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Property and Casualty Insurance

The property and casualty (P&C) insurance industry must respond to economic conditions and evolving customer preferences by transforming operations and embracing new ways of working. BCG draws on deep industry knowledge and digital capabilities to help insurers adapt and thrive.

As the P&C insurance market changes, insurers must embrace new strategies and ways of working as well as accelerate investments in digital and analytics. Although P&C insurers have maintained solid capital positions, a protracted recovery from the recent economic slowdown could affect them for some time. In addition, they must appeal to P&C customers who want to receive more personalized services and do business online. They also must contend with well-funded insurance technology competitors that are disrupting standard business models.

Retail P&C insurers must satisfy customers who are more conscious of brand and value and who are more willing to research and purchase insurance online, switch insurers, and buy from nontraditional providers. On the commercial side, providers must contend with more complex supply chains, value chain disruption, and market developments, including increased cyber risks and regulation. A competitive market is also pushing partnerships and larger M&A deal sizes.

To adapt, retail and commercial insurers must:

  • Rethink their value propositions and improve the customer journey by offering more personalized products and reinventing distribution.
  • Operate efficiently to minimize costs and maximize margins.
  • Form new partnership ecosystems.
  • Adopt digitization—including artificial intelligence (AI), smart operations, and advanced analytics—and combine human creativity and expertise with the power of technology to become a bionic company.

Our Approach to the P&C Insurance Market

BCG helps P&C insurers transform and work more efficiently to reduce costs and improve the value they deliver to customers and shareholders. We do this by identifying the strategies, partnership agreements, technology investments, and M&A deals that spark growth. We work with clients across the insurance value chain, including product development, sales, underwriting, claims, payments, and customer service. BCG combines digital transformation expertise with knowledge of strategic workforce planning to help clients adopt agile at scale and future-proof their workforces.

Our approach to P&C insurance consulting is built on our understanding of the non-life-insurance business. That comprehension was developed in part through our work with some of the world’s preeminent insurance players, our knowledge of industry sectors and regional markets, and our partnerships with leading clients through enterprise-wide transformations. BCG senior consultants with deep industry experience, including experts who previously worked for top P&C insurance companies, also contribute to our insight.

We combine our P&C insurance consulting capabilities with a set of proprietary tools.

Our property and casualty insurance consultants also work with BCG specialty businesses, including:


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