InsurTechs Are Driving Disruptive Innovation in Insurance Customer Engagement

New SMA and SVIA research report finds only a quarter of insurers taking proactive steps

Boston, MA (Aug. 23, 2016) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, and the Silicon Valley Insurance Accelerator (SVIA), the industry’s first open innovation outpost, have just released a new Executive Insight Report: Customer Engagement at the Digital Edge in Insurance. The report explores the impact new trends and technologies will have on customer engagement as insureds and insurance are connected to each other through digital ecosystems, and InsurTech participants emerge to disrupt customer engagement.
Insights and research are drawn from innovators speaking at SVIA’s Insurance Disrupted conference, on March 22-23, 2016, and a survey of insurance executives and InsurTech leaders conducted in conjunction with the conference.

“Improving customer engagement is one of the top priorities for the insurance industry,” said Mark Breading, SMA Partner and co-author of thereport. “This joint report captures the fresh thinking and new activities of the important InsurTech companies that are injecting innovation and energy into engaging insurance customers.”

Research findings include the following:

  • 79% of insurers are actively engaged in redesigning the customer experience.
  • 65%, however, have limited awareness of evolving digital ecosystems and the impact they will have on customer acquisition and engagement.
  • Approximately 25% are actively investing and partnering with InsurTech companies that are shaping the new digital ecosystems.

Session recaps and insights from over twenty speakers are included in the report. The speakers were InsurTech founders, leading venture capital figures, senior insurance executives, and other catalysts of change in the industry.

“This report provides insight from leading innovators to a digital generation of insurance that will engage customers and the digital ecosystems they live, work, and travel within in real time,” said Mike Connor, SVIA CEO and report co-author. “This new generation of insurance is creating value not just by covering loss, but by leveraging those ecosystems and the data within them to predict, prevent, mitigate, and help customers recover from loss. To stay competitive in this new market requires playing by a new set of rules. This report offers a first look at the new rulebook.”

Insurers, InsurTech companies, venture capital firms, agencies, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310, or Mike Connor at Mike@sviaccelerator.com.

About SMA

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 (SMA)