digitalinsurance.mckinsey.comDigital disruption in insurance: Cutting through the noise | Financial Services | McKinsey & Company

Digital disruption in insurance: Cutting through the noise | Financial Services | McKinsey & Company Our Insights Compendium Digital disruption in insurance: Cutting through the noise Digital insurance in 2018: Driving real impact with digital and analytics Highlights from articles this year show the progress that has been made in reinventing the insurance landscape—and suggest more disruption to come. Read more What’s New Blog Post Burning questions from InsureTech Connect 2018: 48 hours at the world’s largest insurtech gathering October 16, 2018 - Seven major questions answered on how investors’ favor can translate into more innovation. Article How traditional insurance carriers can disrupt through personalized marketing August 15, 2018 - Last year, our colleagues in the Marketing and Sales Practice published a piece on personalized marketing. We have adapted the... Video The rise of ecosystems and platforms: What role can insurers play and how can they get started? July 25, 2018 - In this video, McKinsey senior partner Johannes-Tobias Lorenz introduces the concept of digital ecosystems and discusses the... I. Digital strategy Blog Post The five trends driving insurtech, live from DIA 2018 May 22, 2018 - At the Digital Insurance Agenda, insurtechs and leading players in the insurance world demonstrated ways they can partner to... Blog Post How insurers can get the most out of a digital transformation in 2018 February 23, 2018 - For insurers leading the sector in the race to digitize, 2018 is the year to upgrade investment and ecosystem strategies, maximize... Blog Post What the new world of insurance could look like August 1, 2017 - From a customer’s standpoint, few industries are as ripe for disruption as insurance. Article A strategy for a digital age March 1, 2017 - Few insurers have defined a comprehensive digital strategy fit to withstand attackers at the gate. The starting point is to understand... Article Insurtech—the threat that inspires March 1, 2017 - Incumbents need to keep their eyes out for new entrants that use technology to create a strategic advantage. The size of their... II. Digital value capture Blog Post How smart insurers convert digital customers at six times the rate of their peers May 19, 2017 - It’s not just about the demographics. Insurers often point to the age and income of their customer base to explain their struggles... Article The age of innovation March 1, 2017 - Insurers have a choice: be disrupted or be the disruptor with new products, services, and business models. Article Capturing value from the core March 1, 2017 - Insurers’ existing customers, brands, data, and technical skills are valuable business assets if they can be catapulted... Article Partnerships, scale, and speed: The hallmarks of a successful IoT strategy March 1, 2017 - The Internet of Things both promises to enhance and threatens to undermine insurers’ business models. A three-pronged strategy... III. Digital capabilities Interview Automation at scale is driving transformative change across insurance June 9, 2017 - Advances in robotics, cognition, artificial intelligence, and machine learning are ushering in a new era of automation. Machines... Interview An insurer’s journey to better customer experience: A conversation with Allianz’s Firuzan Iscan May 3, 2017 - The customer-experience leader at Allianz describes how the German insurer is learning to view customer journeys from an outside-in... Article Intelligent process automation: The engine at the core of the next-generation operating model March 14, 2017 - Full intelligent process automation comprises five key technologies. Here’s how to use them to enhance productivity and... Article Modernizing IT for a strategic role March 1, 2017 - IT has long been seen as a cost of doing business by insurance companies. In a digital era, it must be modernized and recast... Article The promise of blockchain March 1, 2017 - Blockchain has huge potential to enhance insurers’ business model, but is also being used by digital start-ups to attack... Article The advance of analytics March 1, 2017 - Harnessing the potential of burgeoning data and computer power to add value must become ingrained in insurers’ every activity.... IV. Digital culture, talent & organization Article Building momentum for cultural change March 1, 2017 - Being told to abandon old ways of thinking and working and embrace without delay a new, and seemingly riskier, digital culture can be unnerving for insurance companies. But there are certain actions insurers can take to kick-start change while minimizing the risks—and they do not have to alter everything at the same pace. V. Digital transformation roadmap Article A roadmap for a digital transformation March 1, 2017 - No insurance company has yet completed a digital transformation—one that fully harnesses the power of digital technology to rethink every aspect of the organization. But a number of carriers are making remarkable progress, indicating the direction others should take. More resources Q&A With Industry Leaders Caught on Video—Thought Leader Insights How companies become digital leaders About this compendium What does success look like for an insurer in a digital world, and how is it achieved? This compendium helps paint that picture by drawing on McKinsey’s experience in the industry and that of some 30 executives whom we interviewed. We hope it will help executives to understand where value lies in a digital world, at the same time as offering a clear, practical approach for capturing it. Senior Partner Tanguy Catlin Works with major financial institutions, and leads McKinsey’s Digital Quotient initiative—helping companies rapidly... Senior Partner Johannes-Tobias Lorenz Works with major insurance and banking institutions to build digital strategies and transform the customer-service experience,... Connect with Digital Insurance...