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Tips for managing IT projects in the insurance industry

managing IT projects

Digitalization is a phenomenon that has spread to all areas of life, especially the business sector. The insurance industry is facing the challenge of implementing and managing software to streamline processes, reduce costs and improve customer service. But managing IT projects in the insurance industry requires an organizational plan and a well-prepared team.  

On the other hand, according to a Liferay report, insurers will see a 6% increase in IT investments by 2022. Now more than ever, it is essential to be updated and adopt information technology as an essential tool for the success of insurers.   

 Are you interested in this? Let’s start!

How to manage IT projects successfully in the insurance industry?

All in all, the reality is that it is not enough just to implement IT projects in companies.   

And why is that? Bad IT project practice can result in wasted time and money. So it has to be done right.   

Also, specifically in insurance companies, customer losses are often generated. It can happen because a policy was not issued to the customer at the right time, cash receipts were not generated, or the customer was not able to complete a transaction at the time they needed it.   

For this reason, in today’s article, we share with you the best practical tips on IT project management.   

Overcome management challenges and get your company on the right track!    

1- Establish the right IT project methodology 

Successfully managing IT projects will not be possible if you don’t have the right methodology in place in the first place.   

IT projects in insurance industry

The best and most popular in the market is the ITIL methodology. This framework allows you to obtain greater visibility of your infrastructure. In addition, it incorporates several practices such as:   

  • Strategies and risk management.  
  • Service management: everything related to design, operation, and service desk.  
  • Cloud service management.    

Also, these ITIL best practices allow you to properly manage each IT project because you begin to conceive the organization as a whole, giving the necessary attention to each part of your organization.   

2- Establish priorities according to the objectives and needs of your insurer when managing IT projects

Actually, it’s not about getting more projects done, or getting out of the easy ones quickly. It’s about doing the IT projects in your insurance company that will have the greatest impact. 

Therefore, if you want to manage IT projects effectively, you should focus your efforts on the ones that will provide you with the greatest benefits.   

When we talk about benefits, we do not mean those that will make you more money, but those that will allow your company to grow as a whole. To do this, ask yourself the following questions:   

  • What areas of my insurance company need improvement?  
  • Which are the strengths and weaknesses of my company?  
  • What are the most recurring problems? 

IT projects

3- Integrate all interested areas of the organization in the managing of IT projects. 

Firstly, an IT project does not only matter to the department in charge. While it is true that organizations should be separated by areas, this does not mean that they should work separately.   

Therefore, to manage IT projects in your insurance company properly, there must be teamwork. Disintegration makes it difficult for a company to grow as a whole, which is why it is important to encourage the participation of other departments. In this way, each of the departments will have knowledge about operations management and customer service.  

In conclusion, including the other areas of the insurance company will allow forming a better criterion regarding the management of IT projects!  

4- Constantly train staff in IT skills 

Training your team is essential to meeting your organization’s objectives. 

Do you want your insurance company’s tasks and projects to succeed? Then make sure you give your employees the tools and knowledge to be able to grow and actively collaborate in the process. 

managing IT projects

Undoubtedly, technology is something that advances rapidly, so it is a priority to keep up to date. If you want to implement or improve IT project management in your insurance company, you must take into account the need to invest in constant training for your company.     

5- Acquire modern hardware and software 

The importance of upgrading hardware and software cannot be overstated as long as these two elements are the backbone on which much of the activity within any company is conducted.   

By all means, upgrading hardware and software allows you to develop new systems to modernize your company’s operations and expand your reach through technology integration efforts such as cloud solutions that offer scalability without sacrificing backward compatibility with older versions that are no longer supported by developers.  

Keeping equipment up to date is essential if you want to succeed in your insurer’s IT projects. 

Do you need ITSM software for your insurance company? We have what you need  

IT project management is a critical component of the insurance industry. So, to effectively manage these projects, it is essential to have the right software tools at your disposal.   

GB Advisors brings you Freshservice, the best ITSM service desk that will help you stay organized and on top of every aspect of your IT projects.   

It integrates features such as:   

  • Automated SLA management.  
  • Real-time support ticket tracking.  
  • The rapid escalation of issues and customizable reporting capabilities.  
  • Change and incident management.  

In addition, Freshservice is a cloud-based software. For this reason, you can access it from anywhere and at any time, ensuring that you always have all the information you need at your fingertips.

With ITSM software like Freshservice, you can easily automate key tasks and workflows. This allows you to accelerate your IT projects and improve efficiency across your organization. So, are you looking for an IT project management solution to help you streamline IT processes? Do you need to increase the overall efficiency and productivity of your team? Look no further!   

Contact us and we will give you the best advice. 

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