Insurers have to balance strategic initiatives with operational and tactical changes in order to succeed. That's the "call to action" presented by the research and consulting group Strategy Meets Action (SMA) in the latest in its Insurance Ecosystem Research Series.
"You can't focus on one more than the other," says Deb Smallwood, founder of SMA. "We asked insurers to think more holistically. You can have separate strategies for areas such as social media, mobile technology or customer communication, but you need to bring them together. Innovation is where insurers need to focus. How do you leverage all your assets and bring in emerging technologies such as cloud so you can take everything to the next level."
Despite cuts in expenses in recent years, cost containment remains a significant factor among the key business drivers for growth, according to Smallwood. Cost containment/expense reduction was cited by more than half of the respondents to the SMA survey.
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