SMA's Insurance Transformation, Where Strategy Meets Action

Deb Smallwood

Do You Think the Technology Is Mature & Ready To Be Exploited By The Business & Help Transform The Industry?

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We believe the insurance industry is poised for transformation. Unfortunately, the industry as a whole is ignoring real transformation. Insurers have been able to go at its own pace, its own direction and minimize the impact of the outside world onto it's inside world. While many an insurance executive has claimed that they have embraced change, when you take a closer look what you'll find is that what most have embraced is the idea of change -or bracing for change with technology. The answer has been to lay new technology solutions on top of old brittle business and IT environments, that are not bring the business value and results the investments proclaimed. And as the world changes around the insurance industry, this approach is truly not the answer.

From a technology perspective, across all segments, we have witnessed technology maturing at light speed, from hardware, software, and applications to a level where deployment is possible with the full capability for technology to be fully applied & woven into the fabric of business and society. Just like in other industries - - the new generation of customer and employee expect and want, Web 2.0 capabilities, instant messaging, on-line chat, blogs, mobile technology and alerts, and advance web portals for all inquiries, service requests and processing. Technology is mature, complex, and robust and is ready to around business process management, service oriented architecture and business intelligence. All of these playing a significant role in enabling strategies and business transformation. High success rates of technology investments aligned with business needs are a must. IT must be driven from the business perspective. All are a reality, all are being used successfully across many industries and all are primed and ready to support the transformation of the business of insurance.

What do you think?
· Is the insurance industry ready for transformation?
· Has technology reached a maturity level ready for mass exploitation?
· Can SOA with BPM transform the industry?
· Will the business community ever understand the power of SOA and BPM and other technology ready for consumption?

The purpose of the SMA blog is create a dialogue around insurance transformation; launching a different perspective on linkage between strategy, process and technology choices and shifting the mindset from a technology driven approach with SOA & BPM to a business driven service-oriented thinking that creates agile and flexible new insurance business models. Look for a wide gambit of trends, research, case studies, and insights on making transformation a reality.

Deb Smallwood

"I grew up in the insurance industry and have experienced the shackles that ineffective business processes with misaligned monolithic technology solutions have placed on insurance companies...

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Karen Furtado

Karen Furtado brings a wealth of industry knowledge to SMA. She spent 25 years at CGI, focused in insurance. Her specific areas of expertise include product development, complex system implementations, vendor selection processes, project management and business and IT outsourcing services. Her passion is working with both technology providers and carriers to deliver high-value solutions for core issues facing the industry. Karen actively participates as an industry speaker.

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