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
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...