Tag: mckinsey

Claims represent a pivotal moment in insurance, often determining customer loyalty and future business opportunities. They not only involve the insurer and the customer but also the beneficiary, creating a chance to impress and potentially convert the beneficiary into a new customer. This underscores the importance of a satisfying service process during claim handling.

As we delve into the initial months of 2024, the wealth management sector stands at the cusp of transformation, propelled by technological advancements and a challenging economic landscape.

This research was derived from a 2023 survey conducted by McKinsey and The Institute of International Finance of 37 financial services companies around the...

The landscape of the insurance industry is undergoing a profound transformation, driven by rapid technological advancements.

In the competitive landscape of banking, customer onboarding emerges as a pivotal phase, with customer due diligence standing at its core. When managed poorly, the onboarding process can deter potential clients, causing banks to miss out on new revenue streams. Conversely, hasty or inaccurate due diligence could lead to the acquisition of customers who pose commercial and reputational risks, potentially incurring hefty regulatory fines.

The digital era has revolutionised the financial sector, particularly accentuated by the pandemic's push towards digital platforms. The evolution into a hybrid model, integrating in-person and digital interactions, marks a significant shift in wealth management strategies. However, this shift brings forth the challenge of maintaining consistency across these interactive channels.

Managing General Agents (MGAs) are becoming increasingly instrumental in the global insurance market by targeting niche or underserved sectors. With approximately 600 MGAs in...

ORX, a global association of operational risk professionals, has launched the world’s first industry-wide Controls Library for operational risk.