Welcome!

News Feed Item

SMA Research Provides Framework for Next-Gen Insurer and Innovation Journey

New Report Features Key Industry Influencers and Components of Next-Gen Insurer

BOSTON, April 15, 2014 /PRNewswire/ -- Strategy Meets Action (SMA) has just released a new SMA Insights research report – The Next-Gen Insurer: Fueled by Innovation. This thought provoking report highlights that the very foundations of insurance are shifting, challenging strategic thinking and long-held assumptions about the customer, products and services, infrastructure, and business models. It also points out that innovation is no longer just a nice-to-have initiative, it is a must-have, strategic core mandate that will define a new era of winners (and losers) due to the increasingly rapid pace of change that is challenging decades of business traditions and is unprecedented in the history of the insurance industry. 

Logo - http://photos.prnewswire.com/prnh/20140415/73337

The report emphasizes why the industry must rethink how they respond to and embrace innovation as the core of a new culture and keystone of a new future that will give rise to the Next-Gen Insurer. The Next-Gen Insurer framework profiled in this research report outlines the critical components of the Next-Gen Insurer and examines the trends and influencers of change and their implications for insurance, with the purpose of enabling insurers to make wise moves and wise investments.

"Companies across all industries are embracing innovation to unlock a renaissance of competitiveness and customer value, reinvigorating what has made them successful leaders," said Denise Garth, SMA Partner and co-author of the report. "There is an unparalleled opportunity for insurers to ignite a new future that is limited only by the human imagination. Those that best capitalize on the key influencers will reap the most in rewards. In contrast, those that do not prepare for the future will find themselves falling behind, losing both competitive position and financial stability."

The report recommends that insurers create a clear, unique vision of their destination, defining what they will look like in 3, 5 and 10 years, and planning the path they will take to get there, how they will evolve, and the relationships they will cultivate to help fuel the journey. The re-envisioning process requires examining and reimagining the fundamentals of the insurance business, including the customer, products and services, infrastructure, and business model to create new levels of agility, flexibility, creativity, and competitiveness. At the same time, insurers must identify, track, assess, and define how they will respond to or leverage key industry influencers and trends, both inside and outside the industry, prioritizing them, developing scenarios and plans of action, experimenting, and collaborating to gain competitive advantage. 

Furthermore, the report emphasizes that no business, regardless of its size, can go it alone and expect to take hold of all the possibilities, noting that most insurers lack the time, expertise, and resources to track influencers and engage outside industry resources. To counter this, insurers must identify partners who can mobilize an ecosystem of relationships and resources, both internal and external, to capture the potential, change legacy cultures, and enable the ideas and technologies to be uniquely operationalized within their companies, creating their own Next-Gen Insurer.

According to Deb Smallwood, SMA Founder and co-author of the report, "Insurers must recognize that the innovation journey has started, whether they are on board or not. Today, insurers must be willing to respond to change and become innovators who can lead the industry forward into this new future. They will be faced with choices that will commit them to a new wave of innovation and disruption – choices that are more intense, disruptive, complex, and transformational than ever before. Major forces are converging that are fundamentally changing the entire paradigm of insurance, and in the process, creating the Next-Gen Insurer."

For insurers, associations, solution providers, and other industry influencers that are interested in learning more, contact Denise Garth at [email protected], or contact Deb Smallwood at [email protected].

More information about SMA is available via the following options:

About Strategy Meets Action

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is a strategic advisory firm offering a unique blend of research, advisory, and consulting services to insurers and IT solution providers. By leveraging best practices from both the management consulting and research advisory disciplines, SMA's services are actionable, business-driven, and research-based – where strategy meets action.

SOURCE Strategy Meets Action

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
SYS-CON Events announced today that Datera will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera offers a radically new approach to data management, where innovative software makes data infrastructure invisible, elastic and able to perform at the highest level. It eliminates hardware lock-in and gives IT organizations the choice to source x86 server nodes, with business model option...
"Cloud computing is certainly changing how people consume storage, how they use it, and what they use it for. It's also making people rethink how they architect their environment," stated Brad Winett, Senior Technologist for DDN Storage, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
“Why didn’t testing catch this” must become “How did this make it to testing?” Traditional quality teams are the crutch and excuse keeping organizations from making the necessary investment in people, process, and technology to accelerate test automation. Just like societies that did not build waterways because the labor to keep carrying the water was so cheap, we have created disincentives to automate. In her session at @DevOpsSummit at 20th Cloud Expo, Anne Hungate, President of Daring System...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...