'Resurrection' is life....Well, hold on!....I am not being philosophical...atleast not at a level that i will start giving you dictums of wisdoms. But i can definitely share with you something that i am absolutely sure all of you must have faced and experienced ( or something similar) somewhere in your personal/professional life.
Somethings things go great and sometimes they don't...that's just life...
And when they dont, that is when it becomes a cause of concern. Be it a Project worth 1000s or millions of dollars or be it your pefectly planned weekend getaway gone awry.
So professionally, to manage these situations, we have this breed of specimen called 'Project Managers' - whose job is to ensure things stay on track. Project Managers ensure that the project are run and executed smoothly, Projects meet their set goals and objectives and we all achieve and even overachieve our targets.
Examples of Awry
Personal
In our personal lives, say, we buy a house, we start to pay our mortgages diligently and then somewhere down the line, we miss a payment due to something unforeseen - a medical emergency, a job/family situation, mortgage plan changes etc, we start spiraling down the Rabbit hole.
Professional
Imagine a situation when you are on a project that is just not going the way as planned, the reports are all pointing that things have started to go wrong and it is time to raise the red flag....Hopefully you find this, before the Captain asks to abandon ship.
So what do we do when things start spiraling the path it was not meant to be...a Project down on its knees...
A Policy Admin implementation which kicked off with a much held fanfare and furore but suddenly somewhere down the way failed to keep up.
I have been a part of such a project which i will say, is a classic case study for this article. This project was a 3 year - multi Million dollar Enterprise level P&C Admin apps Setup project. It was a new organization entering P&C business that had engaged us for a policy, billing and claims solution setup....Successfully execution would have made the careers of many a people on the project, not to mention the benefits to the client, if it had met the roadmap timelines.
Initially things went well as planned for a few months then we started missing deadlines, good resources were leaving the project, client was having 2nd thoughts on using us as successful partners. It came to such a point that our consulting Org was threatened with a liability lawsuit, as we had risked the client's plan of going live with its new programs and products in a new market that would have really given them a competitive edge.
How did we come out of this mess.
First Things First
First we calmly took stock of where were on the project
- We had all our key stakeholders, responsible parties together. Tried to understand and outline how and where things went wrong.
Once we know the 'what' and 'why's, we decide to focus our energies positively, be constructive and stay away from the blame game as it was not going to help anyone....we remained focused and started to work on 'how' to fix the problem.
Come up with a plan to go from point A to point B
We had regular meetings with the Stakeholders and finally arrived at a consensus on what needed to be done
In your case, it may include things like,
Timeline changes
- Extending the project timeline
Scope changes
- changing the work scope to fit the timeline
Resourcing changes
- Lining up your A resources to get the job done, shuffling resources per competencies
Cost and budget changes
- Increase project budget
Unthinkable option
- Dumping the project altogether. Sadly, this happens in many cases when you are on a time bound project and you completely miss it.
Once you have the plan ready, make sure to dot your Is and cross your Ts. Have an executive summary of your plan ready. This will serve you 2 purposes, you will need it to convince your project sponsors that you are taking the necessary steps to get on track and the funding should continue.
Also this presentation will also help curb the project level noise, if any. You can use the same presentation with maybe a little tweaks for removing your team fears on where the project is going. Proper communication within Team is absolutely essential.
Later on, when things get back on track and project completes successfully(i am sure!...), remember to have a lessons learned session with the whole Team so we learn from our mistakes and future run is a lot smoother.
One of the major takeaway for our project case was, have regular status reports, meetings set that will highlight slippages right at the onset.
Summary
So all in all, as they say...'stuff happens'...It is all about how do we separate the men from the boys and get our act together and make sure all of us march towards the common goal of a successful project implementation.
Let me know if you all agree or have a different perspective, input on things based on your experiences.
Showing posts with label Insurance Training. Show all posts
Showing posts with label Insurance Training. Show all posts
Monday, December 2, 2013
Friday, February 22, 2013
Training, Coaching and Mentoring-II - Insurance
Continuing our Topic....Today we will touch upon "Insurance Basics"
Firstly, Who should read this?
If you are a beginner in the Insurance Industry or Insurance related field like IT, Business.
If you are an IT Techie and are working in the Insurance domain for sometime now...this article is for you
If you are someone who has a liking for insurance or are curious about the inner know-hows and basics
or someone who wants to have some valueadd to his knowledge and skills.....go ahead and read
I came to the insurance industry quite by chance. For around 4 years since i graduated i had worked on C++ and Java assignments..all non-Insurance. Then i joined a company which specialized in Property and Casualty Insurance - Policy, Billing and Claims Administration Product development and Installation. I was the solutions architect for the product. I loved what i did there....This job Introduced me to the insurance industry and showed me how product functionality and performance considerations gave us Happy customers...and sometimes poor management and mis-alignment of objectives gives unhapy customers, but let's keep that for another article.....
Coming to Insurance basics,
Why do we need Insurance?
Insurance is a very thriving and an absolutely necessary industry which has borne the shocks of the failing economy. To think of it, be it an bear market or bull, everyone needs insurance, right from buying a home to a car or your personal health and life to insuring smaller electronic gadgets and devices...Insurance is everywhere.
Insurance is a form of risk management and mitigation technique wherein you pay the insurer a "Premium" to accept a portion or all of your associated "risk". And if god forbid, things do go wrong, as they sometimes do, you-The Insured, will file a "claim" and based on the Insurance premium you pay, the "coverages" that you have applicable on your "policy", the insurance company "Adjuster" will work with you and try to work with you on the "Actual Value" or the "Market value" based on the years of "Depreciation" of the Item that you are insured and are claiming for...with the objective of ensuring the "Insured" gets to the "same economic situation" as before. The Objective of Insurance is to cover the loss, so that insured bounces back to the same economic state as before the loss.
This is as elementary as i can get to explain what is insurance to a Layman.
Where did the Insurance concept come from?
Long time ago, when there were to TVs, planes or IPods....when traders and merchants took their goods to faraway places for trading, sometimes they lost the goods to weather conditions, pirates or some other Loss making situations and had to bear a loss. So they came up with rather ingenious ways to "self-Insure" their goods or mitigate their "Risk" or losses.
The Merchants would get together and pool a set amount of money so as to compensate the trader who lost his goods or they would sometimes give extra amount of money to the lenders, from whom they bought goods as a means of insuring against losses in trade.
What are the types of Insurance?
As i said, Insurance is applicable and available in all walks of life...right from Personal to commercial..within that at a very high level, you can dividie insurance into Life, General and Health. Within General you have personal, Commercial. Within that you have Property and Casualty.
The area within Personal and Commercial at a High level would be,
Auto, General Liability, Property, Worker's Comp, Home Owners, Inland Marine, Specialty Lines etc. Each of these, as their names suggest cater to a specific area of Business. There are certain insurance companies that deal with certain specialities or some that do a mix.
There is also another interesting area within Insurance called Re-Insurance wherein, an Insurance Carriers (also called Ceding Company) reinsures part or all of his associated risk with another Company (Reinsurer). The Insurance agreements between them are of various types namely Facultative or Treaty reinsurance etc based on the risk selection criteria etc
What are the industry known and recognized certifications?
Now that you have a basic background and knowledge about insurance, to gain more insight into your particular area of expertise, be it a specific Product like Guidewire, Pega, DuckCreek, Accenture etc related to Policy, Billing and Claims Administration or you aim to become to Business SME for Policy, Billing or Claims...
Make sure you find a right mentor to lead you and guide you in the right direction. Take firm and steady steps towards your career goals and confidently rise the success ladder.
Let me know if you have any specific questions or doubts, i will be glad to help and will try to guide and direct you in the proper direction
Do let me know through your comments if you found the article helpful.
Firstly, Who should read this?
If you are a beginner in the Insurance Industry or Insurance related field like IT, Business.
If you are an IT Techie and are working in the Insurance domain for sometime now...this article is for you
If you are someone who has a liking for insurance or are curious about the inner know-hows and basics
or someone who wants to have some valueadd to his knowledge and skills.....go ahead and read
I came to the insurance industry quite by chance. For around 4 years since i graduated i had worked on C++ and Java assignments..all non-Insurance. Then i joined a company which specialized in Property and Casualty Insurance - Policy, Billing and Claims Administration Product development and Installation. I was the solutions architect for the product. I loved what i did there....This job Introduced me to the insurance industry and showed me how product functionality and performance considerations gave us Happy customers...and sometimes poor management and mis-alignment of objectives gives unhapy customers, but let's keep that for another article.....
Coming to Insurance basics,
Why do we need Insurance?
Insurance is a very thriving and an absolutely necessary industry which has borne the shocks of the failing economy. To think of it, be it an bear market or bull, everyone needs insurance, right from buying a home to a car or your personal health and life to insuring smaller electronic gadgets and devices...Insurance is everywhere.
Insurance is a form of risk management and mitigation technique wherein you pay the insurer a "Premium" to accept a portion or all of your associated "risk". And if god forbid, things do go wrong, as they sometimes do, you-The Insured, will file a "claim" and based on the Insurance premium you pay, the "coverages" that you have applicable on your "policy", the insurance company "Adjuster" will work with you and try to work with you on the "Actual Value" or the "Market value" based on the years of "Depreciation" of the Item that you are insured and are claiming for...with the objective of ensuring the "Insured" gets to the "same economic situation" as before. The Objective of Insurance is to cover the loss, so that insured bounces back to the same economic state as before the loss.
This is as elementary as i can get to explain what is insurance to a Layman.
Where did the Insurance concept come from?
Long time ago, when there were to TVs, planes or IPods....when traders and merchants took their goods to faraway places for trading, sometimes they lost the goods to weather conditions, pirates or some other Loss making situations and had to bear a loss. So they came up with rather ingenious ways to "self-Insure" their goods or mitigate their "Risk" or losses.
The Merchants would get together and pool a set amount of money so as to compensate the trader who lost his goods or they would sometimes give extra amount of money to the lenders, from whom they bought goods as a means of insuring against losses in trade.
What are the types of Insurance?
As i said, Insurance is applicable and available in all walks of life...right from Personal to commercial..within that at a very high level, you can dividie insurance into Life, General and Health. Within General you have personal, Commercial. Within that you have Property and Casualty.
The area within Personal and Commercial at a High level would be,
Auto, General Liability, Property, Worker's Comp, Home Owners, Inland Marine, Specialty Lines etc. Each of these, as their names suggest cater to a specific area of Business. There are certain insurance companies that deal with certain specialities or some that do a mix.
There is also another interesting area within Insurance called Re-Insurance wherein, an Insurance Carriers (also called Ceding Company) reinsures part or all of his associated risk with another Company (Reinsurer). The Insurance agreements between them are of various types namely Facultative or Treaty reinsurance etc based on the risk selection criteria etc
What are the industry known and recognized certifications?
Now that you have a basic background and knowledge about insurance, to gain more insight into your particular area of expertise, be it a specific Product like Guidewire, Pega, DuckCreek, Accenture etc related to Policy, Billing and Claims Administration or you aim to become to Business SME for Policy, Billing or Claims...
Make sure you find a right mentor to lead you and guide you in the right direction. Take firm and steady steps towards your career goals and confidently rise the success ladder.
Let me know if you have any specific questions or doubts, i will be glad to help and will try to guide and direct you in the proper direction
Do let me know through your comments if you found the article helpful.
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