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An SMA Research Report


Authors:

Denise Garth, Partner

Guy Fraker, Guest Author

Publication Date: February 19, 2015

Number of Pages: 14

Price: $995.00 USD

This report provides a framework to help insurers assess their current innovation maturity level compared to where they want to be. By doing so, they can best determine strategies and plans to establish innovation as a core business capability to help succeed and win in today’s world.

While many insurers indicate they have begun or are well into their innovation journeys, their level of maturity based on their approaches is very different. SMA’s research has found that a snapshot of key areas that influence innovation maturity indicates that a minority of insurers have the necessary foundation in place to achieve market leader or mover status, leaving the majority of insurers at the mainstreamer or laggard level. 

Innovation Maturity in Insurance: Enabling the Next-Gen Insurer answers the following questions: 

  • Why is an innovation capability as critical as program management, financial management, or other core business capabilities?
  • What is your company’s current and desired level of innovation maturity?
  • How do you compare with current peers and future industry challengers?
  • What innovation maturity level will be needed to compete today and in the future?
  • What best practices and framework can be used to raise the level of maturity while creating a sustainable capability?

 

Figure 1. Company Environments and Approaches to Enabling and Driving Innovation

 

20150219 Innovation Mastery

 

 

Table of Contents

  • Executive Summary 3
  • Innovation Maturity – Where is the Industry? 4
  • SMA Innovation Maturity Model 5
  • Strategy/Next-Gen Vision
  • Organization/Sponsorship
  • Track and Assess Trends
  • Open Innovation and Ecosystem
  • Scenario Planning
  • Idea and GTM Funnel
  • Results and Funding Growth
  • Strategic Business Value of Innovation 11
  • SMA Call to Action 13
  • Use of Our Reports
  • About the Authors
  • Internet Sources Cited 14