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Smallwood Deb Half

October 2017

Insurance is transforming before our eyes. And we are literally living through the most significant change in the way insurance does business in recent history.

We have all been watching the external forces of the changing customer experience; the maturity of emerging tech; the uptick of InsurTech startups; and significant investments by reinsurers, insurers, and other VC/PE firms. At the heart of this change is the need for innovation and constant improvement, so insurers can expect the technologies to continue to grow in capability and scale. And in the face of this abundance of opportunities and new technology, insurers must continue to manage the day-to-day business and meet their commitments to all stakeholders.

Many insurers are trying to strike a balance between the old ways of doing business and all the new technologies, business models, and customer expectations of a digital world. We believe that finding the balance between both worlds is about convergence.

Convergence is bringing together the best practices of the traditional business with the best offerings of new technologies, ideas, and business models to create a stronger industry. Convergence is taking the best strengths of traditional insurance and combining them with the best capabilities of the new world to bring about powerful, transformative change. And this convergence of the best of both worlds is creating the Next-Gen Insurer and the next generation of the insurance industry.

A Call to Action

First, begin to institutionalize a culture of innovation, and then enable the continuous rethinking and reimagining of the business of insurance. Use SMA’s Three R’s: Rethink, Retool, and Reimagine, in your own business. Read our 2017 SMA Summit Brief for more insurer use cases of convergence and the Summit Call to Action. Also, watch our videos from the summit as well.

Remember, success comes from making the most of opportunities, and the insurance industry is teeming with opportunities right now. It is time to seize them. 

 


10th Anniversary Message

Ten years ago this month, I launched Strategy Meets Action with not much more than a vision of the untapped possibilities for insurance enabled by innovation and transformation. The possibilities, I always knew, were infinite. But there was a gap that needed to be filled – by a firm that could strategically guide insurers to rethink the traditional business of insurance and then take the actions required to innovate and transform, enabled by the power of technology and data. Our mission would be to assist insurers to bridge from today’s business to the insurance business of the future.

SMA10 anniversary rays largeTen years later, I sit here amazed at how much has changed in and around insurance and how much more expansive the possibilities have become due to the incredible advances in technology. The last decade has seen some of the most dramatic shifts in customer behavior and expectations in modern history. If anything is different, the bridging and enablement of innovation and emerging technologies to transform business strategies and operations has made our world even more complex. And the gap has actually widened.

Strategy Meets Action has been fortunate to be part of this transformative decade. Our clients are those who are responding to change and embracing our unique trusted advisor model. With our strong strategic vision, foundational research, and various customer engagement models, we have prepared and positioned hundreds of insurers and solution providers for the unprecedented changes in our industry. And we have helped them to bridge the gap. We thank all of our clients for their business and for taking Strategy Meets Action along on their amazing journeys.

From my first vision to create a company to becoming a respected advisor and industry influencer bridging today’s business to the future business of insurance, I have been humbled by the incredible SMA team that has joined me on this mission. I will be forever grateful for their dedication and commitment, not only to Strategy Meets Action, but to the advancement and transformation of the business of insurance across the industry.

The next decade promises to be even more transformational for insurance as the pace of change continues to accelerate. I speak for the whole SMA team when I say that we are overflowing with gratitude for our clients, partners, and friends that support and participate in the insurance innovation journey together.

We look forward to the future, and the possibilities that continue to be infinite.

With warmest regards,

Deb - Signature

Deb Smallwood
Founder
dsmallwood@strategymeetsaction.com