New SMA research articulates the magnitude of change and recommends insurer responses
Boston, Massachusetts, January 28, 2016 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Game Changers in Insurance: The Pace of Change Accelerates.
The report discusses four key influencers that are driving change in the insurance industry, explores their implications for the industry, and makes recommendations on how insurers should respond and factor these into their strategies.
“Change used to be something we carefully managed in the insurance industry. We no longer have that luxury. The pace of change really is accelerating, and it is imperative that insurers develop bold strategies to transform and position for success in the future,” said Monique Hesseling, SMA Partner and co-author of the report.
Opportunities for growth
The game changers identified in the report are exerting pressure on insurers, while also providing new opportunities for growth and success:
Significant capital and investment – including technology-based start-ups focused on the insurance industry, as well as insurer VC funds, accelerators, and new insurance ventures
Digital transformation – affecting every industry and society at large, creating new challenges and opportunities for insurers
Emerging technologies and data – with significant implications for customers, products, and internal operations
New and changing customer expectations – influenced by the mobile, digital world and the options for communications and commerce provided by other industries
Deb Smallwood, SMA Founder and co-author of the report, adds, “Although these game changers might be considered external to insurance, it is vital that insurers participate in shaping and responding to each of these for their advantage. We believe that leveraging the SMA Next-Gen Insurer model is an excellent way to develop the vision, strategies, and plans to address the changing environment.”
The report covers P&C and L&A insurers in North America, and it is based our analysts’ experience and observations.
Insurers, IT solution providers, and media that are interested in learning more should contact Deb Smallwood at [email protected] or 603.770.9090.