My client is American modern insurance Group. As I never really had a base knowledge about the insurance industry, it was a major difficulty understanding certain terms and procedures. Since the company was undergoing a business transformation, they were under strict deadlines and therefore getting the data as well as arranging meetings with the right people was a challenge.
Since the company was dealing with Specialty Insurance, understanding their products was the next big step. I attended a company training where they gave a basic understanding of their products and different coverages for their policies. That was very useful and my point of contact there also helped me clear some of my doubts. Most importantly, I found some problems with the data that they provided and this week it's all about fixing that. Because only then, we can get meaningful trends that the clients want in the first place.
Biggest challenge would be getting the Loss Ratio reports of their individual products. It is retrieved using a tool called Cognos, which takes time to learn how to use it. The company is willing to provide training for that too which I will be attending. Overall, it's a challenging but a highly interesting project to be working on.
It was interesting to understand how big the insurance industry is in this country and how knowledgeable you have to be as an underwriter to write the guidelines to fix the policies. By working on this project, I was able to get a good insight about an industry that I had no prior knowledge before. As I'm from India, insurance is not compulsory or mandatory there and it's not at all a money-making industry. The deductible is usually very high, so people are very reluctant to take a policy in the first place.
AMIG is very particular about the privacy and protection of their data. So it was difficult to analyze the data as I have no access to it at home. That is something that I will be addressing in my next client meeting.
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