People Innovation Excellence

Six Sigma safety net


Picture source:

If a principal with Ernst & Young’s insurance practice has her way, lean, Six Sigma and other industrial engineering tools will help develop new products and practices in commercial insurance.

Gail E. McGiffin penned an article for the Insurance and Technology website noting the manufacturing sector’s rapid operational changes brought about by globalization, creative destruction and the revolution in operational and strategic practices stemming from advanced research and development, sophisticated computer analytics and product life cycle management (PLM).

First, commercial insurance carriers could design products like car companies design vehicle platforms, where product variation comes on top of a standard set of components. Like multiple lines based on core assets, insurers could build different classes of products from the same set of coverage components, according to McGiffin. Simpler, less expensive coverage plans could morph into more expensive insurance contracts for different market segments.

Insurers also could use advanced analytic tool sets and high-quality data to transform the industry, much like high-powered CAD systems have revolutionized product design. And forward-looking carriers, she wrote, already embrace PLM concepts to make sure they identify and maintain the components necessary to all products, along with options and elements that can be tailored for different customers and various distribution channels.

Published at :
Leave Your Footprint

    Periksa Browser Anda

    Check Your Browser

    Situs ini tidak lagi mendukung penggunaan browser dengan teknologi tertinggal.

    Apabila Anda melihat pesan ini, berarti Anda masih menggunakan browser Internet Explorer seri 8 / 7 / 6 / ...

    Sebagai informasi, browser yang anda gunakan ini tidaklah aman dan tidak dapat menampilkan teknologi CSS terakhir yang dapat membuat sebuah situs tampil lebih baik. Bahkan Microsoft sebagai pembuatnya, telah merekomendasikan agar menggunakan browser yang lebih modern.

    Untuk tampilan yang lebih baik, gunakan salah satu browser berikut. Download dan Install, seluruhnya gratis untuk digunakan.

    We're Moving Forward.

    This Site Is No Longer Supporting Out-of Date Browser.

    If you are viewing this message, it means that you are currently using Internet Explorer 8 / 7 / 6 / below to access this site. FYI, it is unsafe and unable to render the latest CSS improvements. Even Microsoft, its creator, wants you to install more modern browser.

    Best viewed with one of these browser instead. It is totally free.

    1. Google Chrome
    2. Mozilla Firefox
    3. Opera
    4. Internet Explorer 9