Are several members of your staff planning to retire in the next 3-5 years? Do you have a plan in place to fill this talent gap? What about the resources necessary to onboarding and training the next generation of reinsurance professionals? These are just a few of the questions that the insurance industry is currently facing because, as we learned at TAI’s 2016 User Group meeting, concerns over a retiring insurance workforce are increasing. While it is a discussion that may be somewhat concerning, it is also a sign that the discussion is active. It means that the industry is thinking about how to close this gap without having a great deal of impact on the business. The good news is, if you put a plan in place early you can start onboarding new professionals before your ‘veterans’ leave the company giving yourself the opportunity to transfer knowledge. Which will be extremely beneficial during the training process.
If the Reinsurance industry uses data as its source of the truth, then reinsurance treaties are the judge and jury of reinsurance data. Treaties are also something you will quickly become acquainted with if you are new to the reinsurance industry. Learning to navigate treaties goes hand-in-hand with understanding reinsurance data which I discussed in my previous post. When I first entered the reinsurance world I knew nothing of treaties. In fact, I didn’t know much about reinsurance in general. I was simply fresh out of college, looking to dip my toes into the “real” world. In one of my interview questions I was asked “How comfortable are you with reading through treaty documents”? My answer “Oh, I am very comfortable. That won’t be a problem”. What a white lie that was. They might as well have asked me to dunk a basketball. In case you were wondering, no, I can’t. So to save you from having to tell a little white lie – let me introduce you to treaties. Here are 4 tips to navigate reinsurance treaties.
In a recent blog, my colleague asked the question “How can you prepare for the retirement talent gap in the insurance industry?”. Retirement is a major industry concern and this is a fundamental question that can’t be ignored. When talking about talent or knowledge gap in life reinsurance one dilemma is understanding who is supposed to fill that gap? Who will be the next life blood and future of their companies? The millennial generation seems to be the most obvious fit as they are the newest to the workforce. This generation is commonly defined as digitally driven, technology dependent and often on top of the latest player in the innovation game. (I’m a millennial myself, and I would say I fit the description). Although the reinsurance industry is known for being more traditional, it is definitely at a tipping point of change so it is perfect timing for millennials to get onboard. As a millennial who has been in the industry for four years, I wanted to share my advice with fellow millennials on two key components of this industry. Data & Treaties. Below I’ll get you acquainted with reinsurance data and in part II, I will help you navigate through treaties.
You may be surprised to hear that transitioning from a customer service role in a B2C retail environment to a B2B service provider environment is not all that different. I began my career working as a customer service representative (CSR) for a medium sized car rental organization and then moved on to a role as a CSR with a telecommunications giant. My first role required me to be face-to-face with strangers on a daily basis; my second role required me to be on the phone, conversing with different people for every minute of the 8 hours I spent at work. Two different methods of customer communication, both within a B2C environment. Now that I’ve transitioned into a customer service role at a B2B company, the way I communicate with customers has once again changed. But providing exceptional customer service is still key to customer satisfaction.
I’m sure many of us who work in insurance, reinsurance, project management and consulting are quite familiar with issue logs. For those unfamiliar, an issue log is a list of open and closed tasks or issues with a given project or department. Somebody, usually a project manager or, um, your B-O-S-S probably keeps one in some form or another. And, I’m sure I don’t need to explain the feeling you get when it comes to your boss reviewing your item(s) on the list! For myself, I know that having an issue log is important when it comes to documenting critical project issues.
Have you ever thought to yourself, “How did I possibly miss this?” You find yourself working on a process or project at work (or even in your personal life) for an extended period of time and realize one day that there is an error. An error that you’ve overlooked for months, maybe even years! Once the anomaly has been pointed out, it is impossible to forget. But the nagging question remains, “How could I miss that for so long?”.
In my previous post I discussed two reasons why investing in reinsurance quality control processes are necessary. One, being that major decisions in the industry are made based on data and two, reinsurance is heavily dependent on historical data. Charles, my colleague also discussed this by comparing the Rio Olympic Games to the reinsurance industry. We know why it‘s important but what can you do to ensure utmost data accuracy? What do your quality control processes look like, and how can you implement them effectively to improve your business? As a reinsurance consultant, my day to day involves assisting both insurers and reinsurers in improving the quality of their data. For professionals in the industry, here are four essential checks and tests you should consider incorporating into your reinsurance quality control processes.
With the 2016 Rio Olympics well underway, all eyes are on athletes from around the world. While we get to see the performance of their lives, we can sometimes forget about everything that goes into it beforehand. Training is an obvious factor that prepares athletes for the Olympics, but another key factor you may not think of is data. In fact, the Rio Olympic Games are expected to be the most data-driven games so far. Almost every aspect of the games will rely, to some extent on data capture – but what I find particularly interesting is the way it is used to help improve athletic performance and create a better user experience for the audience (you and me). The relationship is similar to the one that reinsurance professionals have with data. Using it helps reinsurance businesses perform better, which ensures that the stakeholders involved (direct writers and the reinsurer) have a positive experience. Just as data integrity is crucial to Olympic athletes, it is absolutely critical to reinsurance business as well.
From my last blog you know that planning a reinsurance system migration is similar to hosting a dinner party. I walked you through the key stages of planning to ensure you have the resources, budget and stakeholder objectives in place to execute a migration successfully. Now it is time to go through the key ingredients that will make it all come together.
Great food, tasty drinks and even better company – sounds like a perfect dinner party to me! But have you ever hosted one yourself? If yes, you know how much work goes into serving an incredible multi-course meal, (that is perfectly timed) within your budget all the while making sure your guests are having a great time! So what exactly does this have to do with reinsurance system upgrades or migrations? Well you might be surprised to learn that the steps that go into planning and creating a multi course meal for guests are similar to the steps that go into migrating from one system to another. I’ll show you exactly how below.