We're busy gearing up for the Annual SMA Summit where innovation will take center stage. In the spirit of the Summit, I started to gather some inescapable facts that could inspire us all to innovate and improve—to truly become the Next-Gen Insurer. All the time we hear about: We can't afford not to innovate …  Why innovate when we are growing profitably today? … Innovation is an essential ingredient to sustain success … Without any innovation, the traditional business of insurance will become obsolete … We talk about think big start small … And the list goes on and on. 

It's true, innovation is critical to success today and for positioning for tomorrow. But, rather than peddle the same old innovation benefits and business rationale, I thought it would be refreshing to share 10 facts about change and innovation that will directly affect insurance and that may inspire you, surprise you, or reinforce why you should be continuously improving by rethinking, reimagining, and reinventing the business of insurance!

1. Younger generations like Millennials and Generation Z are going to be the biggest consumers in the market in next 5-10 years. Make sure you can reach them. They will not use paper applications or have a personal face to face meeting, but they will be searching for options from their phones and cars. A typical mobile user checks their phone over 100 times a day (Marketing to Millennials).