Role Of A Business Analyst In Insurance
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More and more companies are beginning to make positions available to business analysts. This is because the role of a business analyst has grown over the years to cover a wide range of responsibilities.
This article discusses 3 roles of a business analyst with respect to system implementation in the insurance industry.
Domain Knowledge
As the Business Analyst learns about the insurance industry by liaising with subject matter experts, they are expected to understand key concepts from the basics of the domain to the insurance value chain - think policy servicing, insurance claims, bills and collections, accounting to reinsurance. The business analyst would typically be involved in innovative projects directed at retaining customers, along with a multitude of identified benefits. For example, a project could be about building a solution that helps customers compare business insurance quotes, amongst other initiatives. The depth of knowledge required to add value on business projects of course depends on the scope of the project, how far along the project is and the complexity of the project, in question.
A solid understanding of the domain is necessary but not a prerequisite to doing well though it goes without saying that the more knowledge a BA has of a domain, the more value they can add by asking the right questions.
Requirements Management
Unlike a project manager who is in charge of managing an entire project, a business analyst is in charge of managing requirements. For example, when it comes to system implementation, the business analyst would typically be involved in the analysis of requirements, creation of requirement documents and other artefacts necessary for the successful implementation of solutions; and managing changes to those requirements.
Facilitation
A business analyst also plays the role of a facilitator. This implies that BAs should possess facilitation skills for running meetings and workshops aimed at gaining agreement on requirements and any contentious issues that may crop up. When it comes to facilitation, BAs should have the ability to control or manage workshops/meetings; and follow up on key actions after workshops until desired outcomes have been achieved.
The financial health of a business is its lifeblood. Every decision, from small operational costs to large-scale investments, hinges on the company's ability to maintain financial stability. In today’s competitive business environment, the ability to make informed financial decisions is more crucial than ever.