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Insurance Industry

The insurance companies that lead in the digital era won’t replace humans. Instead, those at the forefront of technology in insurance will intertwine technology, people, and processes to get the most out of each.

Our Related Insurance Industry Topics

In today’s insurance industry, the ingredients for success aren’t a secret. Digital innovation in insurance, analytics and artificial intelligence, and a deep understanding of the customer are no longer optional. Yet few insurance companies have been able to master the recipe.

Customers expect insurers to respond faster, better, and in more personalized ways. Meeting those expectations means becoming what we call a bionic insurer: an insurance company that combines human and technological capabilities to spark efficiency, innovation, customer satisfaction, and growth.

How We Help Insurance Companies Become Better, Stronger, and Faster

According to BCG research, 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 combines expertise in insurance consulting with deep knowledge of new technologies and approaches. We can call upon a unique array of global talent from a dedicated insurance practice and such specialty businesses as BCG Platinion, BCG GAMMA, and BCG Digital Ventures.

The key levers include:

Value Creation and Growth. In an industry often seen as slow and complacent, investors are responding to bold moves. We help insurers identify the strategic partnership agreements, technology investments, and M&A deals that spark growth.

Customer Centricity. We help redesign the customer journey from the customer’s perspective, so insurance companies can improve response times and quality while providing seamless interactions, greater transparency, and personalized service.

Downcycle Management. As seen in previous downturns, those who take on a proactive mindset can emerge as winners. Our industry experts combine with BCG TURN to deliver short-term impact and fuel longer-term insurance transformations.

Data Analytics and AI in Insurance. At its core, insurance is a data-driven business. We help insurers leverage data science—particularly AI—to master insurance analytics and transform decision making.

CFO Excellence. Today’s insurance CFOs must deliver business intelligence and insight while maintaining tight control over financial data. With BCG’s Center for CFO Excellence, leaders can achieve the highest standard of performance and efficiency.

Productivity. COVID-19 spurred insurers to focus on five key areas requiring a digital response: distribution, customer service, operations, organization, and claims handling. We help identify—and make—productivity improvements that quicken that response.

Complexity Reduction. Insurance companies often have a myriad of offerings and business lines. We help reduce complexity—in products and processes—to create a foundation, and drive momentum, for digital transformation.

Agile Ways of Working. Agile enables teams to move faster and with greater autonomy. We help insurance companies adopt agile at scale—and accelerate product development.

Systems Migration. Legacy IT systems—an insurance industry staple—don’t play well with digital offerings and end-to-end customer journeys. We help insurers modernize their tech stack without starting from scratch.

Using these levers helps insurers advance and become bionic. We’ve found that the best way to help insurance companies become bionic is to become bionic ourselves. So BCG blends its expertise in insurance strategy consulting with a set of proprietary tools:

BCG’s Impact in the Insurance Industry

BCG has partnered with insurers around the globe, helping them improve customer experiences, develop sustainable strategies, and undertake large-scale transformation. For example, we helped one of the top three German mutual insurance companies deal with the torrent of COVID-19 related claims. In just 17 days, we built a digital tool to enable agents to advise customers, which relieved pressure on call centers while maintaining the option for clients to speak to an agent for more personal advice.

See our bionic approach to insurance consulting in action.

Meet Our Insurance Consulting Experts

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