SMA is observing a noticeable shift in mindset among insurers when it comes to the topic of innovation. So just what is really changing and why is it important?
The insurance industry has a long history of measured, paced change. For many insurers, taking a planned, conscientious fast-follower approach to solution technology investment is still viewed as a viable and preferable strategy. The tactic has been to watch what is working well for peers and then rapidly try to replicate it. The idea is to let others pave the way and suffer the pitfalls.
But, an explosion of technology advances is changing not only what is possible, but perhaps more importantly, what customers expect. Insurers are paying attention and demonstrating bolder initiatives—many expanding their view and learning from others outside the industry.
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