Project managers need to keep this goal in mind and keep project management simple. It’s easy to get caught up in (and waste time) trying out new project management or business methods and applications, but it’s important not to forget that project management is used to increase the effectiveness and efficiency of the business and to streamline processes. For long-term planning, Gantt charts ensure that teams see the big picture and stay focused on their project goals. Work and workflow visualization tools such as Kanban boards are helpful in planning and scheduling tasks-either created traditionally with pen and paper or on a whiteboard, or through the use of a project management application. In addition, schedule and task management are key components for employees and underwriting agents, used to maximize the efficiency of client management. In short, all these metrics will help in determining whether the project is successful or unsuccessful. Analyzing data also helps track whether actual progress is in line with the planned progress, and provides a comparison of actual costs with estimated costs. Executives use technology to track metrics, such as the number of policies per client, and to analyze relevant data to improve their product portfolio and to create new products that will cater to a wide range of clients. Now that you have a plan and identified risks, how do you make sure that things are going according to plan?ĭata is extremely important to measure in the industry. Think about what could go wrong and how it could go wrong, what can be done to prevent problems from occurring, and counter measures needed to mitigate issues. Insurers are familiar with risk management, but instead of just identifying the risks for clients, it’s important to identify, assess and mitigate risks when implementing a project-and have an actionable plan ready. Keep in mind that it’s not about making constant changes to the plan as necessary, but it’s about anticipating changes and risks, reacting in a timely manner and adapting the plan accordingly. Always have a Plan B (or even Plan C) ready. You need to be flexible to be able to meet market and customer demands. But that doesn’t mean that the plan can’t be modified along the way. Yes, every project manager will agree that having a solid plan of action from the very beginning is essential. Keep your PM as dynamic as your processes.So, let’s take a look at some best practices for successful project management implementation for the insurance industry:
But while there has been improvement in the area, it’s essential for companies to continue to improve and stay focused on how best to execute project management methodologies.
Insurance carriers are becoming smarter at utilizing PM practices effectively while remaining flexible to adapt those practices to demand. Implementing project management (PM) best practices helps insurers improve their performance, sell more products and retain customers. High competition, shrinking margins and tightened laws and restrictions make it especially important for insurance companies to make a good return on investment, more efficiently and more effectively.
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