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June 14 2018 | Karen Furtado

Have you ever found yourself hearing a word so frequently that it begins to lose its meaning? At SMA, we find this to be true with the word “transformation.” It is often used interchangeably with modernization, but in reality, they mean two very different things. Modernization keeps you moving forward one step at a time. It reflects incremental progress.

new directionWhen we talk about transformation, we are looking at a truly profound change in an organization as it reorients itself in a new direction. The outcome of this shift bears little resemblance to an organization’s past processes or capabilities.

The insurance industry ecosystem is full of organizations that are truly transforming. Insurance companies are pivoting to be digitally based, data-driven organizations, InsurTech companies are creating future capabilities that had not been utilized – or even imagined – before, and incumbent companies are pivoting their software and analytic capabilities to support the industry in a radically different way. At SMA, we believe profound and radical change in insurance is exactly what is needed to propel the industry – as well as individual companies throughout the ecosystem – into the future.

Insurers have put substantial effort and resources into the modernization of their business processes, business models, and technology. The progress that they have made in these areas is significant, but sometimes moves at a pace that lags behind the change that is needed.

We need to showcase examples of the real transformation success stories in our industry, to inspire all of us in the insurance ecosystem, and to prove how effective transformation can be for companies willing to make a significant change.

That’s why each year, Strategy Meets Action holds the SMA Innovation in Action Awards. We shine a spotlight on those companies who are rethinking, reimagining, and reinventing the business of insurance. We recognize those with great vision and tangible results to share. The winners’ projects and initiatives go far beyond a slight pivot or successful modernization. They are blazing a trail for others to follow as we move into the next generation of insurance.

Submissions for this year’s Innovation in Action Awards can be made until June 30 on our website at http://www.strategymeetsaction.com/awards. If your company is one of the trailblazers in transformation, this is your chance to share your success story.

Transformation is also the topic of our annual SMA Summit: Transformation in Action, held on September 16 – 17. Join us in Boston if you’re ready to put your transformation plans into action and make real progress in your company and the wider industry (or even if you just need to be inspired and motivated to get started). We will be announcing this year’s award winners at the opening reception. You can see the agenda and register for the Summit at http://www.strategymeetsaction.com/summit.

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To learn more, please contact:
Karen Furtado
Strategy Meets Action