I don't like bridges — particularly, those high bridges with long expanses.

Crossing a bridge makes my stomach do flip flops, I hear the blood rushing in my ears, and from time to time, I see little dots dancing before my eyes.

I suspect that many an insurance executive gets the same set of symptoms when they think about all that must be accomplished to transform their organization into a Next-Gen insurer. Fortunately, (and ironically) for insurance executives, there is an antidote (7, in fact) for the symptoms mentioned … 7 bridges to be specific.

Bridges to transform an insurer

During 2016, SMA introduced the seven bridges, which illustrate initiatives that provide defined pathways upon which insurers can build transformation strategies to set themselves on a course to becoming a Next-Gen insurer. SMA's seven bridges are:

• Institutionalize innovation.
• Keep a pulse on emerging trends and technology.
• Operationalize customer-centric strategies.
• Go digital.
• Modernize core platforms.
• Build a flexible organization and workforce.
• Major in data and analytics.

The burning question is — Where do insurers stand in their bridge-building efforts? The "2017 SMA IT Spending and Priorities Survey" results reveal a number of interesting insights. Arguably, the most important insight revealed by the survey data is that it takes effort across all seven of the bridges to transform an insurer.