Working Agile in Insurance Sector

While the insurance sector faces rapid changes, with the extra effect of COVID-19, the agile approach has become compelling for the structural changes in insurance companies. Macro changes in the labor force also occur earlier than expected, depending on the growing need for new capabilities, such as remote working models and data analytics. This article will explain the agile approach in the sector and its benefits for insurance companies.

Working Agile in Insurance Sector

What is the Agile Approach?

The agile approach is a repetitive approach created for project management and software development to help teams deliver faster value with minimum problems. Teams that have adopted an agile approach provide the work with small but usable improvements at every stage instead of raising expectations by building the whole business on a grand finale. Requirements, plans, and results are constantly evaluated. In this way, teams create a natural mechanism to react fast to the changes. The agile approach sits on an open communication, collaborative, harmonious, and secure basis. It can be defined as a set of methodologies that exhibits a commitment to tight feedback loops and continuous improvement instead of ceremonies or specific development techniques.

In 2001, with the gathering of seventeen software developers, the four main values of the Agile Manifesto approach are identified. Accordingly, customer collaboration is preferred over agreement negotiations, responding to change instead of adhering to a strict plan, convenient software instead of comprehensive and complicated documentation, and individuals and their interactions instead of processes and tools.

The Characteristics of an Agile Workspace

The most sought-after two factors in professional life are time and efficiency. Besides that, demonstrating more optimized business management has great importance as well. In this sense, agile working deliver new values and reveals a simple but strong business mindset. While adopting that fast but customer-friendly mindset, the agile approach also focuses on being more practical and eliminating obstacles. Even if the word ‘agile’ has several meanings, it represents adaptability to change, prioritizing needs instead of processes, and focusing on collaboration instead of strict roles in a professional context.

Recently companies are going through a never-ending seeking period to find out how to work better and more efficiently. Consequently, companies that can keep up with the changes will have a more advantageous position in the future compared to the rival companies that don’t. At this very point, agile working steps in. Agile working does not only allows changes but also offers a set of well-known benefits while encouraging changes. Since the word ‘agile’ represents adaptability, an agile workplace embraces a self-starting and innovative culture rather than following bureaucratic chains of responsibility. Agile teams act dynamically when they face professional challenges. An agile team is a team that is aware of the importance of direct communication also during project management.

The agile method embraces a result-oriented approach where deadlines, communication, and collaboration are critically important. In an agile-friendly business, employees internalize self-management and can have significant roles in determining how duties can be done. Additionally, meeting the customer needs with regular improvements (tools, software, etc.) and constantly improving the operations are the core ideas in an agile structure. Meanwhile, cross-team work and face-to-face briefings are equally important.

Remote Work and Working Agile Relationship

The agile teams emphasize the importance of face-to-face interaction besides daily collaboration, yet the Covid-19 period has shown that team members can achieve high performance even without a physical workspace. Although the different time zones, team members’ tendency to work individually, and sometimes the exceeded working hours cause problems in the remote control of the agile approach, these issues can be ruled out by developing an efficient working environment.

The 5th principle of the Agile Manifesto advises establishing projects shaped around motivated individuals by supplying them with the environment they need and supporting them while also creating a trusting environment. For instance, an organization should provide the following to ensure equal opportunities while the agile team works efficiently:

  • High bandwidth connection for voice and video communication,
  • Sufficient computer hardware, including webcams and headphones,
  • Technical support covering all necessary time zones after hours,
  • Access to files by a remotely accessible storage solution,
  • An infrastructure that includes but is not limited to virtual breakout rooms with pre-configured audio and video conferences.

After providing the infrastructural requirements, ensuring consistent updates for team members, work agreements, social time for the team, and various matchings should be the next step for an optimum work environment and efficient remote work management.

Adopting Agility in the Insurance Industry

The functional and hierarchic operating models of traditional insurance companies were established for success in relatively consistent environments, so these models lose their functionality day by day. We can say that these models, which were insufficient solutions for insurance companies even before the pandemic, started to be replaced by agile approaches. It has critical importance to have faster, simpler, and more effective insurers in the post-pandemic era.

The agile organizations are established to minimize turnover and maximize accountability for the roles, allowing insurers to launch new products or update new pricing models up to five times faster. Since business development and IT departments work as one unit, very closely, so they spend less time on compatibility, syndication, and preparation for a decision.

The agile organizations are established to minimize turnover and maximize accountability for the roles, allowing insurers to launch new products or update new pricing models up to five times faster.

The insurance sector has become less dependent on traditional manual, good faith-based, long durational methods for risk estimation, so it is predicted to provide more certain and on-time solutions with automated and remote systems. Virtual i Technologies is aware of the current need and ensures more automatic and scientific risk evaluations with affordable price offers. [VRS]™ Virtual Risk Space by Virtual i Technologies, besides demonstrating an innovative and customized solution set, also prioritizes a better customer experience and direct support for customers that create an integrator and agile culture.

Address of Smart Solutions in the Insurance Sector: Virtual i Technologies

Virtual i Technologies aims for the transition of the insurance sector with an authentic and AI-driven [VRS]™ Virtual Risk Space platform while providing practical and efficient solutions. [VRS]™ Virtual Risk Space is a data-based and technologically advanced system for insurance underwriting. Created by Virtual i Technologies, [VRS]™ Virtual Risk Space identifies hidden risks while providing real-time data and exceptional customer service while providing efficient time management with a reasonable pricing scale. Claim your free trial today.

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