Category: Business

Business Analyst In Insurance Domain

Business

The right balance of information and technical knowhow is needed for a Business Analyst to successfully complete his job in any sector. This dictum applies to the Insurance sector as well.

A Business Analyst should be well versed with the information that is needed for any Insurance professional to work in the Insurance domain. Since he has to analyze the processes and then help in the development of essential software for the projects in the Insurance sector, he needs to have both the information required of an Insurance professional and the technical knowledge required for the establishment of software designed for this sector.

Insurance as is known is generally divided into three major divisions: Life Insurance (dealing with safeguarding life and the risk of mortality and critical illnesses), General Insurance (dealing with the risk of damage to immovable property, motor, cargo, marine, household, and fire insurance), health insurance (dealing with risk of illness and disease, and thus covers reimbursements, medical claims, operation of panel doctors, cashless hospitalization, co payment etc.) The level of knowledge and range required is different in each stream and hence a Business Analyst has to have a certain demonstrable understanding of the workings of the particular streams in the sector and also desirably, adequate level of experience in the sector.
Functional Knowledge of Insurance applications is also essential, like new business, channel management, policy servicing, claims management, underwriting, reinsurance and finance. Along with knowledge of the business processes of the particular client company, a brief and thorough understanding of the requirements given by the regulatory authority of the Insurance industry is also mandatory. The terminology is varied for the Insurance sector, with changes even within the sector, for the different streams of the sector. Knowledge of these unique terminologies will help the Business Analyst to understand the client who is the end users expectations and he will be able to draft them better into requirements efficiently.

Once functional requirements are known, the technical knowhow is also essential for any good Business Analyst to communicate to his software developers team about the client users expectations from the project. The Business Analyst should be aware of the basic MS- Office tools like Microsoft Word, Ms PowerPoint, MS Excel, MS Visio, MS Access, and MS Project). These help in collating data and presenting it in proper format. Then knowledge of relational databases is also important for understanding the technicalities of Querying and Support. Basic programming languages that are used by software developers should also be known to the Business Analyst so that he can understand the developers problems or point of view. These programming languages could be ASP, Dot Net, JAVA, J2EE, XNL, HTML etc.

In addition to these, knowledge and experience in insurance business applications, content management systems, portals, data warehousing tools can give any Business Analyst that extra edge over others standing next to him.
Thus, its quite clear that a Business Analyst in the Insurance domain needs to know both sides of the coin the knowledge of insurance business processes and the relevant Insurance software packages.

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Flooring business gradually take the road of transition

Business

How great feast at home before the trip

[China] floor network Recently, the development of the flooring industry is already approaching maturity, the major flooring companies are actively looking to upgrade the road, especially among the domestic industry consolidation, companies need to speed up the floor to create a set of product design, development, manufacturing as one of the new business model, the floor so that it can achieve the development of enterprises.

Flooring business transformation gradually go down the road of how big feast at home before the trip

Flooring business transformation road go?

Golden nine silver ten hot market, and in the last couple of years have not staged. At the macroeconomic shift from rapid growth to the rapid growth and multiple factors affecting the real estate market adjustment, the home market is also feeling the bursts cold weather, even in the traditional sales season, the market still appears to be very dull.

Transformation, which is a common problem almost every home business in the current market situation to face. A key problem is that the transformation of domestic enterprises, Where? Flooring and other home industry urgently needs a new round of industry reshuffle and integration. This round of consolidation, unable to adapt to market competition will make a number of companies out of rhythm, but more importantly, can really create “the era of big home”, so flooring and other home industry usher in a new development opportunities. ikea australia deck tile

In fact, several years ago, there were already a lot of flooring and other home businesses proposed “big home” marketing concept. However, Yao Liangsong seems to put more people in the past “big home” as an integrated form of the store, but the convergence of the various brands of products in large stores, so that consumers in the range of home stores to experience the “one-stop” shopping.

Because of this, in a new round of consolidation in the household sector, we must accelerate to create a set of product design, development, manufacturing, branding, sales and service in one of the new business model, make all kinds of flooring and other home products, services and brands of the organic fused together to create new competitive advantages.

Large home carnival feast flooring companies need innovative business models

In this sense, the era of big home is destined to become a collective carnival and feast. Any one flooring and other home businesses can not alone embrace “the era of big home.” However, the ability to make this feast really into the seats, you will need to rely on leading enterprises play the leading role in the integration of resources and a good platform to build, truly different production and operation of high-quality household products business together, forming the main competition of market integration, thus releasing the “1 + 1> 2” market competitiveness, the formation of a more powerful brand influence, and ultimately win together in the “era of big home.”

Of course, any kind of business model innovation, we need to continue to demonstrate experience and explore, from the familiar and consumers also need to agree to the final cognitive processes. Therefore, the arrival of “the era of big home”, but also the leading flooring company needs more effort.

One thing is sure, flooring and other home industry in the new round of consolidation is about to set off a wave of the situation, who start sooner, who more likely to lead the business development trend; who will become the industry leader in the integration of resources, whoever more likely to win in the “era of big home.”Read More:
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Corrective Business Management A Tactic For Survival

Business

Strategy
Review your business’s strategy. Does it make sense? Can it be executed? Is it too “pie in the sky?” How does it address your markets and your businesss core strengths? A clear strategic plan is the basis for success in good times and in bad times. Look at the big picture and determine the strategies needed to be set in place for success.

Execution
The best strategic and business plans are worthless without execution and metrics. Do you have metrics in place to measure performance against financial AND operational targets (objectives)? Which objectives are hitting the mark and which are not? Why? Who is accountable? What is being done to address the weak areas of performance? A business is only as strong as its weakest employee.

Customers
During a questionable or stalled economy it seems as if businesses of all sizes are quick to put customers (those who pay the bills) last. This is a definite no-no! It is time to re-evaluate what the business is doing to delight customers and prove that they come first. Customers are the companys best asset and it costs much less to keep existing customers happy than to find new ones. No matter what the business product or service offered, customers have choices. Take the steps necessary to make your business their FIRST choice. Ask THEM if their needs are being met and what improvements can be made within the company or organization to keep them satisfied and wanting to come back.

Cost and Expense
Businesses are quick to cut expenses and people when there is softness in the economy. This is so easy, that even a child with a lemonade stand can do it. But it is often NOT the right answer. First look at where resources are deployed. Most resources should be involved in driving revenue and overall customer satisfaction. Keep your overhead costs to a minimum and watch your bottom line expenses. If that means redeploying and retraining, then it should be done. Secondly, before there are lay offs cut the outside contractors and consultants and perform what you can in-house. Also, cut salaries and bonuses at the top of the organization first. The biggest cuts should be among the biggest bosses (not the customer) facing employees and sales force. Finally, ask for input, the people on the floor and in the back office usually know where the biggest opportunities for REAL efficiencies exist. Ask them, and when you do, be sure to act on their recommendations and recognize them for their ideas.

Speed
I am amazed by what the USA did to mobilize resources in a very short time during World War II on the home front. Factories went from making automobiles and refrigerators to making military tanks and aircraft in huge quantities in an amazingly short time period. Imagine what it would have been like if they had had computers. So why does everything (except perhaps the Internet) take so long today? The time frames required to develop new products and services are often years rather than months. Look at timelines required in your business today and cut them by 25% to 50% while maintaining the same level of quality if not better. It can be done and this will definitely be a competitive advantage for your business.
For example our company determined how to quick turn our design and graphics production timelines without sacrificing the final product or service. We implemented our philosophy to under commit and over deliver, and actually did it! We analyzed how much time was needed for all types of production and cut it down by 25%. Once successful, we then took another approach and cut the time down again, still delivering the same quality product and excellent service to our customers while maintaining our quality of assurance systems in place.

Innovation
It is a natural tendency of most businesses, no matter what size, to take fewer risks when times are lean and mean. This includes new and innovative ideas for products, services, marketing and the way business is done. The BEST time for risk taking and innovation is when the economy is challenging and other businesses are cutting back. While most businesses are tightening their belt, businesses that take risks and push innovation stand out among their competition. Innovation is not limited to research, development or marketing. It should encompass all functions and aspects of any business that show others that you have what it takes to survive and are taking the risk that most businesses wish they could. Either step forward into growth or step back into safety.

Terms such as flat, downturn, recession, and stalled economy drive chills through most business people at any level. Money is tighter and market opportunities shrink, but there are winners and losers in both good and not so good economies. By addressing these areas of strategy, execution, customers, cost and expense, speed and innovation, any company (regardless of size, market or industry) can be a winner during recession. It is all about being an effective leader in an economy where there is doubt about the future.

Correct management is definitely the key for a business to survive crises like the current economic climate. In order to execute correct business management, several strategies need to be observed, executed and measured. Businesses must smarten up, market, manage their people, and follow their vision.

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