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November 09 2016 | Karen Furtado

The strategic bridges that insurers need to build to get them from today to tomorrow was a major theme of the 2016 SMA Annual Summit in September. For inspiration, we discussed real-life bridges that had stood the test of time and those that had not been successful.

tower bridgeThe nursery rhyme "London Bridge is Falling Down" provides further food for thought. The London bridge that is not falling down is a great example for insurers as they plan the strategic projects and business initiatives that will help them become a Next-Gen Insurer. London’s Tower Bridge opened in 1894, with cutting-edge, steam-powered technology to raise its twin drawbridges in about a minute. In 1979, it changed with the times to run on oil and gas instead of steam. It even survived the Blitz during World War II with some added redundancy in case of damage. Overall, its history has been one of successful construction and adaptation to changing circumstances.

Insurers looking to adapt their organizations and business models to become Next-Gen Insurers can draw two lessons from this bridge: the stability to be found in adaption, and the fundamental need to be ready to change, sometimes drastically. As they develop the strategies that will carry them into the future, they need to monitor their progress, incorporate new technologies, and build for the long-term. The strongest, most effective business initiatives change over time while still serving the ultimate goal: providing that link between right now and the state of things to come.

The concept of bridging to the future proved to be so rich that our recent report, Bridging Today to Tomorrow: Seven Paths to Become a Next-Gen Insurer, continues the metaphor to give insurers a new perspective on how to achieve success. As we look to 2017, building these strategic bridges gives insurers the path forward that leads to becoming a Next-Gen Insurer.


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