Agile Process In Insurance

The agile process is the ability to create and respond to change effectively. In a dynamic environment, it allows dealing with and succeeding in it. The agile process works on a methodology where a project is broken into several phases. Once a project is taken on board, the team cycles through a process of planning, execution, and evaluation. It involves the continuous cooperation and coordination of the team members, managers, and stakeholders.

Agile Methodology

It is a project management methodology that incorporates building short cycles of tasks that allow rapid production and continuous revision of the product and then launch it. The agile methodology has a long history with project management and its roots dig deep into the mechanisms of various projects. It evolved over decades by individuals with diverse backgrounds came up with ideas to fasten the process of delivering projects. Although agile methodology was not initially involved in the insurance sector, it has flourished among businesses and IT professionals. Due to the profound effect of digitalization on organizations in the 21st century, insurance companies are now slowly adapting to agile project management for a faster and better experience for their customers. After all, the insurance sector is a service and knowledge-based business field. Everybody needs insurance now and then, but the chances of choosing to do business with you and retaining for long solely depends on their experience.

Core Values Of Agile

The Agile Project Management revolves around 4 core values and 12 guideline principles. The core values are:

● Individuals and interactions over processes, tasks, and tools

● Working software over comprehensive documentation

● Customer collaboration over contract negotiation

● Responding to change while following a plan

Apart from these 4 core values, there are 12 principles that determine the functioning of Agile Project Management.

● Satisfying customers through early and fluid delivery of valuable work.

● Breaking large projects down into smaller tasks that can be completed faster.

● Recognizing that the best work emerges from self-organized teams.

● Providing motivated individuals with a healthy and friendly environment, and support they need, and trusting them to get the job done.

● Creating processes that promote sustainable efforts.

● Maintaining a constant pace for completed work.

● Welcoming changing requirements, even late in a project.

● Assembling the project team and business owners every day throughout the project.

● Having the team reflect at regular intervals on how to become more effective, then tuning and adjusting behavior accordingly.

● Measuring progress by the amount of completed work.

● Continually seeking excellence.

● Harnessing change for a competitive advantage.

How Agile Project Management Works

In Agile project management, a large project is broken down into smaller sections or tasks. These small tasks are denoted as sprints. They are not measured by time but by the level of functionality completed. In other words, one or more completed features which are demonstrable equals a sprint. The initiation of an agile project is described with the help of ‘Sprint 0.’ It can be the infrastructure setup, drafting of a product backlog, or resourcing of the team members. Each sprint can be labelled with a number such as Sprint 1, Sprint 2 or they can be given specific labels like – PurpleSept16, GoldAugust14 etc. On completion of each Sprint the business analyst demonstrates the developed functionality to the business (also called as Product Owner) for approval. Once the sprint is approved the team moves on to the next Sprint. Some of the most popular software used in agile are Microsoft Azure, JIRA, Rally.

How Agile Is Transforming Insurance Industry

Agile Project Management has done a reputable job at handling projects in IT fields and the insurance industry must realize that. It is time to follow the basic rules of survival to succeed in today’s competitive market: adapt & overcome. Here’s how the agile methodology is changing the insurance sector.

Modern Technology:

The Agile system allows companies to assess the market and adjust to its changes in less time. With no dependency on paperwork and manual labour, it provides an upper hand to the insurer. The use of offline processing systems puts the insurance company at a disadvantage, restricting it from the growth and opportunities that arise in the marketplace.

Greater Customer Values:

The agile process does not require any large amount of documentation. All the task processing and handling are done online which provides faster development in a shorter time span. With the correct implementation of the agile process, insurance companies can generate continuous value for their customers and stakeholders.

Shorted development time:

Agile Management popularly known as Agile Project Management is an iterative approach towards project development. In each project, the teams are focused on one task at a time which leads to small wins. Repetitive wins diminish the possibilities of big failures and therefore increase the chances of a company’s scalability.

Adaptability:

Various technology companies, banking, and telecommunication companies have adopted agile management. It provides adaptability to drastic changes in public demands as products are now becoming more and more commoditized. Customers now seek convenience, faster response, and a variety of services which is achievable with agile project management as this process can adapt itself to the needs of the market.

Conclusion

Companies adapting to the agile processes have been reported to be doing a far superior job than companies that aren’t. The insurance industry is going through a dramatic change in the current time. Smart business ideas and strategies are essential to survive in this environment. Legacy systems, manual labour, traditional methods, siloed and hierarchical models are bound to fail to deliver. Leaders and companies who have adopted enterprise agility have found that it provides an upper hand in meeting customer expectations. Its benefits don’t stop there, it also provides improved efficiency, increased employee engagement, and faster product delivery.