Catch up on the best insurance insights: Top seven articles of 2020

The most-read and shared articles from McKinsey’s Insurance Practice in 2020 shed light on the status of long-standing industry trends, effective responses to the effects of the COVID-19 pandemic, and more.

Ecosystems and platforms: How insurers can turn vision into reality

As traditional industry borders fall away, ecosystems—and the digital platforms that often enable them—will greatly influence the future of insurers. Today, insurers win by offering a product. Tomorrow, they’ll win by providing access to prevention and assistance services—and by offering the right product to the right customer at the right time.

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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. This flagship report covers the six market-shaping forces that are the key to its reinvention.

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How insurance can prepare for the new distribution model

Even before the pandemic, insurers were rethinking their distribution models in terms of their customers, sales force, and enablers. As the COVID-19 crisis evolves and continues to affect how people engage with one another across industries and geographies, insurers can build a distribution strategy focused on near- and long-term implications.

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Top ten myths of technology modernization in insurance

Technology modernization is vital, but—given the significant value at stake and the size of the investment—it should be approached with a healthy dose of caution. Indeed, many insurers have experienced unsuccessful tech modernization efforts. To reverse this trend, insurers need to first become aware of common misconceptions—and then address them head-on.

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Reimagine insurance: Five keys to innovation

The COVID-19 pandemic could usher in a new era for the global industry, with strategic and organizational implications. McKinsey’s three regional practice leaders—Stephan Binder in Europe, Brad Mendelson in Asia, and Kurt Strovink in North America—share insights on what the future holds, from forcing CEOs to evolve to the rising importance of environmental, social, and governance efforts.

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

Over the past decade, life insurers have struggled with growth and profitability. This flagship report discusses how insurers can reinvent themselves and reestablish their vital role in customers’ lives by focusing on three priorities: personalization of the customer experience, flexible product solutions, and talent strategy.

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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. More frequent catastrophic events, in combination with the need to meet evolving regulatory requirements, can threaten company business models and make insuring some risk unaffordable for customers or unfeasible for insurers. Insurers should use their understanding of risk to help organizations mitigate and adapt—and thus protect a greater share of the global economy.

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