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McKinsey Insights & Publications

2024-02-16 00:00:00

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Summary

The insurance industry is experiencing significant changes due to developments in AI, with focus on productivity, distribution, changing operating models and the role of AI and generative AI (gen AI). In this podcast, McKinsey senior partners Jörg Mußhoff and Fritz Nauck discuss global trends in the industry and predict innovations in expense and efficiency, distribution and customer focus, and data management and risk transfer.

Key Themes

AI and Gen AI: AI and gen AI are driving significant innovation in call center activities, support areas, and claims processing, as well as impacting cost structures and customer interactions.

Distribution and Customer Focus: There is a strong focus on reinventing distribution strategies and catering to new customer segments, impacting industries such as telcos and OEMs.

Expense and Efficiency: Players in the industry are leveraging technology, including AI and gen AI, to make significant productivity improvements and are embarking on a step change in terms of productivity.

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