Reinsurers must transform themselves to address new risks and unlock value. BCG’s reinsurance industry expertise and digital know-how can guide them through the transition.
Reinsurance companies are used to the risks associated with insuring other insurance companies against catastrophic events. Now, however, they’re dealing with risks closer to home—namely, threats posed by evolving business models, rapidly changing regulations, market consolidation, and the need to adopt more automated processes and digital capabilities.
The BCG Insurance Profit Pools model provides product-level market sizing and profitability for premiums, along with a decade of regulatory report data and forecasts for more than 30 KPIs through 2025. It helps reinsurance underwriting specialists prepare for major market shifts and identify geographic markets and product lines they should enter or exit.
Reinsurance companies are used to the risks associated with insuring other insurance companies against catastrophic events. Now, however, they’re dealing with risks closer to home—namely, threats posed by evolving business models, rapidly changing regulations, market consolidation, and the need to adopt more automated processes and digital capabilities.
BCG helps reinsurers meet the challenges they face by launching new ventures, updating business models, and undertaking digital and technology transformations. This entails, among other things, adopting agile at scale and building for the future by blending human expertise with the power of technology. We also work with reinsurers to improve operational resilience and enable their digital transformation efforts, as well as define and implement corporate strategies.
Our reinsurance consulting work touches on every aspect of the business—including reinsurance strategy, product development, sales, underwriting, claims, payments, and customer service—and covers companies offering all types of reinsurance. We combine our reinsurance consulting capabilities with a set of proprietary tools:
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Our reinsurance consultants collaborate with with BCG specialty businesses—including the technologists, scientists, programmers, engineers, and human-centered designers from BCG X, our tech build and design unit.
