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August 15 2017 | Deb Smallwood

As part of our celebration for 10 years of Strategy Meets Action (SMA), we are thrilled to have released our latest e-book, available for download: Insurance Transformation: Looking 10 Years Back, Looking 10 Years Forward. The book is based on SMA research, observations, and experience; provides an interesting view of transformation; and presents a set of recommendations for insurers on navigating for success over the next decade.

anniversary ebookThe e-book is a succinct snapshot of where we have been over the last ten years and where we are headed. The e-book includes a series of Top 10 Lists:

  • 10 Transformational Changes in the World Since 2007
  • 10 Big Changes in Insurance During the Last 10 Years
  • 10 Big Lessons About Insurance From the Last 10 Years
  • 10 Big Tech Changes Since 2007, and 10 Predictions for 2027
  • 10 SMA Predictions for the Insurance Industry Through 2027
  • 10 SMA Recommendations to Survive and Thrive in the Future

Given the changes we have experienced over the last 10 years, I am amazed at how much more expansive the possibilities have become due to the incredible advances in technology. This is just the start of the ride. From SMA’s perspective, being in the business of helping insurers bridge the great divide between today and tomorrow is exciting, and we are energized as we think about being a part of the industry change and transformation and continuing our focus on guiding insurers.

From an insurer’s perspective, one of the biggest lessons the e-book highlights is how resilient the industry is. In the face of so much change, where we have seen the introduction and hyper-accelerated adoption of new technology into the market, insurance has remained stable. And in the face of the worst global economic crisis in a generation, insurance has remained financially solvent and strong. Where many industries have crumbled or lost market share in the face of digitalization, insurance has remained a critical piece of global commerce. There will always be a need to manage the risks of the world and invest to accumulate and manage wealth. The nature of these may change, but the needs of individuals and businesses will always be there.

Insurance resiliency will continue, of course, for the next 10 years and beyond. What is changing, and will continue to change, is how insurance looks. We have been riding a wave of transformation. SMA’s predictions are that the change will continue to be constant and that the business of insurance, products, and services will morph faster than ever before. It is an exciting time; yes, and at times it can feel uncertain. But the overwhelmingly good news is that the industry is prepared to weather the storms ahead.

From a technology perspective, the e-book showcases how InsurTechs are reshaping the business and offering insurers a way to enter into high-tech partnerships without completely abandoning the traditions of the past. Technology won’t look the same today as it will in 10 years, but insurers will always leverage the best of technology to improve their businesses. Just look at the predictions the e-book makes for the smart phone. In 2007, the smart phone was just introduced. Today, in 2017, the smart phone and mobile dominate the globe. But by 2027, watch for the smart phone era to end and augmented reality and other easily-accessible tech to replace it. Seems hard to believe? Remember back in 2007 when we were talking about the cloud? Now all aspects of our world are available on the cloud. The future may seem uncertain, but if the last decade has taught us anything, it has taught us that the improbable will be probable sooner than we think.

SMA believes that the insurance industry is still in the early stages of fundamental transformation. While some see disruption and despair regarding the industry’s future, SMA sees great possibilities for the convergence of the traditional strengths of the industry with new ideas, technologies, and companies. We are so pleased to enter another 10 years that will be filled with infinite possibilities. We look forward to continuing to help guide insurers on this journey. And we hope that you will take a few minutes today to download the e-book and prepare yourself and your organization for the future. Reach out today and let us know how we can help you unlock more possibilities for your organization. As always, we are here for you.