Insurance Industry News and Information
SMA Identifies Convergence of Insurers' Strategic Initiatives
An SMA Research Report, by Deborah M. Smallwood, Founder, Strategy Meets Action
Boston, Mass. (Feb. 8, 2017) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Insurers' 2017 Strategic Initiatives: The Convergence of Traditional and New Initiatives.The report is based on a survey of North American P&C and L&A insurers and addresses the state of industry transformation, why insurers are investing in technology, the priorities and plans for 16 strategic initiatives, and an SMA call to action for insurers.
"Convergence is the key theme for 2017," said Deb Smallwood, SMA Founder and coauthor of the report. "As insurers continue major initiatives, launch new ones, and respond to the external forces acting on the industry, the strategies are increasingly overlapping and becoming mutually dependent."
The report highlights and discusses the following:
- Of the 16 strategic initiatives identified and tracked by SMA, the Digital Insurer initiative is experiencing the highest growth rate, with 72% of North American insurers focusing on this area.
- The top drivers for investment in technology continue to evolve, with Customer Expectations now reaching the #1 spot, as cited by 62% of insurers.
- New initiatives, such as Forming Partnerships Outside Insurance, Investing in InsurTechs, and Launching Greenfield Insurers continue to gain momentum.
"There is little doubt that the insurance industry is in the midst of a transformation," said Mark Breading, SMA Partner and report coauthor. "The shifts in strategic initiatives revealed in this research report reflect the new urgency to transform and the new realities of the digital world."
Figure 1 highlights the top business drivers for investment in technology initiatives for 2017.
Top drivers for investment in 2017 (SMA Research)
About The Report
SMA has tracked and observed the strategic initiatives of insurers for many years. There are now distinct shifts underway – the convergence of new and traditional types of initiatives, the ways they are prioritized, and the means by which they are funded.
The report is based on a survey of North American P&C and L&A insurers and addresses the state of industry transformation, why insurers are investing in technology, the priorities and plans for 16 strategic initiatives, and an SMA call to action for insurers.
For the table of contents or to purchase the report, click here.
Insurers, InsurTech companies, solution providers, and media that are interested in learning more should contact Deb Smallwood at firstname.lastname@example.org or 603.770.9090.
Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.
SOURCE: Strategy Meets Action
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