Why Insurance Knowledge Management Is the Need of Hour

The challenge of knowledge capture & transfer for an organization before an employee’s departure is not new. It’s always on the agenda of the knowledge managers & supervisors.

But the loss of knowledge & not being able to manage it properly is an issue that’s getting a lot of attention these days. Knowledge administrators, Human Resource offices and senior management are all worried about this concern.

Capturing knowledge inside an organization is one of the primary motivations behind knowledge management professionals.

Organizations use knowledge management platforms to ensure that the knowledge doesn’t leave with them when individuals leave. In this blog, we’ll be discussing one case, Insurance Knowledge Management.

Let’s see why knowledge management systems are essential for insurance. What are some of the challenges faced by insurance companies while managing knowledge? How can VIDIZMO’s video content management platform help insurance companies securely manage their knowledge?

What Is Knowledge Management & Why It Is Important?

Knowledge management is described as a set of activities aimed at capturing, managing, sharing, and retrieving knowledge.

The term Knowledge Management was first used in the early 1980s by Peter Senge who wrote about how companies could use information technology to improve their performance. He coined the phrase “knowledge management” to describe this concept.

In his book entitled The Fifth Discipline, Senge stated that “organizations are complex adaptive systems that have the ability to learn and therefore change over time.”

In the late 1990s, the term Knowledge Management began to gain popularity among business leaders. At that point, the focus shifted from simply improving organizational performance to developing strategies to help employees work together effectively.

Today, many businesses are using Knowledge Management to increase productivity, reduce costs, and enhance customer service.

Public and private organizations are battling the loss of knowledge because of employee turnover. Additionally, recruiting expenses, loss of productivity, unavailability of centralized content management, and training & on-boarding processes to replace the employees can reach tremendous value.

Managing Knowledge in Insurance Companies

Knowledge management for insurance has become an essential tool that helps

• set cost strategies,

• decide risks,

• increase employee productivity,

• improve corporate communication,

• develop client support,

• and control costs.

Insurance knowledge management is critical for both the front-line insurance organizations and their reinsurance accomplices. Knowledge management carries your insurance business higher than ever.

Keep your customers fulfilled and develop income by unifying every one of your information in one spot. With an end-to-end insurance knowledge management framework, companies can reduce the piles of paperwork and make more sales by offering the best plans for portioned customers.

Why Apply Knowledge Management to the Insurance Industry

For insurance organizations, morals must be a fundamental component in creating relations and keeping up with them, in the long run, with clients, related insurance organizations, or the general population.

The insurance business has answered novel and challenging situations throughout the long term, offering innovative products fit for the interest. It is a continuous trend, and dealers and agents are giving their all to fit the client’s needs in the market.

In the insurance business, trade secrets, classified data and significant thoughts are essential for the workforce knowledge. Recruiting, selecting, training, and overseeing insurance agents are genuine challenges for insurance organizations.

For larger organizations, insurance knowledge management also plays a part in their corporate communication & training. Another delicate ethical issue is the situation of insurance agents leaving their bosses to move to a contender insurance organization and are expected to bring as many clients as possible from the old manager.

In a new Hay Group study of 5000 leaders, 46% showed they hope to stay for only two to five years. The expense of this misfortune can be gigantic.

In most cases, the takeoff of only one sales supervisor could cost many euros because of the deficiency of essential deals and client knowledge. Besides, recruiting expenses lost productivity, and employee training to replacement can arrive at values above half of an employee’s salary.

Challenges Facing by the Insurance Industry

A few challenges the insurance industry faces can be resolved by using a centralized video content management system.

• Failure to delineate a client-driven business approach.

• Testing to coordinate vast measures of information decisively.

• Can’t give the perfect data at the ideal chance to customers coming about reduced consumer loyalty.

• Reduced speed of knowledge transfer process bringing about decreased workforce efficiencies and expanded training costs.

• Quickly changing regulatory or billing policies are difficult to adjust to with a static knowledge management framework.

• The knowledge management system is challenging to make, share, and oversee, assuming that the knowledge and data are incredibly intricate.

• Maybe more than in some other industries, the insurance providers are continually looking for ways of decreasing paperwork.

• Video knowledge management for insurance organizations lessens the vast assortments of paper applications and cases while further developing efficiencies.

• The insurance organization should use innovation as an essential strategy to prepare its representatives and customers with meaningful data at the right second. This produces lower costs, expanded efficiency, fulfilled patients, and better worker execution.

The advantages of knowledge management range the whole insurance value chain, from further developing agents’ efficiency with collaboration tools to lessening an opportunity to showcase new items.

Simultaneously, you increase consumer loyalty with self-service choices, laid out FAQs, and agents furnished with precise information to give the best solutions.

How Does VIDIZMO Solve the Challenges in the Knowledge Management Insurance Industry?

One of the main challenges faced by insurance companies, as discussed above, is knowledge transfer of retiring employees & onboarding of new employees.

Lucky for modern-day organizations, there is a generally versatile, savvy, and engaging medium to capture, record and preserve basic knowledge and skill from retiring agents.

Your organization can utilize video to rapidly and innovatively capture & manage knowledge, use it for progression training, and save it for the years to come. Despite its wide-ranging advantages for versatility, cost-saving, time-effective knowledge transfer, and engagement, video isn’t brutal to manage compared to documents.

Video requires specific skills to transfer, store, manage and distribute to a massive workforce in a unified, versatile, and cost-effective solution. Before considering video as your knowledge sharing system, you need to keep a few things in mind:

• Video files are of different formats

• It’ll take storage space on your servers,

• You’ll need too much Intranet bandwidth to stream

• It must be optimized for all devices

• How will you calculate video ROI or monitor user engagement?

• How to make the whole process of video-sharing & distribution secure?

Looking into all these factors, it’s best to opt for an online video streaming platform like VIDIZMO.

VIDIZMO EnterpriseTube is a complete video knowledge management platform that can be used to capture, upload, host, share, stream & organize your knowledge in the form of videos. It can be deployed on your company’s cloud, on-premises, or hybrid.

You can use the VIDIZMO enterprise video platform to:

• Make the recordings visible on any gadget, including cell phones and tablets.

• Support all recordings with consequently produced records and shut inscriptions.

• Relegate different client jobs and authorizations to various clients, limiting who can make, moderate, alter, distribute, view or offer substance.

• Alter recordings by managing the start, center, end or clasp longer recordings into more limited, microlearning recordings. 

• Incorporate quizzes in your video to make them captivating and intuitive.

• Make learning courses with scores, identifications, declarations, grades, positions, and lists of competitors, and establish a learning environment.

• Convey updates for representatives to see any unwatched recordings from their relegated recordings. 

• Direct live video instructional courses open to a few employees across the organization.

  
  

Case Study: VIDIZMO as Knowledge Management Platform

One of the most renowned insurance companies is using VIDIZMO for its internal knowledge base. The organization is generally perceived for its service greatness, supportability practices, trust, and uprightness.

They have been using this enterprise knowledge management system for years to manage, store & distribute their knowledge. 

Searching for a solution to safely transfer live and on-demand video, VIDIZMO empowered the organization to transfer recordings across their internal organization to empower communication and give training to their workers.

EnterpriseTube addressed their challenges by empowering them to safely transfer, manage, and impart recordings on an integrated platform to devices, such as quizzes for knowledge checks and access controls to guarantee protection and security.

If you're looking for insurance knowledge management for your company, let us help you.

Contact our team today to give you a free demo of VIDIZMO. We'd love to hear what you need & how can we help!