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Navigating Transformations in Life Insurance

Life insurers must transform on several fronts: digitize operations, harness data analytics for innovation, and reinvent distribution. BCG’s expertise in digital transformation can help insurers accomplish their transformation agenda.

Life insurers must combine digital, data analytics, and distribution to master life insurance strategy in the twenty-first century. By building digital and advanced analytic capabilities, they can customize products and create new offerings that are more highly valued by consumers. They can also provide agents with qualified leads and tools to boost their productivity and address consumer needs more holistically. This, in turn, shifts the role of agents from sales to advisories, transforming the distribution chain.

Moreover, by combining human and technological capabilities, they can enable “bionic underwriting.” A simpler, faster, and less invasive process, bionic underwriting improves efficiency, cuts costs, and boosts customer satisfaction.


BCG Offers Deep Expertise in Life Insurance Strategy

BCG works closely with life insurers to refresh their digital strategies, refine distribution, harness the power of data analytics across the value chain, and maximize value from their in-force books.

Our Proven Digital Experience

BCG has developed tools in partnership with our specialty businesses to help clients optimize processes, drive innovation, and implement digital transformations. BCG GAMMA leverages artificial intelligence and predictive analytics to address a variety of challenges in the insurance industry, including pricing effectiveness, risk management, and in-force management, while BCG Digital Ventures helps insurers innovate through applied technologies and agile methodologies, such as innovation sprints. BCG Platinion provides services and solutions focused on the technology side of digital transformations, such as IT architecture, cybersecurity, and implementation management.

Our Global-Local Perspective and Deep Industry Knowledge

BCG’s international life insurance consulting teams use their expertise in business strategy, digital transformation, and advanced analytics to help clients tackle a broad array of imperatives, including optimizing portfolios and risk management, simplifying customer journeys, leveraging fraud analytics and big data, and reimagining distribution. We pair a global perspective with a rich understanding of insurance operations and local markets, as well as the variations in business regulations and practices across and among them.

BCG’s Offerings in Life Insurance

We tailor our life insurance consulting approach to the needs and circumstances of each client, leveraging a number of proven tools, capabilities, and solutions. Examples include:

BCG’s Life Insurance Consulting Leaders

Our Latest Thinking on Life Insurance

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