New research report identifies top strategic initiatives driving transformation
Boston, Mass. (Jan. 21, 2016) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Insurers’ 2016 Strategic Initiatives: Advancing Industry Transformation. This report provides further evidence regarding the shifts taking place in the industry, identifies the specific initiatives that are driving change, reveals how insurers are funding these major programs, and shows how the initiatives converge to provide insurers with a platform for the future.
“In 2015 SMA uncovered a major shift in insurance investments, aimed at fundamental transformation,” said Deb Smallwood, SMA Founder and co-author of the report. “Now there is solid evidence that the major investments and initiatives have staying power, with a consistent focus on the same key initiatives and an eye toward positioning the company for future success. Innovation and digital are the foundations, enabling companies to become Next-Gen Insurers.”
The report identifies the top strategic initiatives and highlights key takeaways and predictions for 2016 and beyond. Among the key observations are the following:
- The top strategic initiatives remain virtually the same as 2015 – customer experience, analytics, new products, and core replacement. Three-quarters or more of all insurers in North America have major investments in these significant initiatives.
- Industry transformation continues, with a big jump in the percentage of insurers (47%) that now consider their company mode to be “transforming” – the highest in over 7 years of tracking.
- SMA predicts that some of the 20% of insurers that are just surviving or in sustaining mode today will be acquired or fall further behind the mainstreamer pack unless they can accelerate their journey to become a Next-Gen Insurer.
Mark Breading, SMA Partner and co-author of the report, adds, “This is a fascinating time for the insurance industry, with new opportunities – and significant new threats as well. It is clear that many senior executives are making bold decisions to transform their companies – way beyond the incremental change that the industry is accustomed to.”
The report covers P&C and L&A insurers in North America, and it is based on SMA’s analysis of trends from our annual Insurance Ecosystem/IT Spending surveys over the past seven years, in addition to our analysts’ observations.
Insurers, IT solution providers, and media that are interested in learning more should contact Deb Smallwood at [email protected] 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.