New customer behaviors require a shift in distribution. Enhance and personalize customer engagement and experience.New risks call for new products and a reallocation of priorities, and represent significant opportunities for P&C and life insurers that are willing to innovate. In P&C commercial lines, for instance, data and cybersecurity risk and machine-learning liability are coming to the fore. A fast-changing world is creating many new and evolving risks. While the insurance industry has built financial resilience recently, some substantial risks have been left uninsured. Regain relevance through product innovation and coverage of new risks.However, while many insurers have begun to incorporate climate-risk considerations in their investment processes, new-product launches and underwriting processes are mostly unchanged.
Consider climate risk, an area in which evidence is mounting that P&C insurers will soon need to revisit their business models. ESG issues increasingly affect how all companies do business. Make environmental, social, and governance (ESG) considerations a core feature of the business model.In our view, leadership teams need to capitalize on nine value levers: Welcome to the first edition of McKinsey’s Global Insurance Report, which seeks to answer these questions.
How can they create more value for shareholders? Can they unlock latent demand and improve the customer experience? How can they regain momentum on the long-running quest to improve productivity? Also, what about talent? How can they reimagine the employee proposition to attract and retain the brightest and best after the pandemic? Finally, how can insurers, individually and collectively, reframe the role and purpose of insurance in society? It’s a unique moment insurers now face several fundamental strategic questions. And insurance leaders must also contend with a raft of trends unleashed by COVID-19.
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