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To successfully guide new product development efforts, both in the office and on the Internet, these organizations will benefit by using defined and clear project management methodologies for:

• Increasing new business and ensuring customer retention
• Developing e-business products and streamlining processes
• Increasing information security measures to comply with new governmental laws

Strong IT Infrastructure Helps Satisfy Sophisticated Customer Needs

Today's insurance companies' customers are increasingly better informed and more demanding. These "new" customers require easily accessible, up-to-date information and more varied and complex products. As a result, insurance companies face the challenge of designing more competitive products that rely heavily on up-to-date information systems and hardware that can handle the new, complex software systems.

To support a growing customer base, insurance companies are working to improve and streamline products and processes such as enhanced claims support for better customer service. By developing a strong IT infrastructure to support all aspects of the insurance product functions, insurance companies can continue to meet the needs of their customers. Juggling multiple IT development projects and customer service efforts requires enhanced risk management techniques and informed portfolio management to ensure the right projects are completed on time and on budget.

Web-based Products Imperative for Expansion

Insurance companies today are competing in an increasingly global, Web-based environment. According to recent research, non-life insurance revenues originating from the Internet are forecasted to rise to $4.4 billion, and online term life premiums will reach $246 million annually by 2005.

In addition to increasing revenue, Web-based products can reduce processing expenses by streamlining the administration of insurance business functions, improving returns by expanding investment strategies and growing markets by generating more leads. Therefore, insurance companies increasingly depend on e-business to improve operating efficiencies and to build customer retention and focus.

In the past, insurance companies have traditionally followed a silo business structure. However, wide-scale product development efforts of this type need a more flexible, matrix-type organizational structure where cross-functional teams can work together successfully. These inter-departmental development teams can use project management methodologies to ensure successful launch and expert maintenance of these new Web-based products that will serve a larger number of customers and support varied organizational functions worldwide.

Expert Security Measures Ensure Privacy>

Although client confidentiality is a top concern for most companies, the highly sensitive nature of personal information stored by insurance companies about their customers warrants a heightened concern for ensuring customer privacy. In fact, the U.S. Congress recently passed the Health Insurance Portability and Accountability Act (HIPAA) that mandates, as one of its components, privacy requirements for dealing with patient records.

As insurance companies move to electronic-based products and services to better serve their customers, keeping information confidential requires increasingly complex security measures and controls. These security measures are being quickly implemented and need to be continually upgraded, maintained and monitored to ensure all information covered under HIPAA is kept confidential. By using defined project planning, execution and control techniques, development teams will successfully complete and maintain these highly-sensitive security projects on time and on budget.

Learn Proven Techniques from the Leader in Project Management

ESI International understands the unique needs of managers operating in the insurance industry. With more than 20 years of experience and a world-class project management curriculum, we can help you increase your competitive edge. We have helped many insurance companies such as The Hartford, Liberty Mutual, Oxford Health Plans and UnitedHealth Group improve performance in their operations worldwide.

ESI has the largest and most comprehensive repertoire of solutions to transition a company's culture to one that is driven by project profitability. We will help your company identify the issues affecting financial performance and develop a means for tracking how project management can impact your bottom line. From there we will develop a custom solution that may include classroom training, e-training, executive workshops, mentoring and consulting.

ESI is a global company, working for a wide variety of clients around the world. We can support your company no matter where your offices are located, bringing our instructors and consultants to your site. Our experience with companies of all sizes gives us a unique insight into how organizations can benefit from effective project management processes.

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