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Insurance Industry

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.

In today’s insurance industry, digital innovation in insurance, analytics and artificial intelligence, and a deep understanding of the customer are no longer optional. Customers expect insurance companies to respond faster, better, and in more personalized ways. Meeting those expectations requires insurance companies to combine human and technological capabilities to spark efficiency, innovation, customer satisfaction, and growth.


How We Help the Insurance Industry

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:

  • 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's transformation consultants 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.

Our Client Success in the Insurance Industry

Our insurance consulting team has partnered with insurers around the globe, helping them improve customer experiences, develop sustainable strategies, and undertake large-scale transformation.


Featured Insurance Technology Tools and Solutions

BCG blends its expertise in insurance strategy consulting with a set of proprietary tools:

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The Insurance Excellence Benchmark enables insurers to analyze their performance along key dimensions, including customer centricity, IT efficiency, FTE efficiency, and digital readiness. Using data from a wide variety of insurance companies, BCG’s benchmark helps insurers identify—and close—competitive gaps.

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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.

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The BCG insurance profit pools tool is a market-sizing and forecasting model for life, property and casualty (P&C), and health insurance. Covering roughly 100 countries, it enables insurers to determine what major market shifts they should prepare for and what geographic markets and product lines they should enter—or exit.

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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.

INSPA Value Creators Report Hero

Value Creators in Insurance: The Collection

Since 2017, we've taken an annual look at the drivers of sustained value creation in each sector of the global insurance industry, and the winners who have overcome insurance industry challenges.


Meet Our Insurance Consulting Experts

Explore our Insights on the Insurance Industry

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The Latest Purchasing Trends in Global Insurance

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.

Insurers Must Join the Climate Fight

Fidelidade CEO Rogerio Campos Henriques explains the critical role that the industry has to play in reaching decarbonization and other sustainability goals.


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