Insurance Innovation with a Realistic Eye
Deb Smallwood | September 28, 2015
The 2015 SMA Summit: Next-Gen Insurer focused on insurance innovation and transformation with a realistic eye. It was an action-packed day. Participants heard inspiring viewpoints, facts, and figures that make decisions easier and examples of real successes and failures.
Next steps became clear with the presentation of new frameworks, roadmaps, and models—all presented by amazing leaders and visionaries from both inside and outside our industry. While the agenda provided ample opportunity to rethink and envision what is really possible for the future of our industry in this technology-enabled, connected world, the program content gave equal attention to how to effectively manage through today’s undeniable realities.
A sampling of the key takeaways:
- Innovation is a must-have, strategic core mandate. In today’s hyper-connected, technology-driven digital world, those who experiment, innovate, collaborate, co-create, and challenge the status quo will gain competitive advantage.
- Winning requires letting go of legacies and traditions. Insurers must turn to an ecosystem of relationships and resources, both internal and external, to rethink the possible, profit from the potential, and cultivate an innovation journey.
- Culture is a key factor. An environment that embraces continuous improvement is extremely critical because continuous improvement creates a context where change is not the enemy, but instead is embraced.
- An equally critical success factor is having a client orientation. This puts the focus in the right place and creates a common grounding point for change. Companies that will win are those that clearly define who their customer is and then mobilize around the experience for that customer.
- Maturing and emerging technologies are enabling innovation. Consider IoT. For insurance companies, IoT holds the potential to turn an intangible promise into a highly tangible customer experience.
- Our industry has always been data-centric. Data is even more important today, but we need to change our culture to shift from data-centric to customer-centric. We need to rewrite the plot with the information that is available—without the traditional and sometimes irrational constraints.
- Innovation is about trying to get people comfortable with being uncomfortable. The greatest ideas come when we learn to trust the people on the front line. They are the ones that know what is happening and can envision a better way.
The SMA Summit provides a terrific way for insurance leaders to step away from their day-to-day challenges and pressures. It’s an environment for thinking outside traditional boundaries – for exploring the possibilities and examining the pathways that are working well within our industry.
Participants appreciate the unique environment that facilitates networking and presents an opportunity to fully engage with industry peers and thought leaders. This year was a sellout event, much earlier than we anticipated.
There is absolutely no question that innovation and transformation are happening in insurance. The results are evident through inescapable facts and remarkable success stories. Best practices are shifting; new paradigms are emerging—all helping and inspiring insurers to innovate and improve—to truly become Next-Gen Insurers.
The Twitter feed makes it clear: “in a connected world, there are a whole new set of transactions that are not specifically business transactions in the traditional sense but that need to be part of our modus operandi as we do business as a next gen insurer” … “innovation is culture, you have to make meaningful, and you have to do it with customers” … “innovation is important and you cannot do it alone.”
For a more detailed recap of the insights at the 2015 SMA Summit, watch for our soon-to-be-released SMA Research Brief: 2015 Summit Recap
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Electronic Chat with Jeroen Morrenhof
- 2019 Global Insurance Accelerator Cohort Reflects Evolution of InsurTech
- Nearly 50% of US Insurers Are Enhancing Security Capabilities Across the Board, Says Novarica
- Xchange Benefits Acquires the Assets of J. Allan Hall & Associates, Inc.
- HazardHub Celebrates 2018
- Slice Launch Studio
- Crawford Technologies Experiences its Strongest Year of Sales and Growth
- InsureTech Company Accurence Secures Fourth Patent
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE