SMA Innovation in Action Awards
Every year, Strategy Meets Action presents the SMA Innovation in Action Awards to insurers and solution providers who are rethinking, reimagining, and reinventing the business of insurance. These companies are putting innovation into action with creative projects/initiatives and use of emerging tech and InsurTech 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:
- 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.
- Customer: Understanding and capitalizing on customer demographic shifts, improving the customer experience, addressing new needs, serving new segments, and supporting all customer channels.
- Innovative Culture: Fostering cultural shifts across the organization to support innovative thinking, practices, and problem-solving.
- 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 the convergence of MatureTech, emerging tech, and InsurTech with advanced data and analytics to create optimized environments for innovation across the enterprise.
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, 2016 and April 30, 2017.
The SMA Innovation in Action Insurer Awards recognize insurers who 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 five foundational areas of the Next-Gen Insurer.
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 who 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 five Next-Gen Insurer foundational areas.
Submissions must be made using the SMA Solution Provider Award Submission Form in order to be eligible for an award.
All insurers and solution providers are eligible to participate. Completed forms must be submitted online at strategymeetsaction.com/awards by June 30, 2017.
- 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 to download additional submission information for insurers.
- Solution provider submissions include an executive summary of the solution or service, how it is being used by insurers today, the benefits that they have experienced including any metrics, a description of the innovative approaches/capabilities that it offers, its application to the five foundational areas of the Next-Gen Insurer, and the name of at least one live insurer who is live on the solution, having completed implementation between January 1, 2016 and April 30, 2017. Click here to download additional submission information for solution providers.
Questions may be directed to Karen Furtado, SMA Partner, at email@example.com, or 978-239-2741.
Awards Program Overview
Click here to download the awards program overview.
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.
Awards Presentation and Summit Participation
Winners of the SMA Innovation in Action Awards will be announced and recognized during the 2017 SMA Summit at the Mandarin Oriental, Boston on September 17-18. 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.
For information on past winners of the Innovation in Action Awards, please click here.