Knowledge Management in Practice by Anthony J. Rhem

Author:Anthony J. Rhem
Language: eng
Format: epub, pdf
Publisher: CRC Press

Insurance Business Challenges

Knowledge drain: One of the primary challenges being faced by insurance companies today is the high turnover of employees, CSRs, brokers, and other third-party assessors. When they leave, they take with them the wealth of knowledge acquired as a result of their association with the organization. This results in lower productivity as the onboarding time for new hires is high.

Lack of structured information: Most insurance companies collect a huge amount of content (information and knowledge). Usually this content is collected in silos as part of employees’ ongoing activities. This unstructured information leads to loss of knowledge, as it is not shared with people who need it.

Diverse markets: The Asian market is very complex, in the sense that each of the markets has their own set of business processes. Some are mature whereas some are emerging; some are well regulated whereas some are open. A global insurance company will have to leverage their knowledge framework to streamline processes across the market to achieve operational efficiency.

Lack of a sound knowledge platform: Currently, the industry does not have a robust knowledge platform, which can be used to promote a knowledge culture within the organization. With the outburst of emerging technology platforms, there is a huge opportunity for insurance organizations to apply these and build an innovative knowledge framework.

This chapter centers on how insurance companies should be leveraging KM to address the needs of customer, call center, underwriting claims, and the knowledge workers employed by the insurance company (talent management).

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