The Next-Gen Insurer: Fueled by Innovation

An SMA Insights Report

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Author(s):

Deborah M. Smallwood, Senior Partner

Denise Garth, Partner

Publication Date:

April 11, 2014

Number of Pages:

22

Price:

$2,495.00 USD

Innovation is no longer just a nice-to-have initiative. It has become a must-have, strategic, core mandate that will define a new era of winners (and losers). This report that explores and explains how our industry stage is being set by internal and external influencers and defines the impact, describing the fundamental characteristics of the next generation customer, products and services, business models, and infrastructure.

The increasingly rapid pace of change is challenging decades of business traditions and assumptions and demanding a response. This level of change is unprecedented in the history of the insurance industry. And all the while, the changes just keep coming: new technologies, the mash-up of technologies, new uses for these technologies, new competition, and changing customer behaviors and expectations that demand new products and services.

These changes are highly disruptive, but they are also transformational. Many insurers, large and small, are struggling to get their heads around a comprehensive view and a full understanding of the impact that these changes and influencers will have on the disruption and transformation of the insurance industry. It also points to why, as an industry, we must rethink how we respond to and embrace innovation as the core of a new culture and keystone of a new future, the Next-Gen Insurer. 

The innovation mandate must track and assess trends and influencers both inside and outside the industry, prepare plans and scenarios, experiment, and collaborate in order to gain competitive advantage. This report provides a framework to help insurers identify and evaluate these trends and influencers, and reimagine, redefine, and re-envision the future as a Next-Gen Insurer. The Next-Gen Insurer framework outlines the critical components of the Next-Gen Insurer, the trends and influencers of change, and their implications for insurance to enable insurers to make wise moves and wise investments. 

 

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