As of January 2009, the quarterly survey from the CBI and PricewaterhouseCoopers showed a balance of +58% insurance companies planned to spend more on IT in the next 3 months. Should this trend continue, even in spite of the credit crunch, the Insurance industry will be a safe bet for IT professionals looking to further their careers.
Business Knowledge for IT in Insurance is a complete handbook for IT professionals that are working in the insurance industry and those that aspire to work in the industry. It is provides a platform for IT professionals to forge a career in this stable sector of the financial services industry.
It opens with an overview of the Insurance industry; discussing the principles of Insurance, history of Insurance and types of Insurance companies. Chapter 2 describes the types of insurance products from life and property to motor and maritime. Customer segmentation and distribution channels are also discussed in this chapter.
Chapter 3 contains information about Reinsurance such as benefits of Reinsurance and risk management by Reinsurers. Chapter 4 discusses the business environment in the Insurance industry.
Chapter 5 discusses some recent trends in the insurance industry such as the introduction of the Solvency II regulation, popularity of Bancassurance and the growth of the insurance securitisation market.
Business processes such as underwriting and claims administration are discussed in Chapter 6 while risk management is the subject of discussion in Chapter 7.
The IT-specific section of the book are contained in Chapters 8 and 9. Chapter 8 discusses the common systems used in insurance; a discussion on the history of the IT function in Insurance is also included. IT projects that can be executed in the insurance industry using cutting edge technology such as virtualization are discussed in Chapter 9.
Methodologies, skills and tools used in the insurance industry are the subject matter for discussion in Chapter 10 while Chapter 11 contains a list of terminology used in the insurance industry.
Chapter 12 is about the future of the insurance industry from both IT and business perspectives.
Business Knowledge for IT in Insurance is targeted at IT professionals such as: Project Managers; Application Developers; Development Managers; Test Managers; Business Analysts; Data Analysts; Systems Analysts; Test Analysts; Support Analysts; Database Administrators; and, HR staff responsible for IT recruitment.