Insurance Consultancy From Fractal Systems

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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.

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.

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.

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 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.

Training For Insurance Project Management Consultants

Many courses covering Agile techniques and Scrum are suitable for insurance project management consultants.

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.