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Hi, my name is Chris Freese,

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and I'm a senior partner and global leader

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for Digital Insurance at BCG.

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I've worked with the insurance industry for over 25 years,

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and one thing is clear: insurance used to be pretty simple.

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You had the customer and the insurer,

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and usually, an agent served as an interface

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and helped if there was a claim.

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But in the digital world, these relationships

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are being disrupted, and insurance customers

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will have new ways to buy the protection they need.

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Think of all the options that consumers today have

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at their fingertips.

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I can find out anything I need to find out

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and buy anything I'd like to buy

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through a few clicks on my phone.

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I don't have to go out of my way

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to get these things; they're waiting for me.

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The expectation of ever-increasing convenience is going

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to mean big changes for property casualty insurers.

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In many cases, their ability to sell directly

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to consumers is going to disappear.

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Instead, the insurance sale will be made

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by a product or a service provider.

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The online retailer already selling me my smart TV

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or the OEM already selling me my car,

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the insurance will be embedded within the process

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or in the product I buy.

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In many cases, consumers will prefer this way

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of buying insurance since they won't have

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to go out of their way or make a second decision

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about how to protect their purchases.

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Retailers know about my shopping behavior

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and can offer me insurance exactly when I need it.

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Car manufacturers know about my driving behavior

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and can provide me with tailored protection.

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As insurance becomes an embedded service,

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the opportunities in the market will change.

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We see a new ecosystem taking shape

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with three types of players.

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Orchestrators will have the direct tie

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to the customer and provide access to a variety

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of services provided by integrated partners.

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Think of how Amazon connects multiple packaged goods

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and entertainment companies, and you have a sense

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of orchestrators' and partners' different roles.

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Finally, there will be B2B enablers.

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This is a role that most P&C insurers should consider.

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It means reshaping insurance offerings

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so they can be seamlessly offered

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as part of another sale stream.

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We think of the product that will be needed

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as insurance in a box.

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It's a new beginning.

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