut costs—a concept known as Industry 4.0. It is not just human failure that insurers must insure against; they must also now address unknown risks such as IT failures, cyberattacks, and data breaches.
As a vast amount of historical data is available to sources outside of the traditional insurance industry, both commercial insurers and reinsurers need to make clear sense of new and larger data analytics to better predict and price risk.
BCG can help commercial insurers and reinsurers differentiate themselves within a radically changing market. We combine our deep understanding of insurance underwriting, pricing, and risk with insight into the market and the technology forces disrupting various market sectors to help insurers:
- Analyze and choose value pools
- Build disruptive industry proposals
- Determine how and when to bring those models to market
- Operationalize new value propositions
- Provide effective staff training