Insurance
Helping insurance companies navigate change to capture growth opportunities and create value in an increasingly digital world
For insurers to achieve sustained growth in the digital era, they must make bold moves as well as targeted investments in capabilities and technology. We are committed to helping our insurance clients across the life and P&C sectors achieve Change that Matters by transforming their strategy, core businesses, and operating models. Our global insurance professionals combine strategic thinking with deep knowledge across areas such as marketing and distribution, claims, core technology, underwriting and pricing, as well as enterprise capability building. We partner with many of the top global insurers to help them implement innovative solutions and digital tools, enabling them to pursue new opportunities and anticipate a rapidly changing competitive landscape. Our expertise across geographies and product lines provides clients with a comprehensive, granular view of where they are and how to capitalize on growth opportunities.

What we do

Strategy

We build enduring value by identifying future growth opportunities across lines of business, market segments, and geographies.

Transformation

We unlock an organization’s full potential, achieving a competitive advantage by leveraging new technologies reimagining every facet of operations.

Productivity

We improve performance through digital innovation in products, services, processes, and business models.

Impact at a glance

>75%

of the top global insurance companies served

55+

clients served globally on enterprise and business unit transformations in the past three years

500+

insurance-affiliate consultants worldwide

25+

proprietary tools, databases, and benchmarks

Examples of our work

Scaling a holistic agile transformation

A large European insurer sought to strengthen its market and wanted to develop the ability to respond to conditions faster and in a more dynamic way. We supported an enterprise-wide agile transformation, which included setting a target and vision, leading an end-to-end pilot, and scaling impact across the entire organization, including the introduction of a new IT organization. Management layers were reduced from seven to three, and average product time-to-market reduced from six months to six weeks. 

Developing a cross-industry ecosystem

A leading Asian insurer sought to expand beyond its core product offering to become the dominant financial services company in the region. We developed a growth strategy driven by diversification and M&A and designed an integrated organizational structure to improve efficiencies, reduce costs, and improve cross-selling capabilities. The ecosystem expanded to include seven business categories serving more than 350 million customers.

Driving an enterprise digital transformation

A leading North American insurer sought to differentiate its digital capabilities from those of competitors. We partnered with the insurer to develop an end-to-end digital strategy specific to each business unit, prioritizing capabilities that would drive outsized bottom line value and enable it to become a digital leader in several critical areas. The execution drove quick wins, long-term ROI, and sustainable digital capabilities across the organization.

Featured Capabilities

Insurance 360°: Insurance cost and performance benchmarking, covering the complete value chain from product development to operations and support.

Global Insurance Pools: A comprehensive database capturing global figures on insurance premiums, assets, profits, and growth.

Leap: Works with established organizations to imagine, build, and scale new businesses—and develop the capabilities needed to do it again and again.

QuantumBlack: A dedicated team of insurance analytics experts enabling better business outcomes by implementing sustainable analytics capabilities across the entire value chain.

Featured Insights

Podcast

Reimagine insurance: Five keys to innovation

– The pandemic could usher in a new era for the global industry, with implications for strategy and organization. McKinsey’s three regional practice leaders share insights on what the future holds.
Article

Climate change and P&C insurance: The threat and opportunity

– Many in the property and casualty insurance industry have underestimated the immediacy of physical—and systemic—effects from climate change. Business models must adapt.
Report

The future of life insurance: Reimagining the industry for the decade ahead

– Over the past decade, life insurers have struggled with growth and profitability. By focusing on three priorities, insurers can reinvent themselves and reestablish their vital role in customers’ lives.
Report

State of property and casualty insurance 2020

– P&C represents about one-third of premiums in the insurance industry—yet it has been losing relevance for years. Six market-shaping forces are the key to its reinvention.

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