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data-component="mdc-c-module-wrapper" data-module-theme="dark" data-module-background="deep-blue" data-module-category="AnchoredHero" class="ArticleDefault_mck-c-article-default__SfYQE"><style></style><div data-component="mdc-c-background-image" class="mdc-c-bg-image___GJdv1_2734c4f background-image-article-default ArticleDefault_mck-c-article-default__parallax-container__fZ7Iq"></div><div class="ArticleDefault_mck-c-article-default__gradient__Uu21n"></div><div class="ArticleDefault_mck-c-article-default__wrapper-content__XOe9C"><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-col-lg-12"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-col-lg-start-1 mdc-u-grid-col-lg-span-10"><div><h1 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-2 mck-u-animation-slide-down ArticleDefault_mck-c-article-default__heading__bv6rL"><div>Five steps to improve innovation in the insurance industry</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="2022-03-04T00:00:00Z">March 4, 2022</time> | Article</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-8 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-9"><span> </span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/kweilin-ellingrud" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Kweilin Ellingrud</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/alex-kimura" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Alex Kimura</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Brian Quinn<span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/jason-ralph" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Jason Ralph</span></a></span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></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">Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.</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="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" data-module-gradient-position="top-right" class="mck-c-module-wrapper mck-o-edge-to-edge" data-module-name="one-up-medium"><div class="mck-o-container"><div class="UpModule_mck-c-up__irSw8 mck-o-container--wrapped mck-o-container--mobile-spacing"><div class="UpModule_mck-c-up__header__OR_Vx"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f UpModule_mdc-c-heading--title__4XbMT"><div>Get the latest</div></h2><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f UpModule_mck-c-up__header-dek-container__2p51y"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-7 mck-u-links-inline mdc-u-align-left mck-c-up__dek"><div class="mdc-o-content-body"><p>July 25, 2024</p> <p><em>In the time since we first published this article, McKinsey has continued to explore the topic. Read on for a summary of our latest insights.</em></p> <p>Innovation is <a href="/capabilities/strategy-and-corporate-finance/our-insights/innovation-your-solution-for-weathering-uncertainty">essential to weathering uncertainty</a>, regardless of industry. In today’s climate, organizations working in the insurance sector, whose job it is to help clients manage risk, are themselves exposed to a rapidly <a href="/capabilities/risk-and-resilience/our-insights/navigating-shifting-risks-in-the-insurance-industry">shifting framework of risks</a> from many directions. Financial risks are one part of the story: these include shifting interest rates, changing costs and sources of capital, and increasing claim amounts due to consecutive years of significant inflation. Nonfinancial risks abound as well, from the force majeure of extreme climate events to the potential for automation posed by emerging generative AI (gen AI) tools. This new environment of uncertainty in the insurance sector means innovation is more vital than ever. </p> <p>Insurance companies appear to be rising to the challenge. <a href="/our-people/joerg-musshoff">Jörg Mußhoff</a>, McKinsey senior partner and coleader of the Insurance Practice, <a href="/industries/financial-services/our-insights/mckinsey-insurance-leadership-on-2024-trends-and-innovations">says</a>, “The current mood is about reinventing, and new players and incumbents are working jointly on it. I think this collaborative approach will be game changing.”</p> <p>For one thing, innovative insurance carriers are approaching gen AI as an opportunity rather than a threat. We anticipate that gen AI at scale will be <a href="/capabilities/risk-and-resilience/our-insights/navigating-shifting-risks-in-the-insurance-industry">table stakes</a> for insurance carriers in the coming years. And, says Mußhoff, a lot of actors are already using the technology to make a step change along the value chain. We can expect a change in thinking about call center activities, which in turn means a change in the ways carriers interact with customers and their cost structures in these support areas. To take advantage of the gen AI opportunity, carriers will also need to innovate regarding the use of data, according to <a href="/our-people/fritz-nauck">Fritz Nauck</a>, McKinsey senior partner and coleader of the Insurance Practice. “To take advantage of the benefits of AI and gen AI, data architecture and data usage has to be clean and updated frequently,” he <a href="/industries/financial-services/our-insights/mckinsey-insurance-leadership-on-2024-trends-and-innovations">says</a>. </p> <p>Creative use of gen AI and data is an imperative for insurance carriers seeking to steer through the uncertainty of the current moment. Here are four more moves to consider:</p> <ul> <li><em>Make the risk function more efficient.</em> Cost savings can be obtained by making selective investments in efficiency—analytics and automation are two good examples—and reducing check-the-box exercises.</li> <li><em>Build identification capabilities for emerging risks.</em> This includes flexible tech infrastructure to collect, aggregate, and monitor risk with timely data and to link it to a transparency dashboard on risk appetite. </li> <li><em>Prioritize risk and compliance earlier in the business decision timeline. </em>Emerging risk functions should be an integral part of the development of new products, policies, and changes—not final reviewers and approvers. </li> <li><em>Enhance strategic agility and resilience. </em>This involves preparing for known knowns and known unknowns, as well as having the capacity to adapt swiftly to unforeseen challenges. </li> </ul> <p><em>Articles referenced include:</em></p> <ul> <li><a href="/capabilities/risk-and-resilience/our-insights/navigating-shifting-risks-in-the-insurance-industry">Navigating shifting risks in the insurance industry</a>, July 2024</li> <li><a href="/industries/financial-services/our-insights/mckinsey-insurance-leadership-on-2024-trends-and-innovations">McKinsey insurance leadership on 2024 trends and innovations</a>, February 2024</li> </ul></div></div></div></div></div></div></div> <div class="mck-o-sidebar mck-o-xs-right-span"><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"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Findustries%2Ffinancial%20services%2Four%20insights%2Ffive%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry%2Ffive-steps-to-improve-innovation-in-the-insurance-industry.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="five-steps-to-improve-innovation-in-the-insurance-industry" data-layer-report-name="five-steps-to-improve-innovation-in-the-insurance-industry>"><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"> (8 pages)</span></a></div></div></div></div></div> <p><strong>Insurance is not typically considered a bastion of innovation,</strong> despite a long track record of creating new and exciting markets around emerging risks and consumer demands. For example, the relatively nascent cyber insurance market is forecast to surpass $22.4 billion by 2026 at an annual growth rate of more than 25 percent in the next five years, according to market research and consulting firm IndustryARC.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="f0f810ed-52b5-4b35-93c4-1fe2fdf32ca9"><sup class="FootNote_footnotesup__e73z_">1</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="f0f810ed-52b5-4b35-93c4-1fe2fdf32ca9" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline"><em>Cyber insurance market – forecast (2021-2026)</em>, IndustryARC, June 2021, industryarc.com.</span></span></span></a></span> In reaction to the lockdowns of the COVID-19 pandemic, <a href="/industries/financial-services/our-insights/how-insurance-can-prepare-for-the-next-distribution-model">many insurers rapidly digitalized their customer and agent experience</a>, permanently shifting away from a traditional face-to-face service model. Other carriers are responding to consumer demand for more meaningful interactions with loyalty and gamification programs that promote customer engagement. For instance, South African insurer Discovery’s Vitality loyalty program gives customers points as incentives for practicing healthy habits and good driving behavior, and then grants them access to rewards and benefits.</p> <p>The C-suite is already taking note of the key role innovation will play in delivering long-term value: data from a 2020 survey show that while executive teams focused on short-term cash management and the welfare of their workforce at the peak of the pandemic, <a href="/capabilities/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-critical-than-ever">innovation now ranks as one of their top two priorities</a>.</p> <p>But while the industry as a whole has delivered pockets of innovation, few carriers have pursued innovation in a systemic way. Today, new customer expectations, low interest rates, and new sources of competition (such as leading tech companies, insurtechs, and third-party capital) are putting pressure on carriers to take a more systematic approach. For innovation to deliver sustainable growth, it must be embedded in the company’s growth model and fully integrated across the organization, bringing together cross-functional teams to approach challenges in new ways.</p> <p>And that’s not easy. Successfully profiting from innovation is a complex, company-wide endeavor, and most insurers have not yet cracked this code—at least not on a consistent basis. In fact, a 2017 survey of life and annuities executives found that only 12 percent believe they have a process that delivers strong product innovation.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="08453617-c79c-4d9a-baa4-5cfdf048519a"><sup class="FootNote_footnotesup__e73z_">2</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="08453617-c79c-4d9a-baa4-5cfdf048519a" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">Marianne Purushotham et al., <em>Understanding the product development process of individual life insurance and annuity companies</em>, Society of Actuaries, 2017, soa.org.</span></span></span></a></span> And fewer than 30 percent of financial-services executives say they have the expertise, resources, and commitment to successfully pursue new sources of growth.</p> <p>Fortunately, there are ways to establish and implement cross-cutting practices and processes to structure, organize, and encourage innovation for sustainable growth. Here are five steps for building innovation into the way an organization works, competes, and grows.</p> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-lg-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p PullQuote_mck-c-blockquote--hide-quotes__CpGpg mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_2734c4f"><p>Successfully profiting from innovation is a complex, company-wide endeavor, and most insurers have not yet cracked this code—at least not on a consistent basis.</p></blockquote></div> <h2>1. Shift resources from core business tasks to breakthrough innovation initiatives</h2> <p>Innovation is not just about creativity and generating unique ideas. It’s about identifying unmet needs and untapped markets and addressing them, sometimes with untested solutions and unproven business models. Yet too many leaders embrace these risks without shifting enough people, assets, and management attention to bring these ideas to life. Put simply, nothing comes from nothing; if a company wants to innovate, it must allocate resources to innovating.</p> <p>In fact, one of the biggest challenges holding insurers back from innovation is capacity—both physical and <a href="/capabilities/people-and-organizational-performance/our-insights/human-capital-at-work-the-value-of-experience">human capital</a> and executive mindshare. Business as usual has continued to be the priority for traditional incumbents, particularly as they have tried to provide stability to customers through the disruption and uncertainty of a global pandemic. Updating existing products, maintaining existing systems, and making incremental changes have taken the lion’s share of insurers’ time, attention, and effort. These short-term initiatives feel safer, particularly given the pressures facing insurers over the past few years. But <a href="/industries/financial-services/our-insights/how-to-win-in-insurance-climbing-the-power-curve">robust opportunities await insurers</a> that adjust their valuation criteria and free up capacity for bolder moves.</p> <p>By reallocating the necessary resources from core business tasks to potentially disruptive initiatives, insurers can rebalance their product portfolios to move away from near-term product improvements and toward potential breakthroughs or new business models—forms of innovation that often hold greater potential to generate sustainable sources of growth and outsize returns.</p> <h2>2. Develop distinct product-development pathways and processes</h2> <p>Different innovation initiatives call for different approaches. For example, most organizations can predict with some certainty the likely gain in gross written premiums or combined ratio from an improvement to an existing coverage or tweak to a core process. This knowledge leads to clarity on the risks and how to mitigate them. This type of innovation is very different from developing a disruptive new product, such as a new life-insurance policy with unprecedented flexibility across living benefits. Disruptive products carry a host of risks—from understanding the market opportunity to communicating the value proposition effectively—and organizations have less clarity around them.</p> <p>The rapid rise and fall of mutual-aid platforms in Asia illustrate the importance of maintaining a balanced innovation portfolio with different development pathways. In 2019, several companies launched platforms that provide simple access to basic health coverage by radically rethinking product design and customer engagement. Within weeks, the most successful of these platforms, Ant Financial’s Xiang Hu Bao, attracted tens of millions of users, peaking at more than 100 million participants.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="a55769f9-0005-44f0-bb41-a27c07661828"><sup class="FootNote_footnotesup__e73z_">3</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="a55769f9-0005-44f0-bb41-a27c07661828" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">Georgina Lee, “Ant Financial’s mutual-aid platform Xiang Hu Bao attracts 100 million users, boosts insurers’ sales by 60 per cent in first year,” <em>South China Morning Post</em>, November 27, 2019.</span></span></span></a></span> But these programs are now winding down. The model encountered both increasing regulatory requirements and adverse selection as young and healthy members dropped out of the program, increasing the costs shared by the remaining participants.</p> <p>Managing the delivery of an innovation portfolio therefore requires organizations to develop distinct pathways for product development (Exhibit 1). Each pathway has a specific set of characteristics:</p> <ul> <li><em>Derisking:</em> This pathway competes with part of the core business and has a high level of ambiguity on the delivery path.</li> <li><em>Derisking and accelerating:</em> With an unknown path to solution, this approach uses technologies and capabilities that are new to the company and requires significant cross–business unit (BU) and change management.</li> <li><em>Accelerating:</em> This pathway has generally known solutions and previous use cases, but its cross-BU implications, infrastructure, and capability to deliver are limited.</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> 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/five%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry/svgz_mck-na%20innovation_exh1.svgz?cq=50&cpy=Center"/><img alt="Insurers need multiple [[three?]] development pathways to manage the delivery of their innovation portfolios." src="/~/media/mckinsey/industries/financial%20services/our%20insights/five%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry/svgz_mck-na%20innovation_exh1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>One carrier, for example, instituted different development tracks for different types of products:</p> <ul> <li><em>New-product development:</em> Totally novel product that the organization has never carried before; not based on an existing product chassis.</li> <li><em>Existing product revamp:</em> Building on an existing product chassis, but developing substantive changes to the product’s features, pricing, and experience to create a distinguishable new product experience</li> <li><em>Simple tweak of current product:</em> Existing products that require very minor updates—such as repricing or adding minor features that already exist in other products</li> </ul> <p>Creating a distinct product-development process for each track allowed the carrier to maintain market share by tweaking existing products while preserving dedicated capacity for new products that have the potential to unlock new markets or value pools.</p> <p>Risk/return profiles are also used to determine product-development pathways. By analyzing each portfolio product’s economics and its odds of success, insurers can determine which products should be redesigned and which should be coupled with other products. Examples include embedding annuities and other guaranteed-income options in target-date investment funds.</p> <h2>3. Design value propositions that incorporate new approaches to customer engagement and distribution</h2> <p>Innovative value propositions aren’t just about products; they integrate insurance protection and prevention, customer engagement, and distribution and marketing. Historically, carriers have developed new products through actuarial innovation, often adding complexity that appeals more to agents than to customers. Separately, they invest in modernizing and digitalizing their distribution platforms and strengthening new-business and underwriting capabilities.</p> <p>But carriers need to incorporate all three components in their innovative value propositions to deliver a differentiated experience to customers and distribution partners (Exhibit 2).</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> 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/five%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry/svgz_mck-na%20innovation_exh2.svgz?cq=50&cpy=Center"/><img alt="Innovative value propositions extend beyond product features." src="/~/media/mckinsey/industries/financial%20services/our%20insights/five%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry/svgz_mck-na%20innovation_exh2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Post-COVID-19, a changing customer landscape will continue to encourage carriers to adapt products to deliver a more personalized user experience. This means generating ideas based on unique customer needs and developing a more granular profile of customers to personalize offerings and tailor messaging for even the smallest customer segments.</p> <h2>4. Ensure that innovation is a continuous, integrated process</h2> <p>One common cause of failure is standing up an innovation lab or team without fully integrating it into the business-planning cycle. Innovation teams that are not fully integrated often lack clearly defined, near-term metrics for success. They may not understand how their own success is critical to the success of the overall enterprise and of specific business lines, and they may lack clear links with other parts of the organization to ensure the innovations they develop are implemented and scaled.</p> <p>By facilitating constant dialogue between innovation and business teams, insurers can foster a common understanding of the market landscape, identify potential opportunities, and realize their aspirations. While the exact cadence may vary for each carrier, it typically includes three main activities throughout the year:</p> <ul> <li> <p><em>Assess:</em> During this phase, the team conducts a rapid sprint (approximately two to three weeks) to develop a clear market understanding within the strategic-planning cycle and identify key problems to solve (such as customer, distributor, or competitor opportunities). This research will both inform the carrier’s annual strategic planning and determine focus areas for innovation throughout the year. In faster-paced markets, this process may be conducted more frequently.</p> <p>The goal is to have a robust pipeline that is continually pruned and refilled, with a backlog of ideas that put constant, productive pressure on initiatives currently in development. This pressure helps leaders and teams avoid sunkcost biases and encourages them to weigh the relative value of investing in a current initiative against starting another.</p> </li> <li> <p><em>Aspire:</em> In this phase, the team develops a vision for new product opportunities based on user testing with clients and distribution partners, establishing a pipeline of targeted opportunities that can be prioritized and examined before moving into detailed product design.</p> <p>Initially, a carrier may conduct an accelerated series of workshops to “collide” different ideas. But once the pipeline is established, it should be continually refreshed, and the backlog of ideas should be frequently evaluated and reprioritized. Critically, growth in premium and profit from this portfolio of innovations is incorporated into the overall financial plan and individual executive accountabilities, with the understanding that not all of the ideas will work out, but some must succeed for the organization and leaders to meet their goals in the coming years. We call this overall portfolio goal “the green box”—a quantification of how much growth in revenue or earnings a company’s innovation needs to provide in a given timeframe, translated into cascaded key performance indicators (KPIs) and incentives.</p> </li> <li> <p><em>Design, build, and launch:</em> At this point, the team has identified one or more innovation opportunities to bring to market and is ready to proceed with detailed concepts, product design and build (including pricing and filings for insurance products), and go-to-market planning.</p> <p>Innovation teams should develop a business case for each product or initiative, carefully documenting all assumptions underlying the estimated value. These business cases can, in turn, inform a set of “deal-killing assumptions” that can be tested, refined, and tied to clear milestones and stage gates for each step of the development journey of a given product. For example, proof of concept may involve successful back-testing of a new underwriting approach that results in an increase of expressed interest to purchase the product among at least 20 percent of potential customers. These go/no-go decision points are critical to the team’s ability to reprioritize opportunities quickly, as this phase is typically the costliest and most resource intensive. By getting a clear line of sight into what each innovation needs to succeed, and by testing assumptions early, teams and leaders gain early visibility into which initiatives are likely to succeed or fail so they can refocus efforts and resources accordingly.</p> </li> </ul> <h2>5. Pursue more significant product innovations with an accelerator</h2> <p>Building a diverse innovation portfolio and developing a differentiated value proposition require new, cross-functional ways of working. The right innovation operating model will hinge on an insurer’s innovation priorities—from developing capabilities that improve core operations to seeking more disruptive opportunities outside the core offering. External partnerships, strategic M&A, venture-capital models, and traditional R&D can quickly open opportunities to tap into innovative capabilities, products, and processes (Exhibit 3).</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> 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/five%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry/svgz_mck-na%20innovation_exh3.svgz?cq=50&cpy=Center"/><img alt="An accelerator can help insurers that need to pursue more significant product innovations and other ‘step-out’ opportunities." src="/~/media/mckinsey/industries/financial%20services/our%20insights/five%20steps%20to%20improve%20innovation%20in%20the%20insurance%20industry/svgz_mck-na%20innovation_exh3.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>But many companies can balance these approaches by standing up an accelerator to pursue transformational innovation and other “step-out” opportunities. Although an accelerator is a separate entity designed to drive product innovation, it must still be focused with clear KPIs and measurable success criteria, including defining the precise amount of innovation-led growth that will help fill gaps in the insurer’s existing growth strategy. Such a unit must also be carefully connected to the existing organization’s centers of strength—distribution, underwriting, and data—so that it can take advantage of those scaled capabilities while maintaining the freedom and space to explore opportunities that are more ambitious and less certain.</p> <p>For example, after nearly a decade without launching a truly new product, one North American life insurer set up an accelerator and quickly built out a robust innovation portfolio that capitalized on the organization’s product, underwriting, and digital capabilities. The company designed and developed a fundamentally new value proposition for an emerging client segment in less than a year. </p> <hr/> <p>Now is the time for insurers to increase the quality, pace, and breadth of innovation. Customer expectations are evolving, challenging carriers to deliver personalized and consumer-centric products. At the same time, the C-suite is recognizing the power of innovation to accelerate the pace of change. For innovation to deliver long-term value, it must extend beyond risks and product offerings and become embedded in a carrier’s DNA through carefully considered priorities, mutually beneficial partnerships, and fully tapped resources.</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/kweilin-ellingrud">Kweilin Ellingrud</a></strong> is a senior partner in the Minneapolis office, where <strong>Jason Ralph</strong> is a partner; <strong><a href="/our-people/alex-kimura">Alex Kimura</a></strong> is a partner in the Singapore office; and <strong>Brian Quinn</strong> is a partner in the Chicago 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 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insurance industry"}},"sEOTitle":{"value":"Five steps to improve insurance innovation"},"description":{"jsonValue":{"value":"Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier\u0026rsquo;s DNA."}},"sEODescription":{"value":"Insurance executives are recognizing the power of innovation to accelerate the pace of company change—but it must become embedded in a carrier’s DNA."},"displayDate":{"jsonValue":{"value":"2022-03-04T00:00:00Z"}},"body":{"value":"[[AUDIO 1]]\n[[OneUpMedium topper]]\n[[DownloadsSidebar]]\n[[MostPopularArticles 5]]\n\u003cp\u003e\u003cstrong\u003eInsurance is not typically considered a bastion of innovation,\u003c/strong\u003e despite a long track record of creating new and exciting markets around emerging risks and consumer demands. For example, the relatively nascent cyber insurance market is forecast to surpass $22.4 billion by 2026 at an annual growth rate of more than 25 percent in the next five years, according to market research and consulting firm IndustryARC.[[footnote 1]] In reaction to the lockdowns of the COVID-19 pandemic, \u003ca href=\"/industries/financial-services/our-insights/how-insurance-can-prepare-for-the-next-distribution-model\"\u003emany insurers rapidly digitalized their customer and agent experience\u003c/a\u003e, permanently shifting away from a traditional face-to-face service model. Other carriers are responding to consumer demand for more meaningful interactions with loyalty and gamification programs that promote customer engagement. For instance, South African insurer Discovery\u0026rsquo;s Vitality loyalty program gives customers points as incentives for practicing healthy habits and good driving behavior, and then grants them access to rewards and benefits.\u003c/p\u003e\n\u003cp\u003eThe C-suite is already taking note of the key role innovation will play in delivering long-term value: data from a 2020 survey show that while executive teams focused on short-term cash management and the welfare of their workforce at the peak of the pandemic, \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-critical-than-ever\"\u003einnovation now ranks as one of their top two priorities\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eBut while the industry as a whole has delivered pockets of innovation, few carriers have pursued innovation in a systemic way. Today, new customer expectations, low interest rates, and new sources of competition (such as leading tech companies, insurtechs, and third-party capital) are putting pressure on carriers to take a more systematic approach. For innovation to deliver sustainable growth, it must be embedded in the company\u0026rsquo;s growth model and fully integrated across the organization, bringing together cross-functional teams to approach challenges in new ways.\u003c/p\u003e\n\u003cp\u003eAnd that\u0026rsquo;s not easy. Successfully profiting from innovation is a complex, company-wide endeavor, and most insurers have not yet cracked this code\u0026mdash;at least not on a consistent basis. In fact, a 2017 survey of life and annuities executives found that only 12 percent believe they have a process that delivers strong product innovation.[[footnote 2]] And fewer than 30 percent of financial-services executives say they have the expertise, resources, and commitment to successfully pursue new sources of growth.\u003c/p\u003e\n\u003cp\u003eFortunately, there are ways to establish and implement cross-cutting practices and processes to structure, organize, and encourage innovation for sustainable growth. Here are five steps for building innovation into the way an organization works, competes, and grows.\u003c/p\u003e\n[[PullQuote 1]]\n\u003ch2\u003e1. Shift resources from core business tasks to breakthrough innovation initiatives\u003c/h2\u003e\n\u003cp\u003eInnovation is not just about creativity and generating unique ideas. It\u0026rsquo;s about identifying unmet needs and untapped markets and addressing them, sometimes with untested solutions and unproven business models. Yet too many leaders embrace these risks without shifting enough people, assets, and management attention to bring these ideas to life. Put simply, nothing comes from nothing; if a company wants to innovate, it must allocate resources to innovating.\u003c/p\u003e\n\u003cp\u003eIn fact, one of the biggest challenges holding insurers back from innovation is capacity\u0026mdash;both physical and \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/human-capital-at-work-the-value-of-experience\"\u003ehuman capital\u003c/a\u003e\u0026nbsp;and executive mindshare. Business as usual has continued to be the priority for traditional incumbents, particularly as they have tried to provide stability to customers through the disruption and uncertainty of a global pandemic. Updating existing products, maintaining existing systems, and making incremental changes have taken the lion\u0026rsquo;s share of insurers\u0026rsquo; time, attention, and effort. These short-term initiatives feel safer, particularly given the pressures facing insurers over the past few years. But \u003ca href=\"/industries/financial-services/our-insights/how-to-win-in-insurance-climbing-the-power-curve\"\u003erobust opportunities await insurers\u003c/a\u003e\u0026nbsp;that adjust their valuation criteria and free up capacity for bolder moves.\u003c/p\u003e\n\u003cp\u003eBy reallocating the necessary resources from core business tasks to potentially disruptive initiatives, insurers can rebalance their product portfolios to move away from near-term product improvements and toward potential breakthroughs or new business models\u0026mdash;forms of innovation that often hold greater potential to generate sustainable sources of growth and outsize returns.\u003c/p\u003e\n\u003ch2\u003e2. Develop distinct product-development pathways and processes\u003c/h2\u003e\n\u003cp\u003eDifferent innovation initiatives call for different approaches. For example, most organizations can predict with some certainty the likely gain in gross written premiums or combined ratio from an improvement to an existing coverage or tweak to a core process. This knowledge leads to clarity on the risks and how to mitigate them. This type of innovation is very different from developing a disruptive new product, such as a new life-insurance policy with unprecedented flexibility across living benefits. Disruptive products carry a host of risks\u0026mdash;from understanding the market opportunity to communicating the value proposition effectively\u0026mdash;and organizations have less clarity around them.\u003c/p\u003e\n\u003cp\u003eThe rapid rise and fall of mutual-aid platforms in Asia illustrate the importance of maintaining a balanced innovation portfolio with different development pathways. In 2019, several companies launched platforms that provide simple access to basic health coverage by radically rethinking product design and customer engagement. Within weeks, the most successful of these platforms, Ant Financial\u0026rsquo;s Xiang Hu Bao, attracted tens of millions of users, peaking at more than 100 million participants.[[footnote 3]] But these programs are now winding down. The model encountered both increasing regulatory requirements and adverse selection as young and healthy members dropped out of the program, increasing the costs shared by the remaining participants.\u003c/p\u003e\n\u003cp\u003eManaging the delivery of an innovation portfolio therefore requires organizations to develop distinct pathways for product development (Exhibit 1). Each pathway has a specific set of characteristics:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eDerisking:\u003c/em\u003e This pathway competes with part of the core business and has a high level of ambiguity on the delivery path.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eDerisking and accelerating:\u003c/em\u003e With an unknown path to solution, this approach uses technologies and capabilities that are new to the company and requires significant cross\u0026ndash;business unit (BU) and change management.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eAccelerating:\u003c/em\u003e This pathway has generally known solutions and previous use cases, but its cross-BU implications, infrastructure, and capability to deliver are limited.\u003c/li\u003e\n\u003c/ul\u003e\n[[Exhibit 1]]\n\u003cp\u003eOne carrier, for example, instituted different development tracks for different types of products:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eNew-product development:\u003c/em\u003e Totally novel product that the organization has never carried before; not based on an existing product chassis.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eExisting product revamp:\u003c/em\u003e Building on an existing product chassis, but developing substantive changes to the product\u0026rsquo;s features, pricing, and experience to create a distinguishable new product experience\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eSimple tweak of current product:\u003c/em\u003e Existing products that require very minor updates\u0026mdash;such as repricing or adding minor features that already exist in other products\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eCreating a distinct product-development process for each track allowed the carrier to maintain market share by tweaking existing products while preserving dedicated capacity for new products that have the potential to unlock new markets or value pools.\u003c/p\u003e\n\u003cp\u003eRisk/return profiles are also used to determine product-development pathways. By analyzing each portfolio product\u0026rsquo;s economics and its odds of success, insurers can determine which products should be redesigned and which should be coupled with other products. Examples include embedding annuities and other guaranteed-income options in target-date investment funds.\u003c/p\u003e\n\u003ch2\u003e3. Design value propositions that incorporate new approaches to customer engagement and distribution\u003c/h2\u003e\n\u003cp\u003eInnovative value propositions aren\u0026rsquo;t just about products; they integrate insurance protection and prevention, customer engagement, and distribution and marketing. Historically, carriers have developed new products through actuarial innovation, often adding complexity that appeals more to agents than to customers. Separately, they invest in modernizing and digitalizing their distribution platforms and strengthening new-business and underwriting capabilities.\u003c/p\u003e\n\u003cp\u003eBut carriers need to incorporate all three components in their innovative value propositions to deliver a differentiated experience to customers and distribution partners (Exhibit 2).\u003c/p\u003e\n[[Exhibit 2]]\n\u003cp\u003ePost-COVID-19, a changing customer landscape will continue to encourage carriers to adapt products to deliver a more personalized user experience. This means generating ideas based on unique customer needs and developing a more granular profile of customers to personalize offerings and tailor messaging for even the smallest customer segments.\u003c/p\u003e\n\u003ch2\u003e4. Ensure that innovation is a continuous, integrated process\u003c/h2\u003e\n\u003cp\u003eOne common cause of failure is standing up an innovation lab or team without fully integrating it into the business-planning cycle. Innovation teams that are not fully integrated often lack clearly defined, near-term metrics for success. They may not understand how their own success is critical to the success of the overall enterprise and of specific business lines, and they may lack clear links with other parts of the organization to ensure the innovations they develop are implemented and scaled.\u003c/p\u003e\n\u003cp\u003eBy facilitating constant dialogue between innovation and business teams, insurers can foster a common understanding of the market landscape, identify potential opportunities, and realize their aspirations. While the exact cadence may vary for each carrier, it typically includes three main activities throughout the year:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\n \u003cp\u003e\u003cem\u003eAssess:\u003c/em\u003e During this phase, the team conducts a rapid sprint (approximately two to three weeks) to develop a clear market understanding within the strategic-planning cycle and identify key problems to solve (such as customer, distributor, or competitor opportunities). This research will both inform the carrier\u0026rsquo;s annual strategic planning and determine focus areas for innovation throughout the year. In faster-paced markets, this process may be conducted more frequently.\u003c/p\u003e\n \u003cp\u003eThe goal is to have a robust pipeline that is continually pruned and refilled, with a backlog of ideas that put constant, productive pressure on initiatives currently in development. This pressure helps leaders and teams avoid sunkcost biases and encourages them to weigh the relative value of investing in a current initiative against starting another.\u003c/p\u003e\n \u003c/li\u003e\n \u003cli\u003e\n \u003cp\u003e\u003cem\u003eAspire:\u003c/em\u003e In this phase, the team develops a vision for new product opportunities based on user testing with clients and distribution partners, establishing a pipeline of targeted opportunities that can be prioritized and examined before moving into detailed product design.\u003c/p\u003e\n \u003cp\u003eInitially, a carrier may conduct an accelerated series of workshops to \u0026ldquo;collide\u0026rdquo; different ideas. But once the pipeline is established, it should be continually refreshed, and the backlog of ideas should be frequently evaluated and reprioritized. Critically, growth in premium and profit from this portfolio of innovations is incorporated into the overall financial plan and individual executive accountabilities, with the understanding that not all of the ideas will work out, but some must succeed for the organization and leaders to meet their goals in the coming years. We call this overall portfolio goal \u0026ldquo;the green box\u0026rdquo;\u0026mdash;a quantification of how much growth in revenue or earnings a company\u0026rsquo;s innovation needs to provide in a given timeframe, translated into cascaded key performance indicators (KPIs) and incentives.\u003c/p\u003e\n \u003c/li\u003e\n \u003cli\u003e\n \u003cp\u003e\u003cem\u003eDesign, build, and launch:\u003c/em\u003e At this point, the team has identified one or more innovation opportunities to bring to market and is ready to proceed with detailed concepts, product design and build (including pricing and filings for insurance products), and go-to-market planning.\u003c/p\u003e\n \u003cp\u003eInnovation teams should develop a business case for each product or initiative, carefully documenting all assumptions underlying the estimated value. These business cases can, in turn, inform a set of \u0026ldquo;deal-killing assumptions\u0026rdquo; that can be tested, refined, and tied to clear milestones and stage gates for each step of the development journey of a given product. For example, proof of concept may involve successful back-testing of a new underwriting approach that results in an increase of expressed interest to purchase the product among at least 20 percent of potential customers. These go/no-go decision points are critical to the team\u0026rsquo;s ability to reprioritize opportunities quickly, as this phase is typically the costliest and most resource intensive. By getting a clear line of sight into what each innovation needs to succeed, and by testing assumptions early, teams and leaders gain early visibility into which initiatives are likely to succeed or fail so they can refocus efforts and resources accordingly.\u003c/p\u003e\n \u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e5. Pursue more significant product innovations with an accelerator\u003c/h2\u003e\n\u003cp\u003eBuilding a diverse innovation portfolio and developing a differentiated value proposition require new, cross-functional ways of working. The right innovation operating model will hinge on an insurer\u0026rsquo;s innovation priorities\u0026mdash;from developing capabilities that improve core operations to seeking more disruptive opportunities outside the core offering. External partnerships, strategic M\u0026amp;A, venture-capital models, and traditional R\u0026amp;D can quickly open opportunities to tap into innovative capabilities, products, and processes (Exhibit 3).\u003c/p\u003e\n[[Exhibit 3]]\n\u003cp\u003eBut many companies can balance these approaches by standing up an accelerator to pursue transformational innovation and other \u0026ldquo;step-out\u0026rdquo; opportunities. Although an accelerator is a separate entity designed to drive product innovation, it must still be focused with clear KPIs and measurable success criteria, including defining the precise amount of innovation-led growth that will help fill gaps in the insurer\u0026rsquo;s existing growth strategy. Such a unit must also be carefully connected to the existing organization\u0026rsquo;s centers of strength\u0026mdash;distribution, underwriting, and data\u0026mdash;so that it can take advantage of those scaled capabilities while maintaining the freedom and space to explore opportunities that are more ambitious and less certain.\u003c/p\u003e\n\u003cp\u003eFor example, after nearly a decade without launching a truly new product, one North American life insurer set up an accelerator and quickly built out a robust innovation portfolio that capitalized on the organization\u0026rsquo;s product, underwriting, and digital capabilities. The company designed and developed a fundamentally new value proposition for an emerging client segment in less than a year. \u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eNow is the time for insurers to increase the quality, pace, and breadth of innovation. Customer expectations are evolving, challenging carriers to deliver personalized and consumer-centric products. At the same time, the C-suite is recognizing the power of innovation to accelerate the pace of change. For innovation to deliver long-term value, it must extend beyond risks and product offerings and become embedded in a carrier\u0026rsquo;s DNA through carefully considered priorities, mutually beneficial partnerships, and fully tapped resources.\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":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2022-03-07T00:00:00Z"}},"footnotes":{"value":"\u003col\u003e\n \u003cli\u003e\u003cem\u003eCyber insurance market \u0026ndash; forecast (2021-2026)\u003c/em\u003e, IndustryARC, June 2021, industryarc.com.\u003c/li\u003e\n \u003cli\u003eMarianne Purushotham et al., \u003cem\u003eUnderstanding the product development process of individual life insurance and annuity companies\u003c/em\u003e, Society of Actuaries, 2017, soa.org.\u003c/li\u003e\n \u003cli\u003eGeorgina Lee, \u0026ldquo;Ant Financial\u0026rsquo;s mutual-aid platform Xiang Hu Bao attracts 100 million users, boosts insurers\u0026rsquo; sales by 60 per cent in first year,\u0026rdquo; \u003cem\u003eSouth China Morning Post\u003c/em\u003e, November 27, 2019.\u003c/li\u003e\n\u003c/ol\u003e"},"contributoryPractice":{"targetItems":[{"displayName":"Financial Services"}]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003e\u003ca href=\"/our-people/kweilin-ellingrud\"\u003eKweilin Ellingrud\u003c/a\u003e\u003c/strong\u003e is a senior partner in the Minneapolis office, where \u003cstrong\u003eJason Ralph\u003c/strong\u003e is a partner; \u003cstrong\u003e\u003ca href=\"/our-people/alex-kimura\"\u003eAlex Kimura\u003c/a\u003e\u003c/strong\u003e is a partner in the Singapore office; and \u003cstrong\u003eBrian Quinn\u003c/strong\u003e is a partner in the Chicago office.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"ADDA8129D96642BE9FE37B20615B4D9B","name":"Kweilin Ellingrud","authorTitle":{"value":"Kweilin Ellingrud"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/kweilin ellingrud/kweilin_ellingrud_fc_mask_profile_1536x1152.jpg","alt":"Kweilin Ellingrud"},"emailLinks":{"value":"Kweilin_Ellingrud@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/kweilinmellingrud"},"description":{"value":"Leads insights and discussions on the future of work, gender equality, racial equity, and productivity. 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topics"}}}]},"articlesidebar":{"results":[]},"boxout":{"results":[]},"globalsidebar":{"results":[]},"video":{"results":[]},"scrollycontainer":{"results":[]},"bespokeinteractive":{"results":[]},"storycontainer":{"results":[]},"interactive":{"results":[]},"sectionheader":{"results":[]},"statementdisruptor":{"results":[]},"fullbleedphoto":{"results":[]},"tocitem":{"results":[]},"quizcontainer":{"results":[]},"generalup":{"results":[]},"twoupmedium":{"results":[]},"accordion":{"results":[]},"factoid":{"results":[]},"promobarwithquote":{"results":[]},"oneupmedium":{"results":[{"id":"7EC3B11825934FD28009E2C1AA43CB1D","displayName":"One Up Medium Inline topper","mediaID":{"value":"topper"},"sectionTitle":{"jsonValue":{"value":"Get the latest"}},"sectionHeader":{"jsonValue":{"value":""}},"sectionDek":{"jsonValue":{"value":"\u003cp\u003eJuly 25, 2024\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eIn the time since we first published this article, McKinsey has continued to explore the topic. Read on for a summary of our latest insights.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eInnovation is \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/innovation-your-solution-for-weathering-uncertainty\"\u003eessential to weathering uncertainty\u003c/a\u003e, regardless of industry. In today\u0026rsquo;s climate, organizations working in the insurance sector, whose job it is to help clients manage risk, are themselves exposed to a rapidly \u003ca href=\"/capabilities/risk-and-resilience/our-insights/navigating-shifting-risks-in-the-insurance-industry\"\u003eshifting framework of risks\u003c/a\u003e\u0026nbsp;from many directions. Financial risks are one part of the story: these include shifting interest rates, changing costs and sources of capital, and increasing claim amounts due to consecutive years of significant inflation. Nonfinancial risks abound as well, from the force majeure of extreme climate events to the potential for automation posed by emerging generative AI (gen AI) tools. This new environment of uncertainty in the insurance sector means innovation is more vital than ever. \u003c/p\u003e\n\u003cp\u003eInsurance companies appear to be rising to the challenge. \u003ca href=\"/our-people/joerg-musshoff\"\u003eJ\u0026ouml;rg Mu\u0026szlig;hoff\u003c/a\u003e, McKinsey senior partner and coleader of the Insurance Practice, \u003ca href=\"/industries/financial-services/our-insights/mckinsey-insurance-leadership-on-2024-trends-and-innovations\"\u003esays\u003c/a\u003e, \u0026ldquo;The current mood is about reinventing, and new players and incumbents are working jointly on it. I think this collaborative approach will be game changing.\u0026rdquo;\u003c/p\u003e\n\u003cp\u003eFor one thing, innovative insurance carriers are approaching gen AI as an opportunity rather than a threat. We anticipate that gen AI at scale will be \u003ca href=\"/capabilities/risk-and-resilience/our-insights/navigating-shifting-risks-in-the-insurance-industry\"\u003etable stakes\u003c/a\u003e\u0026nbsp;for insurance carriers in the coming years. And, says Mu\u0026szlig;hoff, a lot of actors are already using the technology to make a step change along the value chain. We can expect a change in thinking about call center activities, which in turn means a change in the ways carriers interact with customers and their cost structures in these support areas. To take advantage of the gen AI opportunity, carriers will also need to innovate regarding the use of data, according to \u003ca href=\"/our-people/fritz-nauck\"\u003eFritz Nauck\u003c/a\u003e, McKinsey senior partner and coleader of the Insurance Practice. \u0026ldquo;To take advantage of the benefits of AI and gen AI, data architecture and data usage has to be clean and updated frequently,\u0026rdquo; he \u003ca href=\"/industries/financial-services/our-insights/mckinsey-insurance-leadership-on-2024-trends-and-innovations\"\u003esays\u003c/a\u003e. \u003c/p\u003e\n\u003cp\u003eCreative use of gen AI and data is an imperative for insurance carriers seeking to steer through the uncertainty of the current moment. Here are four more moves to consider:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003cem\u003eMake the risk function more efficient.\u003c/em\u003e Cost savings can be obtained by making selective investments in efficiency\u0026mdash;analytics and automation are two good examples\u0026mdash;and reducing check-the-box exercises.\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eBuild identification capabilities for emerging risks.\u003c/em\u003e This includes flexible tech infrastructure to collect, aggregate, and monitor risk with timely data and to link it to a transparency dashboard on risk appetite. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003ePrioritize risk and compliance earlier in the business decision timeline. \u003c/em\u003eEmerging risk functions should be an integral part of the development of new products, policies, and changes\u0026mdash;not final reviewers and approvers. \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eEnhance strategic agility and resilience. \u003c/em\u003eThis involves preparing for known knowns and known unknowns, as well as having the capacity to adapt swiftly to unforeseen challenges. \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eArticles referenced include:\u003c/em\u003e\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/risk-and-resilience/our-insights/navigating-shifting-risks-in-the-insurance-industry\"\u003eNavigating shifting risks in the insurance industry\u003c/a\u003e, July 2024\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/financial-services/our-insights/mckinsey-insurance-leadership-on-2024-trends-and-innovations\"\u003eMcKinsey insurance leadership on 2024 trends and innovations\u003c/a\u003e, February 2024\u003c/li\u003e\n\u003c/ul\u003e"}},"backgroundColor":{"jsonValue":{"id":"31b16899-4a5f-49ba-9314-bec2a4722f8c","url":"/sitecore/content/repository/rendering-parameters/jss/background-colors/lightest-grey","name":"Lightest Grey","displayName":"Lightest 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