LAS VEGAS, NV--(Marketwire - May 25, 2010) - ACORD-LOMA Insurance Systems Forum -- SMA Strategy Meets Action (SMA), a leading insurance industry analyst firm, is announcing two new reports on distribution management in the property and casualty insurance business in North America. "Distribution Dynamics" and "Distribution Pathways" are part of the SMA Capability Area research series.
The explosion of information and communication technologies offers both opportunity and challenge for insurance distribution. Insurers are actively seeking solutions that provide the flexibility to rapidly adapt to ever-changing customer demands and buying behaviors. They need data, tools, and analytical engines that give them the market and customer insight needed to meet and beat the competition.
"Insurers are more optimistic and more aggressive in their IT distribution spending plans than agencies, with 55 percent of agencies in 'sustaining mode,'" said Mark Breading, SMA partner and co-author of the reports. "This is understandable, as recent premium declines have affected agents more than insurers, especially on the commercial lines side. Our research also discovered that more commercial lines insurers are planning IT spending increases than personal lines, as they continue to mature portal implementations and agent tools."
Based on the SMA Insurance Capability Model, there are three types of reports available for each capability area:
- Dynamics - Highlighting the current state of the capability area, including maturity level and IT investment
- Pathways - Exploring roadmaps by capability, including solution options and vendor assessments
- On the Horizon - Forecasting what the future landscape for the capability area will look like
The reports provide insurers, agents, IT solution providers, and venture capital firms a better understanding of the state of the industry, IT investment plans, and solution directions and options. "The IT solutions for the distribution area are many and diverse, with over 130 IT providers selling to both property and casualty insurers and agents in North America," said Karen Furtado, SMA partner and co-author of the reports. "The challenge for insurers is to develop a roadmap and select key solution partners that enable them to achieve seamless, multi-channel distribution that delights customers and contributes to increased retention and growth."
These two initial distribution reports are based on surveys, interviews, secondary research, and hands-on experience working with insurance organizations. The survey data includes responses from 98 insurance companies and 64 agencies, six being managing general agents (MGAs), and are based on more than 100 hours of interviews with senior business and technology executives. Findings are being presented this week at the ACORD-LOMA Insurance Systems Forum in Las Vegas. Both reports will be available for purchase by May 31, 2010.
For more information about the SMA Insurance Ecosystem Research Series or SMA's services, please contact Deb Smallwood at 603.770.9090 or dsmallwood@strategymeetsaction.com, or visit the company's website at www.strategymeetsaction.com. All reports are available for purchase online at www.strategymeetsaction.com/our-research.
About SMA Strategy Meets Action
Exclusively serving the insurance industry, SMA is a new breed of strategic advisory firm offering a unique blend of research, advisory and consulting services to both insurance companies and solution providers. By leveraging best practices from both the management consulting and research advisory disciplines, SMA's advisory services are actionable, business-driven and research-based -- a good fit for companies eager and ready to embrace change and achieve business success by taking strategies to meet action.
Additional information about SMA can be found at www.strategymeetsaction.com.
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