Innovation is Mandatory: SMA Annual Innovation in Insurance Report

An SMA Research Report

Deborah M. Smallwood, Senior Partner
Publication Date:
January 11, 2018
Number of Pages:
$995.00 USD

Innovation is normalizing in business models and being woven into business strategies and plans, and insurers are figuring out how to create a culture of innovation. Many now realize that innovation is not only a market differentiator and competitive advantage, but also a mandatory requirement for the future.

SMA’s new research report, Innovation is Mandatory: SMA Annual Innovation in Insurance Report, covers the current state of innovation in insurance, including the drivers of innovation, who is leading innovation initiatives, where insurers are starting, and what the biggest challenges are. The report includes insights on how innovation has evolved, based on SMA’s research and work with insurers over the past 10 years. The report is based on a survey of P&C and L&A insurance executives in North America.

Figure 1 provides a view of what is triggering innovation in insurance. 


20180111 InnovationReport



Table of Contents

  • Findings Summary 3
  • Introduction: Redefining Innovation in Insurance 4
  • Insurers Transforming and Adopting Emerging Technologies 5
  • Who Is Leading and What Does It Mean? 6
  • What Triggered Innovation in 2017? 7
  • Where Are Insurers Starting? 8
  • Starting Approaches for P&C 9
  • Starting Approaches for L&A 9
  • Where Are the Challenges? 10
  • How Are Insurers Responding to the Changing Landscape? 11
  • SMA Call to Action 12
  • About Strategy Meets Action 13