IT Training Needs For Insurance Professionals

Every aspect of our lives is being affected by information technology. Insurance Service Organizations are the largest users of IT. Insurance companies face challenges in keeping their staff up-to-date on IT knowledge to make the most of IT deployment. Many times, it is seen that a large amount of money is spent on technology implementations that are not needed later or that the technology was not being used.

We can categorize Information technology used in insurance service in the following three categories: Document and Knowledge Management (Workflow automation), Analytics and Business Intelligence (Analytics and Business Intelligence) These functions include Underwriting, Product Design and Product Packaging, Policy Administration, Claims Management and Customer Relationship Management.

The success of activities such as Underwriting risks or Product design/ packaging depends heavily on knowledge management, powerful analytics, and Business Intelligence techniques. All Insurance Organizations should have software for Knowledge management or Business Intelligence. If not, they should be installing them soon. Users must be able to identify when and where they can use knowledge management and business intelligence techniques in order to make the most of them.

They also need to have a working knowledge of the software/tools that are being implemented or planned. Software dependent. Software changes can cause screen and option changes in the future. Users will need to learn new software. Software is not required to acquire the first set, however, of knowledge about techniques is. These techniques are constantly enhanced by practice and experience, making it easier to apply them in real life.

Claims Management and Policy Administration are two examples of activities that require document management and workflow automation. Good analytics and Business Intelligence skills are required for Customer Relationship Management. To make the most of these applications and their implementations, two sets of knowledge must be available at the user level. The first set of knowledge concerns the techniques themselves, while the second is related to the tools used to apply them.

Business Intelligence (BI), for example, is useful for almost all functions within an Insurance company. The organization uses Business Intelligence software to achieve this. It is important to be familiar with various BI techniques, such as association rules, clustering, and rule-based clustering. The algorithm behind these techniques is not essential, but it is important to be familiar with their meanings and how they are used. It is easy to learn the features of the software used for this purpose. However, if one learns only the software and its features and assumes that he can use the BI tools with this knowledge, it won’t work.

IT Project implementations are a regular activity in Insurance Organizations. CPM/PERT (Critical Path Method/Program Evaluation and Review Techniques) is a project management technique that helps to better manage the project. IT Implementation Projects are filled with more failures than successes. The IT staff in an organization must act as an interface between internal users and technology partners. IT projects will succeed if they have the right skills and knowledge in project management.

The IT training requirements for insurance professionals can be summarized as follows: One related to the techniques, and one related to the tools used to implement those techniques. Training in Business Intelligence, Workflow design and document and knowledge management techniques are all necessary. are necessary. During implementation, tool specific training is usually provided. It is important to have a plan in place to allow more people to be trained on tools. This tool can be learned best by practicing and using it. These tools can only be useful if the user is able to understand the techniques.

These topics are not all that should be covered. Everyone must also be aware of information security and the IT policy. An Insurance Organization can make the most of Information Technology by providing training that is based on these considerations.