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Transformation Practices for the Insurance Industry

by: Sarah Joson

Friday, January 11, 2013 | Outsourcing News |

Insurance companies deal with a hodgepodge of processes used to deliver results to the clients. Moreover, each organization might operate in an environment that has either strict or lenient regulations.

According to an article posted at ISG-One.info.com, 80 percent of the processes in most insurance companies are the same, while 20 percent depend on the decisions made internally, and of course, unforeseen events.

Majority of insurance firms are anticipated to take necessary actions to decrease operational costs as they believe it will affect the cost of their services to customers, which in the end, could affect their sales. These measures are transformation strategies and more investment on information technology (IT).

Ways to maximize transformation and technology to improve operations

The article also shared five ways transformation and technology could be maximized to improve operations.

Outsourcing is not always the answer.
Review the requirements of the company before deciding on whether you should outsource insurance-related processes as it may not always work for you. The transformation should address concerns of the company’s target operating model.

Create a template for all departments of the company.
If possible, come up with a model that can be used across all departments of the company, which could likewise be used by employees as reference whenever new transition plans come up. Ideally, each team should have their own strategy, which should then be disclosed to the business unit for review and IT department for the implementation of the changes.

Focus on one transformation strategy at a time.

To have a successful transformation process, assign the budget, allot the bandwidth, and keep an eye on it as it progresses. This eliminates redundancy and creates restrictions that help companies have a faster transformation turnaround time.

Make sure you have the right people on board.
Analyze the skills and expertise of each team or employee and assign tasks accordingly. This way, you are sure that they are working on something that they’re good at. There will be fewer errors and time used to resolve work that are done incorrectly.

Not all transformation plans are the same.
Work and adjust accordingly.This will result to a customized plan the can be adopted easily by the  segment that needs it.

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