Six reasons why IT projects in the insurance industry are exciting and attractive

The image of companies in the insurance industry is not particularly glamorous: the image of old-fashioned employers with rigid structures is firmly anchored in many people's minds. As a consulting and software company, we are also active in the insurance industry, so we regularly gain deep insights into their working world. We find: Insurance is anything but boring. Read here six good reasons why the industry is exciting and varied.


1.    Many companies are reinventing themselves

Digitization is a central topic that insurance companies are currently addressing. But it is about much more than just updating the IT infrastructure. Insurers are forced to adapt their business model to changing customer needs. Having the best rates and policies in their portfolio is far from enough.

In many cases, the company's IT must be restructured to meet new customer requirements - for example, constant availability, customized offers and digital communication. Insurance companies often look for external experts for these projects. And this is where we come in. Not only do we have to be good consultants, but we also have to drive product development forward, keep a close eye on the market and constantly question ourselves.

Does the whole thing still sound a bit too abstract? Then here are a few practical examples:

  • A customer wants an all-round, worry-free package, wants to be able to place his concerns with the insurer 24/7 and would prefer to receive answers quickly. We can program chat bots, for example. This allows the customer to ask his questions conveniently via social media or a chat window on the homepage and receives an immediate answer.
  • We also support insurers in improving their business processes. More and more insurance companies are relying on agile approaches to software development. And automated routines save the clerk time-consuming manual tasks - and guarantee the insured fast help, for example in the event of a claim. This requires modern technologies such as machine learning. We are the experts for these technologies and the new process concept.
  • Because new technologies such as apps and cloud solutions or telematics are becoming more and more important for motor insurance companies, the classic back-end systems must undergo fundamental changes. If an insurance company wants to match its policies to craftsmen or workshops, for example, this must also be adapted in IT. The service providers are then digitally integrated via appropriate interfaces and platforms. Together with the insurance companies, we develop such scenarios and then implement them together.

There are virtually no limits to the ways in which insurance companies can reinvent themselves. This makes the industry a very exciting and dynamic market. For us as a consulting and software company, there is also the fact that no two projects are alike. As a result, we as employees develop professionally and methodically in every project. This makes it additionally exciting for us to work for this industry.

2.    You always have your finger on the pulse of time

Anyone who believes that the insurance industry is backward is way off the mark. New regulations and laws as well as a constantly changing world force the industry to always have its finger on the pulse. One example: recently, cities were flooded with e-scooters (press release: www.wiwo.de/unternehmen/dienstleister/us-start-up-e-scooter-marktfuehrer-lime-expandiert-in-sieben-weitere-deutsche-staedte/24906250.html). This forces the industry to offer appropriate insurance.

In addition, more and more smart home devices or Internet-enabled sensors are moving into households - and thus into the insurance world. For us as a software manufacturer this means new and exciting fields of activity. We are constantly thinking about how we can support insurance companies and at the same time offer added value to the insured. Recently, we have developed a smart home solution from which all parties can benefit. For example in the event of water damage:

With this solution, the customer can prevent worse damage. This not only pleases him, but also the insurance companies - and thus us. We develop such ideas in project weeks or as part of our internal innovation competition.

Anyone interested in digital change and the world around them will find ideal conditions in this industry. For us, this focus on the future is extremely exciting and motivates us to constantly work on new innovations.

3.    Everyone has to deal with insurance

Everyone is inevitably confronted with different insurance policies in their lives. This makes the industry a very significant and important market for society, as it directly and indirectly influences the lives and daily routine of many people. Who has not yet discussed the sense and nonsense of insurance? We don't want to judge this, but we want to motivate you to help shape the future of insurance yourself.


4.    Working in the coolest cities

Insurance companies are usually located in large cities. Whether Munich, Cologne, Berlin or Vienna - a job in the insurance industry usually also means working in a cool city. The nice thing about it is that even after work is over, there is still plenty on offer. But we are not always in one place: Because of our project activities we get around quite a bit as employees and get to know the network of the insurance industry with its many faces. (By the way: Our offices are located in Munich, Cologne, Berlin and Vienna, among others).

5.    Versatile, more versatile, insurance

Sounds pretty thick, doesn't it? But it's true! There are many different topics, and everyone can do what they like: Mathematics (actuaries), marketing and market research, distribution and sales, (customer) service, accounting and controlling, IT, auditing and fraud detection and so on. The enormous range of insurance products alone makes for variety: from simple legal protection insurance to complex commercial insurance.

The great thing about it is that our IT projects are just as versatile, since they serve business and technical areas such as product development, strategic consulting, claims management and fraud detection, inventory management, quotation system and much more.

Another reason for the industry's versatility is that individual, customized insurance products that change frequently can no longer be mapped by classic software.

We will sketch a small example of modeling: In every insurance product or insurance software a part of reality is modeled in order to be able to determine the risks in this area of life and thus the insurance premiums. This is a task that is repeated with every new insurance product. We see it as a challenge to be able to do this as well as possible. Among other things, we build special modeling tools that make it easier to determine insurance premiums. Ultimately, this requires experience and a certain amount of skill. This means that we help our customers exactly where they need us.

6.    A well-connected industry

In the insurance industry, there is a lively exchange and everyone learns from each other. This creates a strong cohesion and at the same time a constant development forward. Because all insurance companies face similar challenges, the close network is of great importance. There are many separate media, industry associations and congresses for networking. The key players know each other - and the market.

If you come from the insurance industry, the way to us is only a stone's throw away. Because your professional skills are gladly seen with us. We offer you an easy start and good development opportunities.

As you can see, the insurance industry is quite varied. If you are interested in getting started in the IT and consulting industry for insurance companies, then take a look at our current job offers. Do you still have open questions? Then feel free to send us an email!

Your Faktor Zehn Team

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