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April 24 2018 | Karen Furtado

Innovation was not a word commonly used within insurance companies seven years ago. The good news – the world has changed! Innovation is now flourishing throughout the insurance industry. Since Strategy Meets Action founded the SMA Innovation in Action Awards for insurers and solution providers in 2012, innovation has assumed a critical role in insurers’ strategies. More than 90% of insurers rank innovation as one of their top initiatives going into 2018.

2018 awards mountain sWhat innovation in insurance means has changed too. The exploratory phase has passed. Innovation is no longer a matter of chasing through a maze of wild ideas – the wilder the better. Insurers, MGAs, and others in the insurance ecosystem have found ways to apply innovation to their business models for real competitive advantage. Solution providers – both tech incumbents and InsurTech startups – have given insurers new technologies and new ways to think about how technology can further their business strategies. When an insurance company announces an innovation program, there are best practices already established, multiple governance models, and trailblazers who have demonstrated how to turn an internal initiative into real competitive advantage.

Our annual mission with the SMA Innovation in Action Awards program is to identify and honor true innovation in our industry. As innovation itself has changed, so too has the way that we evaluate its role in the insurance ecosystem and its lasting impact.

Innovation is an indispensable element of every insurer’s vision of their future state and one of our new Seven Fundamentals for a Future-Ready Organization. It enables new approaches in the other six Fundamentals: the digital insurer, customer experience, core transformation, data and analytics, emerging tech, and InsurTech. Together, these Seven Fundamentals power the cultural shifts necessary for the advancement and sustainability of our industry.

Innovation really is the connecting network that runs throughout insurers’ business, from philosophy to operations to technologies, rather than a discrete component of insurers’ broader strategies. That’s why winners of this year’s SMA Innovation in Action Awards must show how they have advanced beyond the traditional investments in one or more of these Fundamental Areas and demonstrate truly game-changing innovation and measurable results.

If you are an innovation leader, we want to hear your story about reshaping insurance business models, creating new value-added services, or pioneering new technologies.

For more information on the SMA Innovation in Action Awards and to create your own submission, visit www.strategymeetsaction.com/awards. Submissions are due by June 30.


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To learn more, please contact:
Karen Furtado
Strategy Meets Action, a ReSource Pro company