The findings: McKinsey reports a 65% higher shareholder return for P&C insurers and 20% higher for life insurers when they focus on customer experience.

What this means in practice: Forbes highlighted some life insurers that shifted to a customer-centric model. For example, John Hancock redefined life insurance with wellness by:

• Shifting from passive claims payer to active risk manager and helping customers live longer. This benefits policyholders and the business.