SOURCE: SMA Strategy Meets Action

SMA Strategy Meets Action

January 28, 2010 11:07 ET

New SMA Report Explores Why and How Insurers Buy and Implement IT Solutions

Recent Research Report Confirms There Is No Such Thing as an Average Insurer

BOSTON, MA--(Marketwire - January 28, 2010) - SMA Strategy Meets Action (SMA), a leading insurance industry analyst firm, has released "Catching the Wave: Insurers' IT Buying Behaviors," which is the most recent addition to the Insurance Ecosystem Research Series.

This research report focuses on the property and casualty insurance business in North America by investigating insurer IT buying behavior patterns, as well as analyzing the factors influencing and shaping investment and buying decisions. For insurers, the report provides clarity around how solutions are being developed, what technology approaches are being used, and which business drivers are triggering action. In addition, "Catching the Wave" outlines how these and other parameters align to the organization's size and lines of business, hence, enabling more effective shopping and purchasing of technology solutions. For IT solution providers, the report presents key characteristics to consider when aligning solution and product offerings to best meet insurer needs. Further, it provides a checklist to help crystallize and target messaging.

"Our findings confirm what we have always believed, that each and every insurer is unique," said Deb Smallwood, founder of SMA and co-author of the report series. "The average insurer just simply does not exist. An insurer's IT needs and technology approaches depend not only on the size of the organization and business lines, but also on the way the organization functions, how IT is structured, and the current application and data portfolio."

SMA's Insurance Ecosystem Research Series explores the entire ecosystem including insurers, agencies, brokers, MGAs, partners, and solution providers, with initial focus on the North American property and casualty segment. This report is based on survey and interview data gathered from nearly 200 industry participants.

"With almost 500 insurance IT providers offering thousands of solutions competing for the attention of insurers, alignment of offerings and sharp messages are difference-makers," said Mary Ann Garwood, partner at SMA. "The challenge is not only getting the right message to the right people in the right way, but also understanding what motivates insurers, how IT investment decisions are made, and how solutions fit into an insurer's roadmap."

SMA has an aggressive research agenda for 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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