How to Write a Useful Insurance Case Study

The insurance business is full of cases. Learning Insurance through such cases can be interesting, long lasting and easy to apply.

Some Likely Insurance Cases
An Insurance company gets a difficult claim situation and handles that to the satisfaction of both the parties, insured as well as the insurer. An underwriter applies some scientific technique to create a win-win situation and brings a good business for the company. A non-life Insurance Company uses certain patterns in data to effectively avoid certain type of frauds from happening. A Life Insurance Company develops alternative products and tests these alternatives by simulating on a market model to choose the product to be launched. An Insurance company introduces innovative distribution channel for some micro-insurance products that brought a turn around in the business. The list is endless.

Similarly, there may be some unpleasant cases also. For example, ignoring certain norms and getting caught under regulations, misjudging certain risk before insuring which resulted in huge loss to the company, implementing some project within the organization and not able to use that, denying claims resulting in bad reputation in the market, missing critical requirements in IT implementation project, wrong allocation of resources in IT project implementation, etc.

Writing a Case
Such experiences can be documented as cases that can be used in training Insurance professionals on various topics relevant to their work. Training through case studies aim at active participation from trainees. Trainer does not try to transfer the knowledge to trainees; instead he facilitates building the knowledge by the group of trainees. Instead of providing the solution, he makes participants search for solutions. A situation is looked at from different angles bringing much better clarity.

So, while writing a case study, it is necessary that the author remains focused. Do not combine too many concepts in one. Let trainees do that, if they want. Also, maintaining the relevance of the content to the Industry and the group of participants targeted is important. For example, if the case is related to underwriting of an Engineering project then bringing the organization structure of the Insurance Company in the case will spoil its focus. Sometimes, the writer starts with some interesting incidence and later put generic published data from different sources in the case. If those data were used in that incidence then it may be worth mentioning otherwise generic published data may be avoided.

Two very important components of a comprehensive case study are – Teaching note and Student note. Teaching note is for the trainer to get an idea about how the case can be used in the training. It may include various questions to be asked at different stages to shake the discussion, the positioning of various brain storming periods during case study, use of any additional teaching aid etc. Student note is for the participants to help them use the case in effective learning. This should focus on the sequence in which one can think, conceptualize, apply, practice etc. This component may also include recommendation of additional study material related to the case.

Thus, by documenting various experiences in the Insurance operation in the form of Cases and bu.