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May 20 2015 | Deb Smallwood

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I am so excited to share that our new research report, Next-Gen Insurer: 2015 Update – The Journey Continues, is available this week! The report is an update to SMA’s groundbreaking 2014 report defining the Next-Gen Insurer and the influencers that are shaping the industry.

New developments and important changes are occurring in all eight of the major influencers identified by SMA. In this year’s report, we take the Next-Gen Insurer framework, which was introduced last year, and examine each aspect in terms of the progress made over the last year. The pace of change and the impacts that influencers are having on the market is astounding!

The framework was developed to help insurers focus on the various elements that trigger, influence, or change the current state of the business of insurance. The framework highlights the eight major influencers, coupled with the explosion of data, which are creating the pressure points for change and demanding insurers to rethink the fundamentals of their businesses around the customer, products and services, infrastructure, and business model.

The report contains examples from the influencers which clearly demonstrate that change is occurring and gaining momentum across insurance. A few of the examples include:

  • Venture capital funds being set up by individual companies like AXA and insurance consortiums such as the Global Insurance Accelerator.
  • New competitors selling insurance such as IKEA, Overstock.com, and Google (via Google Compare).
  • Insurers outside the US emerging based on the peer-to-peer model, such as InsPeer and Guevara.
  • Massive implications of the rapidly evolving arena of emerging technologies, including the Internet of Things, wearables, and autonomous vehicles.

The pace of change and the impacts that influencers are having on the market is astounding!

As we enter the busy conference season this summer, I hope that you will come armed with the latest research on how the Next-Gen Insurer is being defined. I know I am ready to meet and engage with our customers and colleagues that are on their journeys toward becoming Next-Gen Insurers.

At SMA, we believe that you should not only be ready for changes through deep awareness and understanding of the current landscape, but you should also be open to the possibilities of what these changes mean for you and your organizations. The Next-Gen Insurer: 2015 Update – The Journey Continues is available here.

I look forward to hearing about your reactions to the report and other thoughts on innovation in insurance. For more information on getting more from SMA, email me at dsmallwood@strategymeetsaction.com

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To learn more, please contact:
Deb Smallwood
Founder & CEO
Strategy Meets Action