Life Insurance

Life insurers’ traditional model is ripe for reinvention, particularly when it comes to distribution. BCG helps agencies use data and predictive analytics in a more focused way to drive highly qualified leads, address consumer needs more holistically, and provide support in the recruiting and training of new agents. This can reduce customer acquisition costs by up to 20% and reduce administration costs by up to 30%.

The business for which life insurance carriers are best known—financial protection—provides limited opportunity for interacting with customers. This limits insurers’ ability to identify new ways of helping customers and to engender loyalty. Providing easily accessible, high-value solutions that go beyond traditional products, such as financial and physical wellness offerings, opens up a promising area of value proposition expansion for life insurers.

BCG guides our clients to the future of insurance underwriting. Future-built insurers are better equipped to redesign the organization, execute insurance transactions digitally, share data between platforms, and leverage multidisciplinary teams to solve customer problems, manage critical processes, and continually improve the customer experience.

BCG’s Bancassurance 2.0 model promotes excellence in three dimensions: close collaboration between bank and insurer to ensure integrated governance, personalized value propositions specific to the banking channel, and operational efficiency. Our proprietary bancassurance benchmark measures the performance of the bancassurance model along these dimensions, which helps uncover and quantify opportunities for improvement.

We help companies make the most of their in-force books by minimizing losses and maximizing profitability. Using advanced data and analytics to develop a sophisticated understanding of each customer segment, companies can be proactive about in-force management and influence customer behavior to reduce customer churn rates. In an environment in which new business may not always be profitable, this capability is more important than ever.

Migrating policies and contracts from legacy systems to new platforms is often challenging and expensive. We use AI and robotics to radically cut costs and improve efficiency, while maintaining or improving data analytics capabilities and the customer experience.