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Project management in insurance

Getting certified is a great way to change or advance your career in project management. Discover the certifications we would recommend if your chosen pathway is within the insurance industry.

Updated on: 13th November 2019

Talk to us today and let us demystify the steps you’ll need to take to effectively project manage in the insurance sector.

Firstly, we explain the two main certifications we suggest you consider for both beginners and the experienced.

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PRINCE2® (PRojects IN Controlled Environments)

This certification is a highly respected project management certification. It has become a minimum requirement for many management roles and can bring your CV to the top of the pile. This is a certification available to project managers of every level, including entry level.

With the key components of project management being time, cost, scope and quality, PRINCE2 provides a structured project management methodology that can be tailored to fit any size or type of project.

PRINCE2 contains six aspects also known as tolerances or performance goals. They quantify the project tolerance and are considered during decision-making processes.

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PMP (Project Management Professional)

The major benefit of this certification is that it’s truly global. A PMP certification can work in any industry, with any methodology and in any location. 

It is for professionals with a wealth of experience and with previous project management education (like the PRINCE2). It documents your ability to both speak and understand the worldwide language of project management to an extremely high standard. 

What does the PMP actually teach you?

The overview of the certification allows you to initiate, plan, execute, monitor and close a project this covers, but is not limited to the following areas.

  • Manage Projects for Strategic Alignment
  • Collect Requirements and Define Scope
  • Estimate Resources and Durations
  • Develop and Control the Schedule
  • Plan Project Quality
  • Perform Quality Assurance and Quality Control
  • Put Together the Team
  • Develop and Manage Your Team
  • Managing Project Communications
  • Identify, Analyse, Control and Plan risk
  • Manage and Plan Procurement

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How is this applied to the insurance sector?

Recent years have seen both laws and margins tighten within insurance, making it increasingly vital for the sector to operate more efficiently and effectively. Good project management in insurance will help the organisation retain customers and create new ones.

Risk is a major factor for insurance and identification, assessment, control and or mitigation will play a crucial part in maintaining profitability. 

Insurance is an ever changing world of both regulations and end user requirements, so with this in mind, flexibility is paramount. Efficient processes and innovative products will provide the competitive advantage over competing firms.

Knowing the basics and sticking to a particular certifications tried and tested frameworks will eliminate unnecessary and valuable time being wasted. Clear objectives with realistic and managed deadlines will streamline and new implementation whether it be software, products or processes.  

Next steps

If the insurance industry is your area of choice for your career pathway, getting a project management certification can open up amazing opportunities. Going from account handler to project manager will  see a massive wage increase and bring new challenges. Our career consultants will be able to offer personalised advice as to which certification is going to be best for you and your career goals. Get in touch and we can discuss your future today.