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Although much research has been published on the convergence of insurance and capital markets, few researchers have explored the interrelation between capital market and insurance cycles, i.e., the covariation between (excess) capital and the supply of insurance capacity. The article focuses, in particular, on how investment returns restricted capital outflow and thus impaired the influence of capital market discipline on property and casualty over‐capacity during the mid‐1990s. The authors also discuss how certain risk convergence products develop or evolve in response to the insurance cycles.

The study explores the alignment of Swiss small and medium-sized enterprise (SME) managers' understanding of digital transformation, with evidence of digital tool adoption in managerial and operative work. This reveals opportunities for more fully realizing the potential of digital transformation for SMEs.

This multiple-case study, with four theoretically sampled cases, analyzes data from the qualitative answers of 1,593 respondents to a survey of Swiss SMEs about digital transformation. The study draws on a convenience sample of Swiss SME managers.

The analysis shows little understanding of digital transformation as related to managerial work. However, there are two clear digital tool adoption patterns for managerial work: (1) workflow and workforce management and (2) work-flow and team management. Understandings of digital transformation and operative work focus on the (1) organization of operational work or (2) a combination of organization and changing the way people work. The digital tool adoption in operational work additionally focuses on the digital skills of operational employees.

The study is only able to identify patters of understanding of digital transformation and digital tool adoption in managerial and operative work. More research is needed to understand why these patterns are observed.

SME managers need to think far more carefully about aligning their vision for digital transformation and the digital tools they adopt in both managerial and operational work, but especially in managerial work.

This is the first empirical study of the digital transformation of Swiss SMEs and their digital tool adoption. Significant potential for alignment is revealed, suggesting potential performance gains are possible.