New SMA Research Recaps Shifts in Influencers and Industry Progress
Boston, Massachusetts, May 26, 2015 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Next-Gen Insurer: 2015 Update – The Journey Continues.
The report is an update to SMA's groundbreaking 2014 report defining the Next-Gen Insurer and the influencers shaping the industry.
New developments and important changes are occurring in all eight of the major influencers identified by SMA.
"The pace of change is astounding, creating the pressure points for change and demanding insurers to rethink the fundamentals of their businesses around the customer, products and services, infrastructure, and business model," said Deb Smallwood, SMA Founder and author of the report.
Steeped In Tradition
For an industry like insurance that is steeped in tradition and tends to change more slowly, the amount of change around our industry might seem daunting. But what is amazing is that there are insurers who have embraced change in a variety of ways – from transformation projects to partnering with external partners outside the industry to even piloting some of the emerging technologies – all to position for the future by becoming a Next-Gen Insurer.
Examples are provided for the influencers to demonstrate that change is occurring and gaining momentum. A few of the examples include:
- Venture capital funds being set up by individual companies like AXA and insurance consortiums such as the Global Insurance Accelerator.
- New competitors selling insurance such as IKEA, Overstock.com, and Google (via Google Compare).
- Insurers outside the US emerging based on the peer-to-peer model, such as InsPeer and Guevara.
- Massive implications of the rapidly evolving arena of emerging technologies, including the Internet of Things, wearables, and autonomous vehicles.
The developments and implications of each of these areas and others are brought together in this research report to provide a comprehensive view of how the industry environment and competitive landscape is changing.
Insurers, IT solution providers, and media that are interested in learning more should contact Deb Smallwood, dsmallwood@strategymeetsaction.com or 603.770.9090.
