Insurance: Industry Structure and Value Chain
Description
Understanding the comprehensive insurance value chain from product development to claims settlement, including key stakeholders, processes, and their interconnections.
Learning Objectives
IT professionals will comprehensively understand the insurance industry's value chain components, stakeholder relationships, and process flows to design systems that optimize operations across product management, underwriting, sales, claims processing, and customer service functions.
Topics (8)
Comprehensive overview of the insurance value chain including product management (15%), marketing (10%), sales and distribution (20%), underwriting and risk management (20%), and other critical processes. Understanding how each component contributes to overall business performance and profitability.
Deep dive into insurance product management processes including market research, product design, pricing strategies, regulatory approval processes, product launch procedures, and ongoing product performance management. Understanding how technology supports product innovation and customization.
Analysis of insurance marketing strategies and distribution channels including direct sales, agent networks, broker partnerships, bancassurance, online platforms, and digital marketing approaches. Understanding channel management systems, commission structures, and performance tracking mechanisms.
Comprehensive coverage of underwriting processes including risk evaluation criteria, data sources for risk assessment, automated underwriting systems, AI and machine learning applications in risk scoring, regulatory requirements for fair underwriting practices, and integration with external data sources.
Detailed examination of claims management including first notice of loss (FNOL), claims investigation procedures, damage assessment processes, fraud detection mechanisms, settlement procedures, and customer communication protocols. Understanding claims management systems, workflow automation, and performance metrics.
Analysis of customer service operations including multichannel support systems, self-service portals, mobile applications, chatbot implementations, customer communication management, complaint handling procedures, and customer satisfaction measurement. Understanding CRM integration and customer journey optimization.
Comprehensive coverage of reinsurance operations including treaty and facultative reinsurance, risk pooling mechanisms, catastrophe modeling, reinsurance accounting systems, and global reinsurance market dynamics. Understanding how technology supports complex risk calculations and portfolio management.
Advanced concepts in value chain integration including enterprise system architecture, data flow optimization, process automation, performance measurement across the value chain, digital transformation initiatives, and emerging technologies like AI, blockchain, and IoT that are reshaping traditional insurance operations.