Smarter Insurance with Social Project Management
Changing economic landscape, competitive business models, elusive customer base. The last decade has been a time of unprecedented change in the insurance industry. Insurers today face both the realities of economic upheaval in an uncertain global environment and the need to expand growth of a rapidly shifting customer base. Gaining a competitive advantage in the face of these challenges will require new models for conducting business, new forms of customized products and new ways of fostering collaboration across multiple channels. Addressing these challenges while holding the line on expenses will surely tax even the most resourceful in the insurance industry.
Reduce costs, improve service and increase productivity. To gain competitive advantage in this uncertain global environment, insurers must consistently implement the right processes with the right information in the hands of the right individuals. ProjExec is a dynamic and agile collaborative project management solution that allows insurance companies to execute strategic plans for growth through improved profitability and operating efficiency. By applying project management principles to the many different processes within the insurance industry, ProjExec helps:
- Streamline operations to automate and simplify internal processes to increase efficiency and yield business agility
- Develop new products by consolidating and streamlining development activities to encourage bottom-up innovation and contribution
- Improve profitability and operating efficiency by operating with more productive teams, improved coordination and communication and increased visibility on project details and progress
- Improve decision making and customize products and pricing strategies by making the right information accessible to the right people at the right time.
- Expand business by establishing operations in new markets to speed up organic and external growth at a global level
An international insurance group based in Europe is active in a wide range of business sectors and caters to a broad clientele with an impressive offering of financial products and services that include Property and Casualty insurance, personal lines insurance, banking and employee savings plans and other financial activities. The company selected ProjExec to help execute their strategic plan for growth and in less than 6 months:
- saved 15% on HR project costs
- replaced weekly meetings that averaged an hour of participants time with real-time access to project progress that equates to considerable cost and resource savings
- realized 400% productivity improvement in status and time reporting as previous methods required an hour or more to prepare weekly spreadsheets, most of which is now automated and consolidated and takes under 15 minutes of an individual’s time
- saved additional time and money with centralized consolidation of all project information that is instantly accessible, in contrast to the former method that dispersed information in multiple locations like email, spreadsheets, documents, etc.