New SMA Blog by Mark Breading, Partner, Strategy Meets Action
Boston, MA (Feb. 5, 2018) – Senior executives at insurance companies, like their peers in other industries, are charged with developing and executing the right set of strategies that will lead to success. In years past, strategists at insurance companies have had at their disposal a relatively standard array of strategies to chose from, their job being to prioritize and balance the investments and resources devoted to each.
Do we expand our distribution channel network? Put more focus on new products and services? Modernize our foundational policy, billing, and claim systems? These questions and others were the traditional types of questions that executives had to address. Those traditional areas are still important and must be part of the mix for modern insurer strategies. However, a new class of strategic initiatives has emerged that is growing in importance.
Now, insurers must consider how to incorporate digital transformation, InsurTech, emerging technologies, and others into their business and technology strategies. These “New World” initiatives are poised to reshape the insurance industry, and it is essential that every insurer build them into their plans. A sizable challenge ensues – combining the traditional strategic initiatives with these new world initiatives into just the right blend to make each company successful, today and in the future. This is the new balancing act that executives must tackle – and some may feel like they are teetering on a high wire.
Click here to read the full blog.
Click here for more information on SMA’s e-book, Strategic Initiatives in Insurance, 2018 and Beyond.
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)Tags: Insurer Strategies, Mark Breading, SMA