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
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Quickly find the root cause of complex database problems slowing down your applications. Up to 88% of all application performance issues are related to the database. DPA’s unique response time analysis shows you exactly what needs fixing - in four clicks or less. Optimize performance anywhere. Database Performance Analyzer monitors on-premises, on VMware®, and in the Cloud, including Amazon® AWS and Azure™ virtual machines.
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...