In today’s digital age, insurance companies face the challenge of efficiently processing and utilizing the vast amount of information they generate and receive. With product lifecycles shortening and companies' survival depending on their ability to adapt rapidly, managing innovation is crucial. Effective management techniques and systems foster an environment conducive to tangible advancements, and this necessitates the effective mobilization of knowledge both within and outside the organization.

However, modern work paradigms such as telecommuting and geographical dispersion, coupled with the complexities of the labor market, pose challenges in creating, sharing, and retaining knowledge within businesses. In response, some companies have embarked on implementing knowledge management (KM) policies.

KM can be defined as the systematic and organized actions a company undertakes to extract greater value from its existing knowledge. Initially focused on document management, KM evolved in the 1980s and 1990s, notably in the United States, with advancements in training and the emergence of the Knowledge Manager role. The advent of the web and the Internet in the 2000s revolutionized data processing within internal and external documents. Legislative measures, such as the Planning for Employment and Skills (GPEC) law enacted on 18 January 2005, made KM mandatory for companies.

However, KM often takes a backseat in business transformation projects due to its perceived complexity and resource-intensive nature. Moreover, media and technology solution providers promote an optimistic vision of a data-driven future. This oversimplified perspective leads companies, including insurance firms, to disproportionately invest in data acquisition and storage solutions, overlooking the importance of human-centric approaches in deriving meaning from data.

The success of a KM project hinges on various factors, including administrative, organizational, human, technological, and procedural aspects. The insurance industry faces its own set of KM challenges, notably concerning employee turnover and the loss of valuable knowledge. High costs associated with hiring, training, and productivity losses underscore the importance of knowledge retention. Collecting and managing knowledge within insurance companies is essential, encompassing proprietary information, confidential data, and invaluable insights.

In this article, we will outline the fundamentals of knowledge management and its significance in the insurance domain. We will present the systematic review protocol and methodology, analyze the general findings, and assess the impact of technical advancements on the insurance industry vis-à-vis organizational dynamics. The focus on organizational and technological dimensions of knowledge management (KM) in this study is driven first of all by the context of the study within the Moroccan insurance sector. We have two primary considerations: the heightened sensitivity surrounding data security and the resistance to change within Moroccan insurance companies.

To implement knowledge management in your insurance company, follow these five steps:

1. Assess your current knowledge management practices: Start by evaluating your current knowledge management practices. Identify the strengths and weaknesses of your current system and determine what needs to be improved.

2. Develop a knowledge management strategy: Based on your assessment, develop a knowledge management strategy that aligns with your business goals. This strategy should include a plan for collecting, organizing, and sharing knowledge within your organization.

3. Implement a knowledge management system: Once you have a strategy in place, implement a knowledge management system that supports your goals. This system should include tools for capturing, storing, and sharing knowledge, as well as processes for updating and maintaining this knowledge.

4. Train your employees: To ensure the success of your knowledge management system, train your employees on how to use it effectively. This training should include best practices for capturing and sharing knowledge, as well as guidelines for maintaining data security and confidentiality.

5. Monitor and evaluate your system: Finally, monitor and evaluate your knowledge management system regularly to ensure that it is meeting your business goals. Use metrics such as employee engagement, productivity, and customer satisfaction to measure the effectiveness of your system.

By implementing knowledge management in your insurance company, you can improve your digital transformation and stay ahead of the competition. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Read the original article by Elgargouh, Younes, and published at MDPI for more insights on knowledge management in the insurance industry.