SMA Innovation in Action Awards
Every year, Strategy Meets Action presents the SMA Innovation in Action Awards to insurers and solution providers that are rethinking, reimagining, and reinventing the business of insurance. These companies are putting innovation into action with creative projects, initiatives, technologies, or solutions that further insurers’ progress toward the ultimate goal: becoming Next-Gen Insurers.
Innovation is an indispensable element of every insurer’s vision of their future state as a Next-Gen Insurer. It enables new approaches in the five key areas of the Next-Gen Insurer Model: customer, products and services, infrastructure, business model, and innovative culture. Together, they power the cultural shifts necessary for the advancement and sustainability of our industry.
Winners of the SMA Innovation in Action Awards are reshaping one or more of these five foundational areas through innovative approaches that create unique competitive advantage. Submissions must fall into one or more of these key areas to be considered for an award:
- Customer: Understanding and capitalizing on customer demographic shifts, improving the customer experience, addressing new needs, serving new segments, and supporting all customer channels.
- Products and Services: Promoting product innovation, adapting to the changing risk landscape, bundling offerings to augment value and loyalty, enhancing dynamic rating, and capitalizing on data.
- Technology and Data: Leveraging maturing and emerging technologies, modernizing technology environments, and developing robust data/analytics across the enterprise.
- Business Model: Adopting nimble and fluid organizational structures, adaptable business processes, flexible operational models, and new revenue modes that leverage actionable insights from data and analytics.
- Innovative Culture: Fostering cultural shifts across the organization to support innovative thinking, practices, and problem-solving.
Submissions will be evaluated for innovation and impact in one or more of the five foundational Next-Gen Insurer areas listed above. To be eligible for consideration, the project or solution implementation must have been completed between January 1, 2015 and April 30, 2016.
The SMA Innovation in Action Insurer Awards recognize insurers that are proactively evolving into Next-Gen Insurers through innovative business and technology projects/initiatives. The winning entries will demonstrate how the project is an example of innovation in action, enabling the insurer to make transformational progress in one or more of the foundational areas of the Next-Gen Insurer: customer, products and services, technology and data, business model, and innovative culture.
Submissions must be made using the SMA Insurer Award Submission Form in order to be eligible for an award.
Solution Provider Award
The SMA Innovation in Action Solution Provider Awards recognize solution providers that are giving insurers the solutions they need on the journey toward becoming Next-Gen Insurers with innovative software and services. The winning entries will demonstrate how the solution provider’s offering has enabled insurers to make significant progress in one or more of the Next-Gen Insurer foundational areas: customer, products and services, technology and data, business model, and innovative culture.
Submissions must be made using the SMA Solution Provider Award Submission Form in order to be eligible for an award.
Submission Guidelines and Instructions
All insurers and solution providers are eligible to participate. Completed forms must be submitted online by June 30, 2016 July 8, 2016 (deadline extended).
- Insurer submissions include the project’s description, lines of business impacted, timeline and completion date, Next-Gen Insurer foundational areas impacted, use of technology and data, key business imperatives, and success measures (including metrics, if available). Click here for a sample submission form for insurers.
- Solution provider submissions include a description of the solution/service, and its impact on the insurance industry as a whole as well as insurers that have implemented it, its application to the five foundational areas of the Next-Gen Insurer, and the names of live clients. Click here for a sample submission form for solution providers.
Questions may be directed to Karen Furtado, SMA Partner, at firstname.lastname@example.org, or 978-239-2741.
The Strategy Meets Action analyst team will evaluate the submissions and select the winners in the insurer category. A panel of insurers will evaluate the submissions and select the winners in the solution provider category.
SMA will recognize the achievements of insurers and solution providers during the 2016 SMA Summit: Next-Gen Insurer at the Mandarin Oriental, Boston on September 19, 2016. Award winners will also take part in the Summit to give all participants the opportunity to learn from the winners’ examples of innovation in action.