2018 Strategic Initiatives: P&C Personal Lines Report Released
New SMA Blog by Mark Breading, Partner, Strategy Meets Action
Boston, MA (Feb. 28, 2018) – Transformation is underway in P&C commercial lines – finally! The nature and speed of the transformation will play out quite differently for small/medium/large commercial, workers’ comp, and specialty lines. And the stage of the transformation journey may be very different based on business strategies, the appetite for innovation, emerging technologies, InsurTech, and the geographic scope of the insurer. But the overriding theme is that commercial lines insurers are more aggressively looking to go beyond business as usual. They are rethinking business strategies to ensure growth and profitability while adjusting to the changes in the competitive and industry landscape.
Our latest (and 8th) annual research study, 2018 Strategic Initiatives: P&C Commercial Lines, addresses twelve strategic initiatives, spending, and priorities for 2018. The report reflects big increases in five key initiatives: digital transformational, innovation, core modernization, data and advanced analytics, and customer experience, with over 90% of insurers stating they are either planning, beginning investment, or are in full deployment in these areas. Digital transformation and innovation are up from below 50% in 2017 – a significant increase. And emerging technologies and InsurTech are reaching all-time highs of 87% and 58% respectively.
Click here to read the full blog.
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: personal lines, SMA