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finding focus: Global Insurance Report 2022</div></h1></div><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-10 mck-u-animation-blur-in-800 ArticleDefault_mck-c-article-default__description__sjoe9"><div><time datetime="2022-02-15T00:00:00Z">February 15, 2022</time> | Report</div></div></div></div></div></div></div><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-gutter-xxl"><section data-layer-region="article-body-header" class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400 byline-share-container"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-7 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-10"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">The insurance industry struggles to create economic profit. But amid COVID-19’s enduring changes, opportunities await.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><div class="mdc-u-align-center DownloadsSidebar_mck-c-downloads-sidebar__fullreport__pTrE3"><img class="DownloadsSidebar_mck-c-downloads-sidebar__fullreport__pTrE3 DownloadsSidebar_mck-c-downloads-sidebar__fullreport--image__RcOxJ" alt="" src="/~/media/mckinsey/industries/financial services/our insights/creating value finding focus global insurance report 2022/creating-value-finding-focus-global-insurance-report-2022-vf_thumbnail.jpeg"/></div><div><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6 DownloadsSidebar_mck-c-downloads-sidebar__fullreport__pTrE3 DownloadsSidebar_mck-c-downloads-sidebar__fullreport--title__dsfYc">Creating value, finding focus: Global Insurance Report 2022</h5></div><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Findustries%2Ffinancial%20services%2Four%20insights%2Fcreating%20value%20finding%20focus%20global%20insurance%20report%202022%2Fcreating-value-finding-focus-global-insurance-report-2022-vf.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="creating-value-finding-focus-global-insurance-report-2022-vf" data-layer-report-name="creating-value-finding-focus-global-insurance-report-2022-vf>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (40 pages)</span></a></div></div></div></div> <p><strong>The past two years</strong> may have been the most peculiar recession and recovery in living memory. In 2020, the human tragedy of the COVID-19 pandemic triggered a global economic downturn that was initially sharper than the Great Depression. As government support programs took shape, the recession rapidly bottomed out, leading to a strong economic recovery in 2021. Global financial markets took a roller-coaster ride as well.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>About the authors</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><p>This report is a collaborative effort by <a href="/our-people/pierre-ignace-bernard">Pierre-Ignace Bernard</a>, <a href="/our-people/stephan-binder">Stephan Binder</a>, <a href="/our-people/alex-damico">Alexander D’Amico</a>, Henri de Combles de Nayves, <a href="/our-people/kweilin-ellingrud">Kweilin Ellingrud</a>, <a href="/our-people/bernhard-kotanko">Bernhard Kotanko</a>, Philipp Klais, and <a href="/our-people/kurt-strovink">Kurt Strovink</a>, representing views from McKinsey’s Insurance Practice.</p></div></div></div></div></div></div> <p>The impact on the insurance industry was noticeable: in 2020, premium growth slowed to approximately 1.2 percent (compared with more than 4 percent per year between 2010 and 2020) (Exhibit 1). Profits fell by about 15 percent from 2019. The decline was sharpest in Asia–Pacific (down 36 percent) and was particularly driven by falling profits in life. </p> <p>Preliminary data suggest that premium growth and profits rebounded in 2021, especially in regions where strong vaccine rollouts have made many activities possible again, at least periodically.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 1</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh1.svgz?cq=50&cpy=Center"/><img alt="Premium growth rebounded in 2021 after slowing in 2020." src="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div>  <h2>State of the industry</h2> <p>Even before 2020, the insurance industry faced challenges. Now, those issues have taken on even greater urgency:</p> <ul> <li><em>Headwinds on revenue growth. </em>Three structural factors are challenging industry growth (Exhibit 2): <em>persistent low interest rates</em>, which pressure spread-based businesses such as life insurance;<em> pricing pressures</em> driven by fee transparency, digital attackers, and lower-cost options—pressures that in some markets are aggravated by price comparison websites; and <em>organic demand</em> that is growing only slowly in mature markets. The latter is particularly worrying, because growth in developed economies is coming mostly from price increases rather than from volume or new risks covered, highlighting a risk that the industry might lose its relevance over time. </li> </ul> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 2</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh2-new.svgz?cq=50&cpy=Center"/><img alt="In life, revenue growth in much of the world is subdued." src="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh2-new.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <ul> <li><em>An ongoing ‘fight for the customer.’</em> Insurtechs are <a href="/industries/financial-services/our-insights/global-perspectives-on-insurtechs">driving digital innovation and disruption in the industry</a>, with investments in insurtechs worldwide growing from $1 billion in 2004 to $7.2 billion in 2019 to $14.6 billion in 2021. More than 40 percent of insurtechs are focused on the marketing and distribution segments of the insurance value chain (Exhibit 3), enabling them to solve customer pain points through a digitally enhanced client experience that could pose a competitive threat to incumbents. And while some of these players have seen their share price tumble since their IPOs, we believe that a distinctive digital customer experience—from attackers or incumbents—will be a prerequisite for industry-beating growth. And beyond distribution, superior technology and healthy margins in insurance service businesses will challenge the traditional approach of many insurers to own the whole value chain—they will be forced to form partnerships or make outsize investments to keep up.</li> </ul> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 3</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh3.svgz?cq=50&cpy=Center"/><img alt="Insurtechs are concentrated in marketing and distribution. " src="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh3.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <ul> <li><em>A value shift toward intermediaries.</em> Over the past five to ten years, brokers have emerged as the clear winners of the industry, with both public and private investors recognizing their position of strength in the insurance value chain (Exhibit 4). Total shareholder returns are much higher for brokers than for other industry segments, and <a href="/industries/financial-services/our-insights/creating-value-in-us-insurance-investing">private-equity firms are investing</a>. In 2019, for example, CVC Capital Partners invested in April, and GTCR invested in AssuredPartners. PE-backed brokerage deals completed in the United States accounted for roughly three-quarters of all insurance transactions from 2016 to 2019. Because insurers do not control their distribution channels as tightly as other financial sectors, they might run an even greater risk of becoming pure balance-sheet providers, while intermediaries keep an asset-light client relationship model. The shift toward digital is perhaps the last chance for insurers to regain the upper hand in this “fight for the customer.”</li> </ul> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 4</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh4.svgz?cq=50&cpy=Center"/><img alt="Brokers and North American insurers produced the best returns in the past decade." src="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh4.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <ul> <li><em>Limited productivity improvement.</em> Though many insurers have undertaken cost savings programs, the aggregate results have not been fruitful. Industry-wide, <a href="/industries/financial-services/our-insights/the-productivity-imperative-in-insurance">productivity improvements have been limited</a>. Exhibit 5 offers an illustration: between 2014 and 2019, expense ratios fell for only 45 percent of global P&C carriers (with important variations across regions). For many, ratios did not budge or actually rose. That’s a disappointing outcome for an industry that has communicated so much on the need for productivity improvements.</li> </ul> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 5</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh5.svgz?cq=50&cpy=Center"/><img alt="Many P&C insurers have struggled to reduce costs. " src="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh5.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>As a result of these longstanding challenges, economic profit—that is, profit after cost of capital—in the insurance industry is practically at a standstill (Exhibit 6). </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 6</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh6.svgz?cq=50&cpy=Center"/><img alt="Economic profitability has slumped in several regions. " src="/~/media/mckinsey/industries/financial%20services/our%20insights/creating%20value%20finding%20focus%20global%20insurance%20report%202022/svgz_mck-2022%20global%20insurance%20report_exh6.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <h2>Restarting value creation</h2> <p>The challenges run deep. And insurance leaders must also contend with a raft of trends unleashed by COVID-19. It’s a unique moment; insurers now face several fundamental strategic 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? </p> <p>Welcome to the first edition of McKinsey’s <em>Global Insurance Report</em>, which seeks to answer these questions. In our view, leadership teams need to capitalize on nine value levers: </p> <ul> <li><em>Make environmental, social, and governance (ESG) considerations a core feature of the business model.</em> ESG issues increasingly affect how all companies do business. Consider climate risk, an area in which <a href="/industries/financial-services/our-insights/climate-change-and-p-and-c-insurance-the-threat-and-opportunity">evidence is mounting</a> that P&C insurers will soon need to revisit their business models. However, while many insurers have begun to incorporate climate-risk considerations in their investment processes, new-product launches and underwriting processes are mostly unchanged. </li> <li><em>Regain relevance through product innovation and coverage of new risks.</em> While the insurance industry has built financial resilience recently, some substantial risks have been left uninsured. A fast-changing world is creating many new and evolving risks. In P&C commercial lines, for instance, data and cybersecurity risk and machine-learning liability are coming to the fore. 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. </li> <li><em>Enhance and personalize customer engagement and experience.</em> New customer behaviors require a shift in distribution. Consumers are embracing digital channels and have become used to delightful experiences with leading tech companies. They expect the same when buying insurance both online and offline. <a href="/industries/financial-services/our-insights/the-multi-access-r-evolution-in-insurance-sales">A seamless, consistent “multi-access” experience</a> in every channel is now the gold standard for insurers. </li> <li><em>Engage with ecosystems and insurtechs. </em>The ongoing drive toward digitalization has also put the insurance industry on the verge of a paradigm shift: as traditional industry borders fall away, ecosystems will greatly influence the future of insurers, with insurtechs aiming to play a role in this recomposition of the value chain. <a href="/capabilities/mckinsey-digital/our-insights/how-do-companies-create-value-from-digital-ecosystems">Our research suggests that ecosystems could encompass $60 trillion in revenue by 2030</a>. Many insurance executives are looking at ways to engage with emerging ecosystems in areas such as mobility, healthcare, and the connected home. </li> <li><em>Develop new businesses for the digital age. </em>Private investors have spotted the potential for improvement and the not-too-distant prospect of attractive returns in insurance. They are investing heavily in insurtechs, whose attractive talent pools can rapidly create and scale new businesses. In this context, incumbent carriers must reinvent their business models to fulfill the imperative to grow and, ultimately, to deliver stakeholder value. </li> <li><em>Scale impact from data and analytics. </em>Most insurance executives would agree that <a href="/industries/financial-services/our-insights/how-data-and-analytics-are-redefining-excellence-in-p-and-c-underwriting">data and analytics capabilities are becoming table stakes in the P&C and life sectors in Europe, North America, and Asia</a>. Leaders see enormous potential in best-in-class data and analytics capabilities across the value chain, even for the highest-performing companies. For example, even the leading P&C insurers can see loss ratios improve three to five points, new business premiums increase 10 to 15 percent, and retention in profitable segments jump 5 to 10 percent. However, after years of investing and experimenting, most insurers have not yet seen the return on their investments at the enterprise level. </li> <li><em>Modernize core technology platforms.</em> From 2012 to 2020, technology’s average share of operating costs rose by 36 percent (for P&C) and 10 percent (for life). The key driver is increasing digitalization—at both the front end, where technology enhances the customer experience, and the back end, where digital drives productivity gains and operational performance. Digitalization is straining legacy systems, some of which are decades old, and many insurers are considering a replacement of core systems with tech platforms that support the requirements of the digital age.</li> <li><em>Address the productivity imperative.</em> In the current conditions, <a href="/industries/financial-services/our-insights/the-productivity-imperative-for-us-life-and-annuities-carriers">addressing structural expenses</a> has become an even more important source of value—especially given the limited progress to date. Insurers need more than mere piecemeal attempts at improvements. Only a <a href="/industries/financial-services/our-insights/insurance-productivity-2030-reimagining-the-insurer-for-the-future">transformative approach</a> will allow an insurer to survive and thrive in a post-COVID-19 world. Each carrier is unique, but any company can begin the process to improve productivity by establishing the trajectory and full performance potential of the business across the value chain—including sales and distribution, product development, operations, technology, and corporate functions.</li> <li><em>Reimagine culture, diversity, and ways of working to attract and retain talent. </em>Our colleagues summed it up recently: “Once in a generation (if that), we have the opportunity to reimagine how we work. In the 1800s, the Industrial Revolution moved many in Europe and the United States from fields to factories. In the 1940s, World War II brought women into the workforce (if not the C-suite) at unprecedented rates. In the 1990s, the explosion of PCs and email drove a rapid increase in productivity and the speed of decision making, ushering in the digital age as we know it today. And in 2020, the COVID-19 pandemic drove employees out of offices to work from home…. <a href="/capabilities/people-and-organizational-performance/our-insights/its-time-for-leaders-to-get-real-about-hybrid">The return to the workplace</a> is a chance to create a new, more effective operating model that works for companies and people navigating a world of increasing uncertainty.”</li> </ul> <hr/> <p>Addressing these nine imperatives will help carriers answer strategic questions about “how to play.” But the challenges and recent trends facing the industry will force some insurers to also think about “where to play” and rebalance their portfolios of businesses and review their capital allocation accordingly. In this report, we zoom in on this pressing question: Where should insurers be active (in terms of geography, lines of business, and position in the value chain) to renew value creation and themselves? Our conclusion? Most carriers would benefit by focusing their portfolio more tightly on the businesses of which they are the best natural owners. To download the full report, <a href="/~/media/mckinsey/industries/financial services/our insights/creating value finding focus global insurance report 2022/creating-value-finding-focus-global-insurance-report-2022-vf.pdf">click here</a>. </p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong><a href="/our-people/pierre-ignace-bernard">Pierre-Ignace Bernard</a></strong> is a senior partner in McKinsey’s Paris office, where <strong><a href="/our-people/henri-de-combles-de-nayves">Henri de Combles de Nayves</a></strong> is a partner; <strong><a href="/our-people/stephan-binder">Stephan Binder</a></strong> is a senior partner in the Zurich office; <strong><a href="/our-people/alex-damico">Alexander D’Amico</a></strong> and <strong><a href="/our-people/kurt-strovink">Kurt Strovink</a></strong> are senior partners in the New York office; <strong><a href="/our-people/kweilin-ellingrud">Kweilin Ellingrud</a></strong> is a senior partner in the Minneapolis office; <strong><a href="/our-people/bernhard-kotanko">Bernhard Kotanko</a></strong> is a senior partner in the Hong Kong office; and <strong>Philipp Klais</strong> is an associate partner in the Munich office.</p> <p>The authors wish to thank Tanguy Catlin, Nataliya Fedorenko, Jonathan Godsall, Shitij Gupta, Kia Javanmardian, Johannes-Tobias Lorenz, Brad Mendelson, Rahul Mondal, Sirus Ramezani, and Sandra Sancier-Sultan for their contributions to this report.</p> <hr /> <p>This report was edited by Mark Staples, an executive editor in the New York office. </p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--secondary___Boipq_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" aria-label="Search Openings" 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class="picture-uniqueKey-howt-0" src="/~/media/mckinsey/industries/financial%20services/our%20insights/how%20top%20tech%20trends%20will%20transform%20insurance/gettyimages-1288373651-bt-1536x1536.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Article</span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/industries/financial-services/our-insights/how-top-tech-trends-will-transform-insurance" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>How top tech trends will transform insurance</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Creating value finding focus Global Insurance Report 2022","displayName":"Creating value finding focus Global Insurance Report 2022","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"ba394df7-fe1e-4bfe-ac50-57fd1fb3d716","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Creating value, finding focus: Global Insurance Report 2022"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"The insurance industry struggles to create economic profit. But amid COVID-19\u0026rsquo;s enduring changes, opportunities await."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2022-02-15T00:00:00Z"}},"body":{"value":"[[Audio 1]]\n[[DownloadsSidebar]]\n\u003cp\u003e\u003cstrong\u003eThe past two years\u003c/strong\u003e may have been the most peculiar recession and recovery in living memory. In 2020, the human tragedy of the COVID-19 pandemic triggered a global economic downturn that was initially sharper than the Great Depression. As government support programs took shape, the recession rapidly bottomed out, leading to a strong economic recovery in 2021. Global financial markets took a roller-coaster ride as well.\u003c/p\u003e\n[[Sidebar authors]]\n\u003cp\u003eThe impact on the insurance industry was noticeable: in 2020, premium growth slowed to approximately 1.2 percent (compared with more than 4 percent per year between 2010 and 2020) (Exhibit 1). Profits fell by about 15 percent from 2019. The decline was sharpest in Asia\u0026ndash;Pacific (down 36 percent) and was particularly driven by falling profits in life. \u003c/p\u003e\n\u003cp\u003ePreliminary data suggest that premium growth and profits rebounded in 2021, especially in regions where strong vaccine rollouts have made many activities possible again, at least periodically.\u003c/p\u003e\n[[Exhibit 1]]\n[[MostPopularArticles 5]]\n\u003ch2\u003eState of the industry\u003c/h2\u003e\n\u003cp\u003eEven before 2020, the insurance industry faced challenges. Now, those issues have taken on even greater urgency:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eHeadwinds on revenue growth. \u003c/em\u003eThree structural factors are challenging industry growth (Exhibit 2): \u003cem\u003epersistent low interest rates\u003c/em\u003e, which pressure spread-based businesses such as life insurance;\u003cem\u003e pricing pressures\u003c/em\u003e driven by fee transparency, digital attackers, and lower-cost options\u0026mdash;pressures that in some markets are aggravated by price comparison websites; and \u003cem\u003eorganic demand\u003c/em\u003e that is growing only slowly in mature markets. The latter is particularly worrying, because growth in developed economies is coming mostly from price increases rather than from volume or new risks covered, highlighting a risk that the industry might lose its relevance over time. \u003c/li\u003e\n\u003c/ul\u003e\n[[Exhibit 2]]\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eAn ongoing \u0026lsquo;fight for the customer.\u0026rsquo;\u003c/em\u003e Insurtechs are \u003ca href=\"/industries/financial-services/our-insights/global-perspectives-on-insurtechs\"\u003edriving digital innovation and disruption in the industry\u003c/a\u003e, with investments in insurtechs worldwide growing from $1 billion in 2004 to $7.2 billion in 2019 to $14.6 billion in 2021. More than 40 percent of insurtechs are focused on the marketing and distribution segments of the insurance value chain (Exhibit 3), enabling them to solve customer pain points through a digitally enhanced client experience that could pose a competitive threat to incumbents. And while some of these players have seen their share price tumble since their IPOs, we believe that a distinctive digital customer experience\u0026mdash;from attackers or incumbents\u0026mdash;will be a prerequisite for industry-beating growth. And beyond distribution, superior technology and healthy margins in insurance service businesses will challenge the traditional approach of many insurers to own the whole value chain\u0026mdash;they will be forced to form partnerships or make outsize investments to keep up.\u003c/li\u003e\n\u003c/ul\u003e\n[[Exhibit 3]]\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eA value shift toward intermediaries.\u003c/em\u003e Over the past five to ten years, brokers have emerged as the clear winners of the industry, with both public and private investors recognizing their position of strength in the insurance value chain (Exhibit 4). Total shareholder returns are much higher for brokers than for other industry segments, and \u003ca href=\"/industries/financial-services/our-insights/creating-value-in-us-insurance-investing\"\u003eprivate-equity firms are investing\u003c/a\u003e. In 2019, for example, CVC Capital Partners invested in April, and GTCR invested in AssuredPartners. PE-backed brokerage deals completed in the United States accounted for roughly three-quarters of all insurance transactions from 2016 to 2019. Because insurers do not control their distribution channels as tightly as other financial sectors, they might run an even greater risk of becoming pure balance-sheet providers, while intermediaries keep an asset-light client relationship model. The shift toward digital is perhaps the last chance for insurers to regain the upper hand in this \u0026ldquo;fight for the customer.\u0026rdquo;\u003c/li\u003e\n\u003c/ul\u003e\n[[Exhibit 4]]\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eLimited productivity improvement.\u003c/em\u003e Though many insurers have undertaken cost savings programs, the aggregate results have not been fruitful. Industry-wide, \u003ca href=\"/industries/financial-services/our-insights/the-productivity-imperative-in-insurance\"\u003eproductivity improvements have been limited\u003c/a\u003e. Exhibit 5 offers an illustration: between 2014 and 2019, expense ratios fell for only 45 percent of global P\u0026amp;C carriers (with important variations across regions). For many, ratios did not budge or actually rose. That\u0026rsquo;s a disappointing outcome for an industry that has communicated so much on the need for productivity improvements.\u003c/li\u003e\n\u003c/ul\u003e\n[[Exhibit 5]]\n\u003cp\u003eAs a result of these longstanding challenges, economic profit\u0026mdash;that is, profit after cost of capital\u0026mdash;in the insurance industry is practically at a standstill (Exhibit 6). \u003c/p\u003e\n[[Exhibit 6]]\n\u003ch2\u003eRestarting value creation\u003c/h2\u003e\n\u003cp\u003eThe challenges run deep. And insurance leaders must also contend with a raft of trends unleashed by COVID-19. It\u0026rsquo;s a unique moment; insurers now face several fundamental strategic 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? \u003c/p\u003e\n\u003cp\u003eWelcome to the first edition of McKinsey\u0026rsquo;s \u003cem\u003eGlobal Insurance Report\u003c/em\u003e, which seeks to answer these questions. In our view, leadership teams need to capitalize on nine value levers: \u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eMake environmental, social, and governance (ESG) considerations a core feature of the business model.\u003c/em\u003e ESG issues increasingly affect how all companies do business. Consider climate risk, an area in which \u003ca href=\"/industries/financial-services/our-insights/climate-change-and-p-and-c-insurance-the-threat-and-opportunity\"\u003eevidence is mounting\u003c/a\u003e\u0026nbsp;that P\u0026amp;C insurers will soon need to revisit their business models. However, while many insurers have begun to incorporate climate-risk considerations in their investment processes, new-product launches and underwriting processes are mostly unchanged. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eRegain relevance through product innovation and coverage of new risks.\u003c/em\u003e While the insurance industry has built financial resilience recently, some substantial risks have been left uninsured. A fast-changing world is creating many new and evolving risks. In P\u0026amp;C commercial lines, for instance, data and cybersecurity risk and machine-learning liability are coming to the fore. New risks call for new products and a reallocation of priorities, and represent significant opportunities for P\u0026amp;C and life insurers that are willing to innovate.\n \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eEnhance and personalize customer engagement and experience.\u003c/em\u003e New customer behaviors require a shift in distribution. Consumers are embracing digital channels and have become used to delightful experiences with leading tech companies. They expect the same when buying insurance both online and offline. \u003ca href=\"/industries/financial-services/our-insights/the-multi-access-r-evolution-in-insurance-sales\"\u003eA seamless, consistent \u0026ldquo;multi-access\u0026rdquo; experience\u003c/a\u003e\u0026nbsp;in every channel is now the gold standard for insurers. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eEngage with ecosystems and insurtechs. \u003c/em\u003eThe ongoing drive toward digitalization has also put the insurance industry on the verge of a paradigm shift: as traditional industry borders fall away, ecosystems will greatly influence the future of insurers, with insurtechs aiming to play a role in this recomposition of the value chain. \u003ca href=\"/capabilities/mckinsey-digital/our-insights/how-do-companies-create-value-from-digital-ecosystems\"\u003eOur research suggests that ecosystems could encompass $60 trillion in revenue by 2030\u003c/a\u003e. Many insurance executives are looking at ways to engage with emerging ecosystems in areas such as mobility, healthcare, and the connected home. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eDevelop new businesses for the digital age. \u003c/em\u003ePrivate investors have spotted the potential for improvement and the not-too-distant prospect of attractive returns in insurance. They are investing heavily in insurtechs, whose attractive talent pools can rapidly create and scale new businesses. In this context, incumbent carriers must reinvent their business models to fulfill the imperative to grow and, ultimately, to deliver stakeholder value. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eScale impact from data and analytics. \u003c/em\u003eMost insurance executives would agree that \u003ca href=\"/industries/financial-services/our-insights/how-data-and-analytics-are-redefining-excellence-in-p-and-c-underwriting\"\u003edata and analytics capabilities are becoming table stakes in the P\u0026amp;C and life sectors in Europe, North America, and Asia\u003c/a\u003e. Leaders see enormous potential in best-in-class data and analytics capabilities across the value chain, even for the highest-performing companies. For example, even the leading P\u0026amp;C insurers can see loss ratios improve three to five points, new business premiums increase 10 to 15 percent, and retention in profitable segments jump 5 to 10 percent. However, after years of investing and experimenting, most insurers have not yet seen the return on their investments at the enterprise level. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eModernize core technology platforms.\u003c/em\u003e From 2012 to 2020, technology\u0026rsquo;s average share of operating costs rose by 36 percent (for P\u0026amp;C) and 10 percent (for life). The key driver is increasing digitalization\u0026mdash;at both the front end, where technology enhances the customer experience, and the back end, where digital drives productivity gains and operational performance. Digitalization is straining legacy systems, some of which are decades old, and many insurers are considering a replacement of core systems with tech platforms that support the requirements of the digital age.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eAddress the productivity imperative.\u003c/em\u003e In the current conditions, \u003ca href=\"/industries/financial-services/our-insights/the-productivity-imperative-for-us-life-and-annuities-carriers\"\u003eaddressing structural expenses\u003c/a\u003e\u0026nbsp;has become an even more important source of value\u0026mdash;especially given the limited progress to date. Insurers need more than mere piecemeal attempts at improvements. Only a \u003ca href=\"/industries/financial-services/our-insights/insurance-productivity-2030-reimagining-the-insurer-for-the-future\"\u003etransformative approach\u003c/a\u003e\u0026nbsp;will allow an insurer to survive and thrive in a post-COVID-19 world. Each carrier is unique, but any company can begin the process to improve productivity by establishing the trajectory and full performance potential of the business across the value chain\u0026mdash;including sales and distribution, product development, operations, technology, and corporate functions.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eReimagine culture, diversity, and ways of working to attract and retain talent. \u003c/em\u003eOur colleagues summed it up recently: \u0026ldquo;Once in a generation (if that), we have the opportunity to reimagine how we work. In the 1800s, the Industrial Revolution moved many in Europe and the United States from fields to factories. In the 1940s, World War II brought women into the workforce (if not the C-suite) at unprecedented rates. In the 1990s, the explosion of PCs and email drove a rapid increase in productivity and the speed of decision making, ushering in the digital age as we know it today. And in 2020, the COVID-19 pandemic drove employees out of offices to work from home\u0026hellip;. \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/its-time-for-leaders-to-get-real-about-hybrid\"\u003eThe return to the workplace\u003c/a\u003e\u0026nbsp;is a chance to create a new, more effective operating model that works for companies and people navigating a world of increasing uncertainty.\u0026rdquo;\u003c/li\u003e\n\u003c/ul\u003e\n\u003chr /\u003e\n\u003cp\u003eAddressing these nine imperatives will help carriers answer strategic questions about \u0026ldquo;how to play.\u0026rdquo; But the challenges and recent trends facing the industry will force some insurers to also think about \u0026ldquo;where to play\u0026rdquo; and rebalance their portfolios of businesses and review their capital allocation accordingly. In this report, we zoom in on this pressing question: Where should insurers be active (in terms of geography, lines of business, and position in the value chain) to renew value creation and themselves? Our conclusion? Most carriers would benefit by focusing their portfolio more tightly on the businesses of which they are the best natural owners. To download the full report, \u003ca href=\"/~/media/mckinsey/industries/financial services/our insights/creating value finding focus global insurance report 2022/creating-value-finding-focus-global-insurance-report-2022-vf.pdf\"\u003eclick here\u003c/a\u003e. \u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Report"}},"hasSpecialReport":{"boolValue":true},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2022-02-15T00:00:00Z"}},"footnotes":{"value":""},"contributoryPractice":{"targetItems":[{"displayName":"Financial Services"}]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003e\u003ca href=\"/our-people/pierre-ignace-bernard\"\u003ePierre-Ignace Bernard\u003c/a\u003e\u003c/strong\u003e is a senior partner in McKinsey\u0026rsquo;s Paris office, where \u003cstrong\u003e\u003ca href=\"/our-people/henri-de-combles-de-nayves\"\u003eHenri de Combles de Nayves\u003c/a\u003e\u003c/strong\u003e is a partner; \u003cstrong\u003e\u003ca href=\"/our-people/stephan-binder\"\u003eStephan Binder\u003c/a\u003e\u003c/strong\u003e is a senior partner in the Zurich office; \u003cstrong\u003e\u003ca href=\"/our-people/alex-damico\"\u003eAlexander D\u0026rsquo;Amico\u003c/a\u003e\u003c/strong\u003e and \u003cstrong\u003e\u003ca href=\"/our-people/kurt-strovink\"\u003eKurt Strovink\u003c/a\u003e\u003c/strong\u003e are senior partners in the New York office; \u003cstrong\u003e\u003ca href=\"/our-people/kweilin-ellingrud\"\u003eKweilin Ellingrud\u003c/a\u003e\u003c/strong\u003e is a senior partner in the Minneapolis office; \u003cstrong\u003e\u003ca href=\"/our-people/bernhard-kotanko\"\u003eBernhard Kotanko\u003c/a\u003e\u003c/strong\u003e is a senior partner in the Hong Kong office; and \u003cstrong\u003ePhilipp Klais\u003c/strong\u003e is an associate partner in the Munich office.\u003c/p\u003e\n\u003cp\u003eThe authors wish to thank Tanguy Catlin, Nataliya Fedorenko, Jonathan Godsall, Shitij Gupta, Kia Javanmardian, Johannes-Tobias Lorenz, Brad Mendelson, Rahul Mondal, Sirus Ramezani, and Sandra Sancier-Sultan for their contributions to this report.\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis report was edited by Mark Staples, an executive editor in the New York office. \u003c/p\u003e"},"authors":{"targetItems":[]},"nonPartnerAuthors":{"targetItems":[]},"interactiveToUse":{"targetItem":null},"enableArticleComponents":{"boolValue":false},"relatedArticles":{"targetItems":[{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"Tech-driven insurers: How to thrive in 2030"},"url":{"path":"/industries/financial-services/our-insights/tech-driven-insurers-how-to-thrive-in-2030"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"Insurance operating models are on the verge of a fundamental change. To thrive in 2030, insurers must commit to a specific role and take action now to secure the tech capabilities they need."},"standardImage":{"src":"/~/media/mckinsey/industries/financial services/our insights/tech driven insurers how to thrive in 2030/gettyimages-1201792259-bt-1536x1536.jpg","alt":"Tech-driven insurers: How to thrive in 2030"},"heroImage":null,"thumbnailImage":null},{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"Insurance of the future: An interview with Ren Huichuan of Tencent"},"url":{"path":"/industries/financial-services/our-insights/insurance-of-the-future-an-interview-with-ren-huichuan-of-tencent"},"eyebrow":{"targetItem":{"name":"Interview"}},"articleType":{"targetItem":{"name":"Interview"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"The senior adviser for the Tencent Group discusses the competitive advantages of WeSure, the group\u0026rsquo;s insurance-agency platform, and the wide-ranging challenges confronting modern insurers."},"standardImage":{"src":"/~/media/mckinsey/industries/financial services/our insights/insurance of the future an interview with ren huichuan of tencent/1536x864_mrrenwesure.png","alt":"Headshot of Ren Huichuan"},"heroImage":null,"thumbnailImage":null},{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"How top tech trends will transform insurance"},"url":{"path":"/industries/financial-services/our-insights/how-top-tech-trends-will-transform-insurance"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"Over the next decade, the fully tech-enabled insurer will bear little resemblance to today\u0026rsquo;s organization. Five trends, individually and in combination, will have a seismic impact."},"standardImage":{"src":"/~/media/mckinsey/industries/financial services/our insights/how top tech trends will transform insurance/gettyimages-1288373651-bt-1536x1536.jpg","alt":"How top tech trends will transform insurance"},"heroImage":null,"thumbnailImage":null}]},"useEnhancedAuthors":{"boolValue":false},"acknowledgements":{"value":""},"showSocialShareFooter":{"boolValue":false},"template":{"id":"683910db-02ba-40ba-92e7-726c880160a9"},"hideFromSearchEngines":{"boolValue":false},"heroFiftyFiftyBackground":{"targetItem":null},"backgroundColor":{"targetItem":null},"gradientDirection":{"targetItem":{"key":{"value":"Bottom 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