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SMA Launches Insurance Ecosystem Research Series
First Reports Indicate Major Insurance IT Spending Shifts to Address New Market Demands
| Source: SMA Strategy Meets Action
BOSTON, MA--(Marketwire - October 27, 2009) - SMA Strategy Meets Action
(SMA), a leading insurance industry analyst firm, is pleased to
announce the launch of the Insurance Ecosystem Research Series and the availability
of the first two reports in the series, "The Insurance Ecosystem: A Guide
to the Marketplace," and "Riding the Wave: Insurer Technology Spending,
Drivers and Approaches."
This ground-breaking research is broader and deeper than previous industry
studies addressing IT spending and solution alignment in insurance. The
research results paint a remarkably optimistic picture, with 76 percent of
those surveyed indicating they will increase or hold budgets steady as 2010
begins. The number one business driver for technology decisions identified
by 66 percent of survey respondents is growth, with most insurers focusing
on growth in current lines and current markets. To drive this growth, IT
spending continues to shift toward the front end of the value chain, with
66 percent of respondents planning to increase spending in marketing and
product development over the next three years.
"The insurance industry is silently transforming," said Deb Smallwood,
founder of SMA and co-author of the report series. "SMA has uncovered major
shifts in IT spending. Demands for creative solution approaches are being
driven by economic turbulence, shifting demographics, and the maturation of
advanced technologies. Our Insurance Ecosystem Research Series is a fresh
lens into the insurance industry -- evaluating the market's next generation
of business and technology capabilities from the perspectives of both
buyers and sellers of technology. This research presents better
understanding of what, why, how, and where the money is being spent."
The research series explores the entire ecosystem including insurers,
agencies, brokers, MGAs, partners, and solution providers, with initial
focus on property and casualty (P&C) in North America. Research for the
first series of reports is based on data gathered from nearly 200 industry
respondents via a survey conducted with Tech Decisions
(www.tech-decisions.com), knowledge gained through more than 100 hours of
interviews with senior insurance leaders, plus a substantial body of
secondary research. This extensive research provides insights for four
tiers of insurers as well as nine capability areas across the value chain,
using the SMA Capability Model.
"Our first report, 'The Insurance Ecosystem: A Guide to
the Marketplace,' is the foundational report in the series," said Mark
Breading, SMA Partner, a new member of SMA's expanding team and co-author
of this report. "Here you'll find valuable baseline information about the
insurance industry using the insurance ecosystem framework to look at the
industry's segmentation, tiering, and spending in a comprehensive, yet
concise, manner."
The second report, "Riding the Wave: Insurer Technology Spending,
Drivers and Approaches," investigates how North American P&C insurers
are investing in technology and positioning to ride the wave into recovery
as market cycles begin to shift. This 27-page report includes detailed
findings and analysis by tier on business drivers, development and
implementation approaches, as well as spending projections by capability
area for 2010 and beyond.
Additional research reports in the Insurance Ecosystem Research Series are
in progress and will continue to be published throughout 2009 and into 2010
for the property and casualty and the life and annuities segment, of the
insurance industry.
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.