New SMA Report Synthesizes Learnings from a Decade of Insurance Innovation
Boston, Massachusetts, July 13, 2017 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: The Top 10 Best Practices in Insurance Innovation. The report defines three stages of innovation, best practices for each stage, and an SMA Call to Action with recommendations for insurers. The report is based on SMA research, tracking, and our interactions with insurers over many years. The best practices include:
- Pivot, and Then Pivot Again: Look for the solutions that work, and be ready to shift.
- Expand Your Failure Appetite: Fail fast, and don’t be afraid to pull the plug.
- Make Innovation Continuous: Maintain an ongoing sense of innovation.
“Some of the best innovation success stories are built out of the lessons learned from watching the attempts of others as they either falter or flourish,” said Deb Smallwood, SMA Founder and report author. “Over the years, we have come to a very good understanding of the best practices in innovation, based on our research, use cases from insurers, and our observations from watching our clients grow and change in the digital connected world as it drives change and transformation in our industry.”
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)