Insurance Consultancy From Fractal Systems
Agile techniques
How to Apply Agile in Insurance?
Agile techniques, and the Scrum framework, have benefits for all businesses. They introduce a lean, iterative approach to project management that can reduce development times and lower costs.
This has special relevance in the financial services sector. Agility can bring benefits for any complex technical or software development project. It is also relevant in projects bringing new financial or insurances products to market. Learn exactly what agile scrum is.
Adopting business agility demonstrates a company’s ability to grow strong and resilient in the face of change. Giving organisations the skills and mindset they need to thrive through market disruption is crucial for them to overcome challenges, and eventually lead the change themselves.
The Scrum Framework
Scrum is the leading implementation framework for Agile consulting techniques. It has been in use for over 25 years across many industries.
It introduces an iterative approach to projects and product development. This allows requirements to change and feedback to be regularly incorporated into the specifications. Communication between teams is improved with standard formats and regularly defined meetings, leading to more productive and engaged teams.
Contact us
Avoiding the J Curve
As markets rapidly evolve, accelerated productivity is crucial to delivering value to your clients. While traditional disruptive change leads to an instant drop in output, our approach prevents any decrease in productivity from the very start. We embed sustainable skills in order to build momentum within your teams and remove the risk of a loss in pace.
Agile approach
Improving Business Projects & Processes in an Insurance Company
Any large, complex project can benefit from an Agile approach. In financial services and insurance, this includes software development, business transformation projects, or regulatory and compliance-related projects.
Financial services companies have, in many cases, been slower to adopt new management techniques. The industry is reliant on secure and proven approaches and can therefore be slower to change. This has changed, though, especially as competition across financial services has increased. Banks, insurance providers, and other companies all want to respond faster and better meet their customers’ needs.
Research from consultancy McKinsey has shown that Agile techniques can improve customer satisfaction by up to 30%. Companies can also benefit from a 30% to 50% improvement in operational performance.
begin your transformation
Scrum & Insurance Products
The development of new insurance products can benefit significantly from the Scrum framework. Getting products to market quickly and expanding product range is critical for insurance companies and for consultants working with them.
A large insurance company may have many product development projects underway at the same time. Getting these products to market quickly is vital in such a competitive industry. The sector moves fast, and products need to be adapted to reflect this.
With the Scrum framework, insurance product development can benefit from the shorter project durations to get to market faster. There is also a strong focus on the customer and end-user evaluation. The final specification may shift as development progresses through the framework’s series of sprints. This works well when it is hard to define exact requirements from the outset.
It introduces an iterative approach to projects and product development. This allows requirements to change and feedback to be regularly incorporated into the specifications. Communication between teams is improved with standard formats and regularly defined meetings, leading to more productive and engaged teams.
Contact us
Agile techniques
Training For Insurance Project Management Consultants
Many courses covering Agile techniques and Scrum are suitable for insurance project management consultants.
- The Professional Agile Leadership Essentials course (PAL-E) will give a solid overview of the benefits of moving to an Agile framework and how to proceed with a transformation.
- For those working on software or product development projects, the Applying Professional Scrum (APS) training introduces the Scrum framework and its application to projects.
- The Applying Professional Scrum for Software Development course (APS – SD) tailors this for software development.
The Product Owner is an important role defined in the Scrum framework and especially relevant for insurance product development. This person is responsible for the success of a Product and for maximizing its value.
- Training in this key role is offered through the – Professional Scrum Product Owner (PSPO) course and further training through the Professional Scrum Product Owner Advanced course (PSPO-A).
LOOKING FOR SOMETHING ELSE?
Our services
Online Scrum Training
We offer immersive, interactive online training to ensure future agilists thrive in today’s hyper-competitive world.
Find out moreBook With us
