The insurance companies that lead in the digital era won’t replace humans. Instead, insurance leaders will intertwine technology, people, and processes. BCG’s insurance consulting teams can help clients innovate at every step of the way.
The insurance industry is one of the least digitally mature industries. How can insurers close the gap—and serve customers better?
The key isn’t simply to embrace technology in insurance but to apply the right levers in the right ways. To help insurers do this, we combine expertise in insurance consulting with deep knowledge of new technologies and approaches. The key levers include:
Our insurance consulting team has partnered with insurers around the globe, helping them improve customer experiences, develop sustainable strategies, and undertake large-scale transformation.
We helped a leading European insurance group launch an insurtech venture, including creating scalable digital business models, identifying IT requirements and AI use cases, and outlining a go-live roadmap. We also supported ramp-up activities, including recruiting employees and acquiring business partners.
We conducted due diligence on an insurtech acquisition target for a European auto insurance technology company, including analyzing the target’s market, competitive dynamics, and potential for growth and integration with the acquirer’s business.
New York Life partnered with BCG to see how GenAI, coupled with transformational governance, could deliver exceptional experiences as well as efficiencies across the enterprise—furthering the company’s growth and advancement as an industry leader.
Generali Italia, a leading insurance company, launched a digital transformation that lowered response time by 50%, reduced down time by 80%, and slashed its defect rate by a factor of ten.
BCG blends its expertise in insurance strategy consulting with a set of proprietary tools:
BCG’s Digital Acceleration Index helps insurers uncover their digital strengths and weaknesses—and see where they stand in relation to industry peers. The idea: to identify and prioritize focal points for improvement as well as to accelerate digital innovation in insurance.
The Fintech Control Tower keeps tabs on innovation, disruption, challenges—and challengers—in the fintech ecosystem. It continuously monitors the latest trends in the industry and new entrants to the landscape. The tool provides deep dives into such emerging technologies as blockchain and new business models and processes.
A comprehensive survey reveals three shifts: customers are becoming relatively risk averse, omnichannel journeys are increasingly the norm, and innovative products and channels are growing in popularity.
Fidelidade CEO Rogerio Campos Henriques explains the critical role that the industry has to play in reaching decarbonization and other sustainability goals.
Many insurers are strategically positioned to benefit from blockchain and metaverse technologies, with health and property and casualty businesses leading the way.
