The demand for life insurance is at unprecedented levels and growing. Leaders are already taking action at this pivotal point for the industry.
BCG Offers Deep Expertise in Life Insurance Strategy
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.
How We Help Life Insurance Clients
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:
Reinvention of Distribution
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%.
Finding New Growth
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.
Build for the Future
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.
Bancassurance 2.0
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.
Runoff and In-Force Management
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.
Legacy Management 4.0
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.
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BCG’s Life Insurance Consulting Leaders
