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September 16 2015 | Deb Smallwood

Innovation is actively shaping the future of our industry. That is not surprising. We all read stories and case studies that demonstrate that the industry is certainly not sitting still. In fact, there are many insurers that are making major progress on their journey to Becoming a Next-Gen Insurer. There are two things worth noting – the pace of that progress and the breadth of the impact. And the evidence is well illustrated by the remarkable stories that will be shared by the speakers and the well-deserved awards recognizing innovation at this year’s annual SMA Summit.

In past years, it was sometimes difficult to find meaningful stories about innovation. This year it was a matter of picking the best with transferable learning points. At the Summit on September 21st, we’ll hear about how AIG embraced change while effectively managing today’s realities. Industrial Alliance and Liberty Mutual will share experiences and lessons learned through true transformation successes that reach well beyond the world of core. We’ll explore how AXA is capitalizing on the explosion of big data and advanced analytics and using the power of data to transform. And we’ll investigate how companies including Chubb, Grange, and Haven Life are taking customer engagement and the customer experience to new levels of excellence.

These are just a few examples that point to how quickly insurers are pursuing the endless possibilities. The impact is major as they realize compounding successes by inventing new business models, taking customer excellence to a new level, delivering personalized and innovative products and services, and capitalizing on maturing and emerging technologies to develop agile supporting infrastructures.

The impact is major as they realize compounding successes by inventing new business models, taking customer excellence to a new level, delivering personalized and innovative products and services, and capitalizing on maturing and emerging technologies to develop agile supporting infrastructures.

The SMA Innovation in Action Awards also tell a story of progress for the industry. Again, the pace and breadth of the progress are noteworthy. Submissions this year were not only high in terms of quantity, but they also represent outstanding quality showing what insurers are accomplishing as well as the sophistication of the solutions available in the marketplace. Stay tuned to hear about the winning stories. In the meantime – here are some watch points: advantages through seamless integration of systems and silos, rewards of experience with and use of emerging technologies, and the digital advantage.

Realities in our industry are becoming increasingly simple. Becoming a Next-Gen Insurer is a must. The question used to be when and how? The current pace and impact of innovation and transformation progress have eliminated the ‘when’ part of the question. It is now. So, the real question is ‘how’. SMA can help you answer that question. Join us at the event or, if you cannot make it, call us and we’ll give you some ideas as well as a synopsis of what you missed.  

Exciting days in our industry! Imagine the possibilities, incent practical action, and invest in success.