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An SMA Research Report


Authors:

Deborah M. Smallwood, Founder

Denise Garth, Partner

Publication Date: November 12, 2014

Number of Pages: 16

Price: $995.00 USD

This research takes a new look at the continuing progress in and around innovation, highlighting an expanding focus and accelerating momentum. The report notes that insurers’ investments in technology are becoming more focused on the modernization of core systems, recognizing it is a foundational requirement for innovation and table stakes for insurers that want to move into leadership positions in the insurance market. In addition, the research identifies a heightened energy for innovation as insurers become more open to bringing in an outside-in view – as insurers engage in open innovation and develop an ecosystem of outside resources the innovation journey is gathering momentum. 

The report also looks at insurers’ assessment of technology adoption and investments in technology in the context of SMA’s maturity model: from laggard to mainstreamer, mover, and market leader.  

Innovation in Insurance: Expanding Focus and Growing Momentum answers the following questions: 

  • Who is leading innovation within companies, and how long have insurers been focused on innovation?
  • What are insurers’ approaches to technology implementation and investment?
  • To what extent are insurers engaged in open innovation and building ecosystems? What groups are involved in insurance ecosystems?
  • What are the business drivers for innovation?
  • What business areas are most innovative today, or in the beginning stages of innovation, or just beginning to look at future opportunities for innovation?
  • What industries are influencing innovation today and over the next 3 years?

 

 20141112 innovation in insurance

 

 

Table of Contents

  • Innovation Infographic 3
  • Innovation Gaining Momentum 4
  • Innovation Approach and Technology Investment 7
  • Business Drivers and Focus on Innovation 9
  • Most Innovative Today
  • Early Stage Innovation
  • Future Opportunity for Innovation
  • Outside Influencers and Industries Driving Innovation for Insurance 12
  • SMA Call to Action 14
  • About Strategy Meets Action 16
  • Use of Our Reports
  • About the Author