|By PR Newswire||
|April 15, 2014 05:53 PM EDT||
BOSTON, April 15, 2014 /PRNewswire/ -- Strategy Meets Action (SMA) has just released a new SMA Insights research report – The Next-Gen Insurer: Fueled by Innovation. This thought provoking report highlights that the very foundations of insurance are shifting, challenging strategic thinking and long-held assumptions about the customer, products and services, infrastructure, and business models. It also points out that innovation is no longer just a nice-to-have initiative, it is a must-have, strategic core mandate that will define a new era of winners (and losers) due to the increasingly rapid pace of change that is challenging decades of business traditions and is unprecedented in the history of the insurance industry.
The report emphasizes why the industry must rethink how they respond to and embrace innovation as the core of a new culture and keystone of a new future that will give rise to the Next-Gen Insurer. The Next-Gen Insurer framework profiled in this research report outlines the critical components of the Next-Gen Insurer and examines the trends and influencers of change and their implications for insurance, with the purpose of enabling insurers to make wise moves and wise investments.
"Companies across all industries are embracing innovation to unlock a renaissance of competitiveness and customer value, reinvigorating what has made them successful leaders," said Denise Garth, SMA Partner and co-author of the report. "There is an unparalleled opportunity for insurers to ignite a new future that is limited only by the human imagination. Those that best capitalize on the key influencers will reap the most in rewards. In contrast, those that do not prepare for the future will find themselves falling behind, losing both competitive position and financial stability."
The report recommends that insurers create a clear, unique vision of their destination, defining what they will look like in 3, 5 and 10 years, and planning the path they will take to get there, how they will evolve, and the relationships they will cultivate to help fuel the journey. The re-envisioning process requires examining and reimagining the fundamentals of the insurance business, including the customer, products and services, infrastructure, and business model to create new levels of agility, flexibility, creativity, and competitiveness. At the same time, insurers must identify, track, assess, and define how they will respond to or leverage key industry influencers and trends, both inside and outside the industry, prioritizing them, developing scenarios and plans of action, experimenting, and collaborating to gain competitive advantage.
Furthermore, the report emphasizes that no business, regardless of its size, can go it alone and expect to take hold of all the possibilities, noting that most insurers lack the time, expertise, and resources to track influencers and engage outside industry resources. To counter this, insurers must identify partners who can mobilize an ecosystem of relationships and resources, both internal and external, to capture the potential, change legacy cultures, and enable the ideas and technologies to be uniquely operationalized within their companies, creating their own Next-Gen Insurer.
According to Deb Smallwood, SMA Founder and co-author of the report, "Insurers must recognize that the innovation journey has started, whether they are on board or not. Today, insurers must be willing to respond to change and become innovators who can lead the industry forward into this new future. They will be faced with choices that will commit them to a new wave of innovation and disruption – choices that are more intense, disruptive, complex, and transformational than ever before. Major forces are converging that are fundamentally changing the entire paradigm of insurance, and in the process, creating the Next-Gen Insurer."
For insurers, associations, solution providers, and other industry influencers that are interested in learning more, contact Denise Garth at [email protected], or contact Deb Smallwood at [email protected].
More information about SMA is available via the following options:
About Strategy Meets Action
Exclusively serving the insurance industry, Strategy Meets Action (SMA) is a strategic advisory firm offering a unique blend of research, advisory, and consulting services to insurers and IT solution providers. By leveraging best practices from both the management consulting and research advisory disciplines, SMA's services are actionable, business-driven, and research-based – where strategy meets action.
SOURCE Strategy Meets Action
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
Dec. 19, 2014 02:00 AM EST Reads: 906
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
Dec. 19, 2014 02:00 AM EST Reads: 1,847
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 18, 2014 09:45 PM EST Reads: 879
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 08:00 PM EST Reads: 1,144
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 02:30 PM EST Reads: 877
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generation means simplification. It means taking your digital content and turning it into instantly gratifying experiences.
Dec. 18, 2014 12:00 PM EST Reads: 1,040
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 11:30 AM EST Reads: 916
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Dec. 18, 2014 11:00 AM EST Reads: 2,119
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Dec. 18, 2014 10:30 AM EST Reads: 2,249
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Dec. 18, 2014 10:30 AM EST Reads: 1,803
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
Dec. 18, 2014 10:15 AM EST Reads: 2,075
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Dec. 18, 2014 10:00 AM EST Reads: 1,891
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 10:00 AM EST Reads: 1,836
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
Dec. 18, 2014 10:00 AM EST Reads: 1,639