Reinsurance

Reinsurance companies are used to the risks associated with insuring other insurance companies against catastrophic events. Now, however, they’re dealing with risks closer to home—namely, threats posed by evolving business models, rapidly changing regulations, market consolidation, and the need to adopt more automated processes and digital capabilities.

Our Approach to Reinsurance Strategy and Innovation

BCG helps reinsurers meet the challenges they face by launching new ventures, updating business models, and undertaking digital and technology transformations. This entails, among other things, adopting agile at scale and building for the future by blending human expertise with the power of technology. We also work with reinsurers to improve operational resilience and enable their digital transformation efforts, as well as define and implement corporate strategies.

Our reinsurance consulting work touches on every aspect of the business—including reinsurance strategy, product development, sales, underwriting, claims, payments, and customer service—and covers companies offering all types of reinsurance. We combine our reinsurance consulting capabilities with a set of proprietary tools:

• Our nine key levers, based on our extensive expertise in the industry, help insurers close the digital maturity gap and better serve customers.
• Our reinsurance consultants work with BCG's business transformation experts to deliver the kind of short-term impact and longer-term transformation that companies need to emerge from down markets as winners.
• Our Insurance Excellence Benchmark gauges performance on key dimensions, such as customer centricity and digital readiness. It uses a variety of data to help insurers identify and close competitive gaps.
• The Digital Acceleration Index analyzes reinsurers’ strengths and weaknesses in order to prioritize areas for improvement and accelerate digital innovation.