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

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

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

Bridges to transform an insurer

During 2016, SMA introduced the seven bridges, which illustrateinitiatives that provide defined pathways upon which insurers canbuild transformation strategies to set themselves on a course tobecoming 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 standin their bridge-building efforts? The "2017 SMA ITSpending and Priorities Survey" results reveal a number ofinteresting insights. Arguably, the most important insight revealedby the survey data is that it takes effort across all seven of thebridges to transform an insurer.

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