Life insurers must transform on several fronts: digitize operations, harness data analytics for innovation, and reinvent distribution. BCG’s expertise in digital transformation can help insurers accomplish their transformation agenda.
Life insurers must combine digital, data analytics, and distribution to master life insurance strategy in the twenty-first century. By building digital and advanced analytic capabilities, they can customize products and create new offerings that are more highly valued by consumers. They can also provide agents with qualified leads and tools to boost their productivity and address consumer needs more holistically. This, in turn, shifts the role of agents from sales to advisories, transforming the distribution chain.
Moreover, by combining human and technological capabilities, they can enable a simpler, faster, and less invasive underwriting process that improves efficiency, cuts costs, and boosts customer satisfaction.
BCG works closely with life insurers to refresh their digital strategies, refine distribution, harness the power of data analytics across the value chain, and maximize value from their in-force books.
Our Proven Digital Experience. BCG has developed tools in partnership with our specialty businesses to help clients optimize processes, drive innovation, and implement digital transformations. BCG X leverages artificial intelligence and predictive analytics to address a variety of challenges in the insurance industry, including pricing effectiveness, risk management, and in-force management.
Our Global-Local Perspective and Industry Knowledge. BCG’s international life insurance consulting teams use their expertise in business strategy, digital transformation, and advanced analytics to help clients tackle a broad array of imperatives, including optimizing portfolios and risk management, simplifying customer journeys, leveraging fraud analytics and big data, and reimagining distribution. We pair a global perspective with a rich understanding of insurance operations and local markets, as well as the variations in business regulations and practices across and among them.
We tailor our life insurance consulting approach to the needs and circumstances of each client, leveraging a number of proven tools, capabilities, and solutions. Examples include:
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