Amid a digital revolution, insurance companies need to focus on agility and customer-centricity. Bain helps insurers develop and execute strategies that increase profitability and efficiency, leverage digital capabilities, improve customer loyalty and gain competitive advantage from advanced analytics.
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Our insurance consulting experts work with leading insurance companies, including property and casualty insurers, life insurers, health insurers and reinsurers to develop practical solutions to their most pressing strategic challenges.
We offer a wide range of expertise to help our clients adapt to a changing insurance market and boost their businesses in the short-term while positioning themselves for long-term success:
- Strategy: We develop and refine corporate and growth strategies that reflect the latest market dynamics, including the changing regulatory environment.
- Customer Strategy: We work with our clients to develop insights and strategies to nurture customer relationships and earn customer loyalty that fuels growth and lowers costs.
- Advanced Analytics: We develop analytics strategies and capabilities that help insurance companies mine data for insights and improve decision making across the entire insurance value chain, from risk protection and risk mitigation to management. Our proprietary AA framework consistently helps insurers boost their top-line potential by 12-15%.
- Organization: We help insurance companies build winning operating models and ensure their organizations are set up to succeed.
- Performance Improvement and Operations: Our experts help companies increase efficiency and lower costs to quickly achieve and sustain full potential.
- Technology strategy: We work with companies to increase the agility of their information technology and digital assets to better meet customer expectations.
- Compliance: We support insurance compliance and risk officers and their teams in satisfying the demands of more complex regulations while also helping their companies grow their top and bottom lines.
In addition to working in tandem with our clients to develop recommendations and solutions to their challenges, Bain’s unique approach to change management, called Results Delivery?, is embedded in every Bain engagement and ensures that our clients can successfully implement recommendations by predicting, measuring and managing risk.
Influenced by technological advances, evolving consumer preferences and increasingly competitive market conditions, today’s leading insurance companies must factor new considerations into their operations:
- Digital capabilities: The digital revolution has arrived in insurance. The percentage of digitally-active consumers will increase from roughly 40% now to 80% over the next three to five years. Insurers must combine the digital world and the physical world to accommodate these hybrid customers that expect to use both environments seamlessly.
- Customer loyalty: Insurance companies that provide exceptional service can differentiate themselves from the competition to reap substantial financial rewards. Bain research indicates that loyal and satisfied customers stay longer, recommend their carrier to friends and family and cost less to serve.
- Analytics and Big Data: Advanced Analytics and the free flow of data can help insurers make better decisions and improve processes. Carriers determined to exploit analytics will need to ensure their capabilities are embedded across their organization and in their culture.
- Operating models: An operating model serves as a blueprint that defines how resources are organized and operated to accomplish critical work. It applies to the enterprise level or the business unit or divisional level, as well as to functions such as underwriting or claims.
- Claims management: Superior claims management offers a means of competitive differentiation, whether through faster payout, easier filing via digital channels or higher-quality interactions between customers and claims representatives.
While we are mindful of these conditions, we also work with insurers in every region to develop and execute strategies that make them more nimble competitors. Our work is informed both by our expertise and our active research on the latest market trends and conditions.