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McKinsey & Company
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
Three reasons for insurers to modernize their IT systems
November 12, 2019 by Jason ContantInsurance companies can capture the following three benefits by transforming their business model and modernizing their core IT systems, according to a new paper from management consulting firm McKinsey & Company. Increased gross written premiums and reduced churn – Flexible,…
Four steps insurers must take for increased productivity
August 19, 2019 by Jason ContantIn today’s digital and rapidly changing market environment, insurers must take a more aggressive and structural approach to productivity to make significant progress, said a new report from management consulting firm McKinsey & Company. “Historically, pulling a clear-cut set of…
Five bold moves insurers can take to increase profits
June 25, 2019 by Jason ContantEconomic profit is unevenly distributed among insurance companies, but five bold moves can help carriers catch up, McKinsey & Company said in a paper released late last week. These moves include shifting resources between businesses, reinvesting a substantial share of…
What the commercial underwriter of the future might look like
February 22, 2019 by Jason ContantCommercial underwriting in the future may expand to encourage more cross-functional and hybrid responsibilities, potentially with engineering, claims, finance or operations, according to a new report from McKinsey & Company’s insurance practice. “To attract younger talent, companies need to recognize…
Is investing in AI worth it for Canadian insurance carriers?
June 12, 2018 by Jason ContantWhile the vast majority (94%) of Canadian insurance professionals surveyed believe that artificial intelligence (AI) will transform the insurance industry, the jury is still out on whether carriers are receiving a return on investment from analytics yet. Insurance Nexus released…
Patience urged of insurers who don’t see value in their early AI investments
June 5, 2018 by Jason ContantDespite all the hype about artificial intelligence (AI), and the significant investment in it, most global insurers don’t think they are getting value from their investment. In fact, 85 per cent of more than 1,000 global executives polled by McKinsey…
Here’s a way small brokerages can afford AI
June 4, 2018 by Jason ContantBudget may not be a big concern for larger companies looking to incorporate artificial intelligence (AI) into their operations, but is AI cost-prohibitive for small, local brokerages? “I don’t think you need a massive budget to do some of this…
Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company
March 9, 2017 by Canadian UnderwriterThe insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying…
RMS appoints Mike Pritula as president, effective March 1
February 14, 2017 by Canadian UnderwriterRisk Management Solutions, Inc. (RMS) announced on Tuesday that it has appointed industry veteran Mike Pritula as president, effective March 1. Pritula will lead RMS’ client service and market development, advancing the company’s role in delivering value to enable its…
Most companies unprepared for emergence of autonomous vehicles: Munich Re survey
July 19, 2016 by Canadian UnderwriterMost companies are unprepared for the emergence of autonomous vehicles (AVs), with 64% of polled risk managers saying that their companies have done nothing to prepare for the emergence of these vehicles in the auto market, according to a Munich…