Revisiting 2023, it is clear that the changes in the #insurtech sector were not just a temporary fluctuation, but rather a reset to more fundamental levels. Despite a significant decline in global equity funding, insurtechs are now shifting their focus towards efficiency and sustainability, aiming to seize opportunities for resilience and growth. 💡 Read more insights and the full paper, "State of insurtech 2023: Finding Opportunities in the New Normal" here: https://on.bcg.com/3MuTCP1 #insurance #insurtech #insights
BCG on Insurance
Business Consulting and Services
Boston, Massachusetts 16,043 followers
The insurance industry is entering a new era. Follow us for insights and news from BCG's Insurance practice.
About us
The insurance industry is entering a new era. Follow this page for a collection of insights and news from the Insurance practice of Boston Consulting Group, covering all insurance sectors. Connect with us here or visit: https://www.bcg.com/industries/insurance/default.aspx
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https://www.bcg.com/industries/insurance/default.aspx
External link for BCG on Insurance
- Industry
- Business Consulting and Services
- Company size
- 10,001+ employees
- Headquarters
- Boston, Massachusetts
- Specialties
- Insurance, Property and Casualty Insurance, Life Insurance, Commercial Insurance, Reinsurance, Risk Management, Health Payers and Providers, and Digital Insurance
Updates
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The outlook for Southeast Asia's insurance markets is poised to improve over the next four years, with gross written premiums projected to reach $114 billion. By leveraging the right strategy and forging strong partnerships, bancassurance sales have the potential to unlock significant value. ❇️ Read more in our paper "Bancassurance in Southeast Asia: A $114 Billion Opportunity" https://on.bcg.com/3y8k5hC #Bancassurance #Insuranceindustry #Banking
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BCG recently analyzed the #digital sales journeys of more than 70 insurers across 13 European markets to pinpoint challenges and identify best practices. Some key insights: ➡️ Only approximately 10% of insurance customers fully use digital channels for the end-to-end purchasing process. ➡️ To become top-tier performers, insurers can follow a set of imperatives that are valid in every market. Read the full article "Transforming the Digital Sales Journey in Insurance” here: https://on.bcg.com/4dIbnGa #insurance #digitaltransformation #digitalinsurance
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Companies embarking on a core transformation need to recognize that this journey involves both IT and the business—and it’s become a competitive necessity. Review the key takeaways from our latest article, “For Insurers, Three Paths to Modernizing Core IT” and read the full piece here: https://on.bcg.com/3yJiBLh. ❇️ A New Imperative to Invest. Legacy systems are prone to downtime—hurting productivity—and the expertise to maintain these systems is aging. Even regulations have become an issue. ❇️ Common Challenges to Core Modernization. These include being too big to manage, misalignment of interests, a lack of capabilities, and tech stack obsolescence. ❇️ Different Paths to Modernization. The transformation strategies of global, Tier 1 insurance companies fall into three main categories: centralized, federal, and hybrid. ❇️ Best Practices. No matter which of the three strategies an insurer chooses to pursue, seven best practices will improve the odds of completing a successful transformation. #insurance #technology #innovation
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Our recent co-published paper with Howden, 'The Bigger Picture: The $10 Trillion Role of Insurance in Mobilizing the Climate Transition', addresses many challenges the insurance industry is currently facing in the context of climate change and explores what can be done to support the climate transition. 📄 Read the full paper here for more details: https://on.bcg.com/4dnelQF #insurance #netzero #climatechange
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Establishing a truly digital sales journey in insurance requires a comprehensive transformation from end to end. ❇️ What does this mean for insurers? Learn more about our findings from our latest article, “Transforming the Digital Sales Journey in Insurance”, here: https://on.bcg.com/3Y8FW3d #insurance #digitaltransformation #digitalinsurance
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Artificial intelligence: friend or foe? It’s hard to imagine an activity or industry that AI isn’t already reshaping. And with the emergence of generative AI, it’s clear we’ve barely scratched the surface. AI technology has the potential to work wonders. But that bright future depends on our ability to develop AI responsibly now. Read BCG's latest thinking on AI here: https://on.bcg.com/4d3Pgtf #AI #future #technology
What Does AI Mean for All of Us?
bcg.com
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💡 A few key insights from our Insurtech article, "State of insurtech 2023: Finding Opportunities in the New Normal”: ✔️ In 2023, insurtech funding reached a five-year low of $4.9 billion ✔️ The bulk of it (54%) was invested in P&C insurance ✔️ Among all the FinTech verticals, Insurance had the second smallest year-over-year drop of 35% Read this insightful paper here: https://on.bcg.com/467NIw2 #insurance #insights #insurtech
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Asset managers are continuously on the lookout for dependable, long-term capital sources. Life and Annuity (L&A) insurance carriers, with their substantial asset bases and predictable liabilities, are becoming increasingly vital. In our latest whitepaper on permanent capital, we delve into: • How asset managers can utilize the predictable liabilities of L&A carriers to enhance long-term value creation. • The advantages and inherent risks of integrating insurance carrier assets into investment portfolios. • A detailed case study demonstrating successful asset and liability management strategies. Explore our in-depth analysis to gain valuable insights into these strategic relationships: https://on.bcg.com/4flsAXJ #Insurance #PermanentCapital
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“The bigger picture: The $10 trillion role of insurance in mobilising the climate transition” published with Howden sets out two structural pressures that the insurance market will face over the next five years to 2030. 📄 Read more what things are about to change https://on.bcg.com/4bekCfv #insurance #netzero #climatechange
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