Hello there! As you know, the insurance industry hires a lot of business analysts and they are typically paid quite well. I've written a bit more about the insurance business analyst over here. However, in this article, I'd like to delve more into a specific type of insurance business analyst - the Ingenium business analyst.
Those of you who know the Ingenium platform will understand that it's a core insurance system platform that supports one of the largest insurance companies in the world. The folks out there who understand and know how to configure the system are, however, in short supply.
So, if you're skilled in Ingenium, good for you! There should be some plum roles out there for you to choose from.
In the following, I'll give you a bit of overview about Ingenium, then explain some of the best roles out in the market for those with this skill.
What are the best jobs for an Ingenium Business Analyst?
Ingenium refers to the core insurance system originally developed by a Canadian company called Solcorp. It had a good market in the US, selling several installations of Ingenium there back in the 1980s.
Ingenium was later acquired by Hewlett-Packard and eventually managed to sell itself into Asia, where one of the largest insurance companies signed up.
For many years, it was pretty successful and powered the life insurance operations of this company pretty well. In Asia, Ingenium did not manage to sell itself to many more clients, so it was (kind of) dependent on this ONE company for its survival.
Ingenium is a good platform and caters well to the life insurance business in general. But if you want to do deep customizations, e.g. to cater to local regulations, or launch a very special, non-standard product - then it takes quite a bit of effort to develop special, customized code.
This difficulty in customizing Ingenium is also why the company using Ingenium is considering replacing it's core insurance platform - to another more modern product.
However, in doing this replacement, you can imagine that Ingenium expertise is needed - so that the appropriate existing functionalities in Ingenium can be "migrated" over to the new platform.
And that, of course, creates a huge demand for Ingenium BAs.
Having understood the background of Ingenium, let's delve a bit into what are the best jobs for an Ingenium business analyst. In my opinion, here are the jobs I'd consider:
Let's look at each of these roles in turn.
Consulting Insurance Business Analyst. Consultancies like the Big 4 (PricewaterhouseCoopers, EY, Deloitte and KPMG) hire many insurance business analysts. They do a wide variety of interesting work, from strategy development to system implementation.
If you have Ingenium platform knowledge, you'll be well suited for roles in system implementation. Although you only know Ingenium specifically, you'd certainly have insurance industry knowledge to some extent and also some knowledge of general "modules" in an insurance system (e.g. New Business, Policy Servicing, Claims).
The Big 4 consultancies need people with this profile. In particular, they hire consultants to gather requirements and develop functional specifications for large-scale, multi-year core insurance system implementations. If you're interested, drop me a note here and I can point you in the right direction (e.g. for insurance consulting roles in Singapore and Southeast Asia).
Other than the Big 4, strategy houses like McKinsey, Bain and Company, as well as IT consultancies like IBM and Accenture hire many insurance domain staff. You can also consider smaller players like Cognizant, or Gap Gemini, who hire actively too, especially in Asia.
End-User Insurance Business Analyst. The other type of role you'd be suited for, given your Ingenium knowledge, is that of an end-user insurance business analyst. As at the time of this writing, I know of a large insurer in Asia who do need Ingenium business analysts to help with their core system implementation project.
Also, end-user BAs tend to be paid a bit better than in consultancies. Their work-life balance is also better - which is why "end-user" companies like AXA, AIA, Prudential, Zurich Insurance, etc. attract scores of BAs.
Software Vendor Insurance Business Analyst. There are many software companies specializing in the insurance industry. Some of the bigger players are CSC, eBaoTech (very active in Asia) and also Guidewire.
CSC, for example, is a global player and has software developed for almost all aspects of an insurance company. From underwriting, to claim analytics, to workflow and the core insurance value chain - they cover it all.
eBaoTech is a China-based company which has grown from strength to strength. They have a modern, web-based platform for core insurance, as well as sales platforms for agents and front-office staff. They are very popular in several parts of Asia.
Guidewire is huge in Australia and also the US. They have a very robust core insurance, claims as well as billing / collection offering and they're supported by a very strong delivery team.
Besides the above three, there are smaller insurance software firms to consider.
In my opinion, with your Ingenium knowledge, many of these software firms would want to hire you. They can deploy you on projects which require not just implementation of their software, but also areas like integration to a pre-existing Ingenium platform.
Case Study: In my firm (a consulting firm), our staff specialize in insurance strategy, operating model development and system implementation. Myself, I've been a project manager overseeing many "vendor selection" projects covering core insurance.
We identify the top insurance system vendors for our clients, and help them develop a framework and scoring mechanism to select the right vendor. We bring in the vendors to perform demos for our clients, and then help provide an objective view as to which vendor excels in which area. We round off our engagement with a full recommendation report and detailed vendor scores / analysis.
It's pretty fun work in my opinion, and usually we may then lead on to do some aspect of system implementation for our client, e.g. in requirements gathering or in testing.
If you decide to select a role related to insurance and what you've done previously with Ingenium, then one of the above three BA type roles will suit you well.
However, if you decide you want a different track, there are some options you can explore:
Sales. Like what I've described over here, someone with "content" based knowledge, e.g. an insurance system like Ingenium, can do very well as a sales person for insurance software.
Project Management. Another option is to transition into project management. If you've run with business analysis for a number of years, and find yourself wanting to lead teams and projects, a PM path may be for you. You can read more here.
Your Own Consultancy. I think one great option is to open your own consultancy. For example, if you specialize in Ingenium, it's likely you know about how Ingenium data tables are structured.
You can open a consultancy specializing in data migration from Ingenium into a new system. You could hire a couple of programmers who can develop stock interfaces to Ingenium and help insurance firms migrate data more easily into a new platform. I think they'd be big bucks there!
I hope the above has helped you understand more about what are some of the best jobs for an Ingenium business analyst. The options are many, from joining consultancies, end-user insurers and software firms as a BA, along with exploring other paths like sales, PM or your own firm.
That's all I have for now. Until next time, have fun researching more about insurance business analyst jobs! If you need more information, please feel free to email me by clicking here. I'd be glad to help.
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