Insurance companies are becoming increasingly adept at usingproject management effectively, remaining flexible to adapt bestpractices to demand.

In the insurance industry, successfully implementing bestpractices for proper project management can be difficult, and itsimportance understated.

The competitive nature of the industry, tightened laws andrestrictions place emphasis on efficiency and on making a return oneach investment, including project management technologyupgrades.

Below you will find five simple project management lessons thatare essential to successful project management application in theinsurance industry:

(Photo: Pexels)

1. Keep your project management dynamic

It is essential to have an action plan in place when starting aproject, but it is also important to remain flexible to inevitablechange. This flexibility deals with reactionary behavior, notproactive planning, and deals with anticipating impending changesand risks and working to adapt in a timely manner.

In the insurance industry, identifying risks is important, buthaving the ability to then assess and mitigate risks in a timelymanner takes coverage a step further, and is then followed by anactionable plan to fix the problem. Project managers need to thinkabout what could go wrong, how it could go wrong, what can be doneto prevent problems from occurring and counter measures necessaryto mitigate issues.

One way is lean project management, which helps project managersidentify which processes within a project result in the most waste,and then eliminating it to streamline processes.

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2. Simplify project management processes

The goal of project management is to increase efficiency andstreamline previously overcomplicated processes. With that in mind,it's important to understand that project management should besimple and actionable, and project managers are responsible formaking it that way.

Some ways to do this include:

• Having clear project goals.
• Setting attainable deadlines.
• Planning time efficiently.

The information each individual holds needs to be readilyavailable to everyone. Time is also a factor, and shortening thechain of communication becomes a necessary step. 

(Photo: InLoox Inc.)

3. Keep project management functions on track

After identifying and mitigating risks, it's essential to ensurethat the project continues to go according to plan. One way to makesure that the project remains on track is to focus on datameasurement and analytics.

Metrics, such as the number of policies per client, or actualversus estimated costs for various parts of the project, will helpin determining whether the project is successful or unsuccessful.Other components, such as analyzing where time, resources and moneyare being wasted, can be an indication of which tasks have becomeineffective, unnecessarily complicating workflow.

Another way to ensure a project remains on track is to takeadvantage of the strides that have been made in schedule and taskmanagement software. Workflow visualization tools, including Kanbanboards and Gantt charts that have been incorporated into newproject management technology, help project manager's plan andschedule tasks. Gantt charts work best in big picture planning,adding a focus to project goals, and Kanban boards are helpful formore near term planning goals.

(Photo: InLoox Inc.)

4. Transparent documentation and transfer of knowledge

Documentation systems provide a blueprint for future successes.Previous experiences allow project managers seeking new contractsto learn best practices from past successes and failures, and tosimply select and track effective solutions for each uniqueclient.

In addition to having solid documentation, project managers mustbe sure that the lines of communication are clear, apparent andleveraged by the users. This will help to avoid misunderstandingsand other communication concerns that can occur between coworkers,and can be costly for an organization.

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5. Keep improving processes and product

In any competitive industry, there is rarely a shortage of newcompanies and established threats working hard to gain a marketadvantage. One way to ensure that your organization keeps itscompetitive edge is to constantly be in search of ways to improveprocesses and products. Efficiency is key, and staying current withprocesses, such as agile and lean, can help organizationscontinuously make an effort to become more effective.

It's also important for organizations to stay current withproduct updates, and following the earlier steps lends itself tochange preparedness. The knowledge database acquired, and processesupdated accordingly can aid in product decision making. Altogether,it is a continuous process of documenting, assessing results,prioritizing and reviewing information to make the correctdecision.

Related: 4 steps that foster a culture ofinnovation