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Authors:

Deborah M. Smallwood, Founder

Karen Furtado, Partner

Mark A. Breading, Partner

Mary Ann Garwood, Partner

Publication Date: March 15, 2010

Number of Pages: 16

Price: $95.00 USD

This research report presents srategic insights on the key initiatives all insurers should be considering - the "must haves" for charting a course to recovery.   This slide deck provides insight on each of the top 10 imperatives and a graphic illustration useful for further exploration and priority setting. The information and illustrations will be useful for:

  • understanding the key actions for charting the course for the coming years
  • defining the imperative actions for linking strategy to capabilities to technology
  • creating a framework for setting priorities

The list of the top 10 imperatives stems from SMA's latest research including over 100 hours of interviews with leading executives across the entire insurance ecosystem. Consistently, executives cited these top 10 initiatives as they position for market recovery and prepare to handle the external forces changing insurance and a world in which technology is woven into the fabric of everyday life.

 Summary of Insights:

The world of insurance is extremely complex today with challenging economic conditions, unpredictable regulatory environments, and increasingly dynamic customer demands and interfaces. It would be nice if one could readily identify a few simple things that are sure to drive success. Unfortunately, it's not that simple. Insurers have more than a few things to consider in laying out their business and IT road maps. There are not just three key processes to address or two new technologies to install. There is no one-size-fits-all magic top priority. Instead, there are a series of imperatives that every insurer must be addressing right now if they want to stay competitive - actions for linking technology to the business capabilities that will be required for creating value in the coming years.

 

 

 

Table of Contents

  • Key Business Drivers 3
  • SMA Top 10 Imperatives for Insurers Overview 4
  • Chart a Course to Profitable Markets 6
  • Put the Data to Work 7
  • Rethink Legacy 8
  • Fast Path New Product Development 9
  • Drive Dynamic Distribution Channels 10
  • Apply Smarts to Underwriting 11
  • Capitalize on Intelligence to Manage Losses 12
  • Holistically Link Customer Communication 13
  • Benefit from Business Optimization 14
  • Make Goverance Work 15
  • SMA Top 10 Imperatives - Next Steps 16