12 Strategic Initiatives Are Driving Insurance Industry Transformation

February 06 2018 | Mark Breading

Boston, Massachusetts, February 6, 2018 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, announces a new research series investigating and tracking the strategic initiatives of insurers in North America for the past six years.

This series provides new insights into the tectonic shifts in priorities and investments underway in the insurance industry. However, it is not necessarily the shift that many would predict. Rather than a move to completely new models, new disruptors, and new distribution models, the transformation that SMA chronicles is one of leveraging the strengths of the existing insurance industry and blending them with new ideas, new technologies, and new industry players. This balancing of traditional and “new world” strategic initiatives – twelve in all – is the task that insurers are now undertaking.     

The SMA research series includes five reports that will provide new intelligence and insight on:

  • Strategic Initiatives in Insurance: 2018 and Beyond, in e-book format, visually shows the transformation underway for the property/casualty (P&C) and life/annuity (L&A) segments over the past five years. The e-book also identifies the top initiatives and features insurer plans for InsurTech and emerging tech.
  • 2018 Strategic Initiatives: P&C Commercial Lines addresses the strategic initiatives, spending, and priorities for commercial lines insurers in 2018. Five big initiatives are dominant (including digital strategies), while the others all play vital roles.  
  • 2018 Strategic Initiatives: Life/Annuity addresses the strategic initiatives, spending, and priorities for L&A insurers in 2018. Improving the customer experience and establishing world-class data/ analytics capabilities continue to be top initiatives for L&A insurers. (Available in the coming weeks.)
  • 2018 Strategic Initiatives: P&C Personal Lines addresses the strategic initiatives, spending, and priorities for personal lines insurers in 2018. Six initiatives are in progress for virtually every personal lines insurer (including advanced analytics and core modernization). All twelve initiatives are playing a role in transformation. (Available in the coming weeks.)
  • 2018 Insurer Project Priorities includes prioritized lists of key projects that support insurers’ strategic initiatives. These lists, based on a survey of insurers, are broken out by P&C personal lines, commercial lines, and L&A. (Available in the coming weeks.)

“It is an exciting time in the insurance industry, with customer experience demands and new developments in emerging tech, InsurTech, and digital driving transformation,” said Deb Smallwood, SMA Founder and CEO. “All of those new developments are important, but success starts with a renewed focus on initiatives like core modernization, business intelligence, and others that establish the foundation for success in the digital, connected world. The challenge is blending these investments with new types of strategic initiatives. But when done successfully – it will provide the greatest opportunity of our time.”

Insurers, solution providers, InsurTech companies, agencies, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.