"Acknowledging that the world and insurance are changing at an unprecedented pace, the first step to defining our future state is recognizing that the business of insurance may be very different ten years from now. This more-open-to-the-future view lets us begin to explore possibilities and strategic watchpoints. It also alerts us to the fact that if we, as an industry, continue to seek only incremental change and do not change our approach to transformation, we will wake up in three to five years to discover that we have fallen behind, have lost our relevance, and missed out on a widening array of opportunities to advance".

Deborah Smallwood is the founder of Strategy Meets Action, an insurance industry consulting firm.

SMA recently published an insightful and actionable report "Claims and Risk Management in the Digital World: A Next Gen Platform" which you can download free here.