Do you own a car ? If yes, do you know about the car insurance industry well enough ? If yes, do you know how they handle the claim process ? It always raise curiosity for many people including MBA students like us.
We are very fortunate that it happen to be our ICP Project this time. Car insurance industry is certainly an interesting subject to explore and study further. We all have learned during the class that there are two major ways really to increase profit / margin : increasing revenue and reducing cost. Car insurance might increase their premium and /or reducing their cost including the claim processing / payment.
We are happy as well that the geographical focus of this project is Eastern Europe with three specific countries : Poland, Czech and Russia. Due to limited time available and for the sake of efficiency we divided ourselves into two subteams. One sub team went to Poland and the other one went to Czech and handling Russia remotely as well. Both sub teams went to this countries at the same time to enable effective group work afterwards.
We spent a week in the market to gather perspectives from various players in the market ranging from insurance companies, experts, body shops, software suppliers and etc. We also tried to see the future trend in this industry. Initially we were a bit skeptical to get enough interviews. However at the end this seemingly difficult task could be completed above our own target as people in this 3 countries had been very receptive and helpful to our project. We enjoyed this field job a lot and it all came with the bonus to explore the visited cities / countries including its culinary and history !
Now we have another 2 weeks to go to do proper analysis and coming up with recommendations/conclusions. It will certainly be a fun time again for all of us and something to enjoy as it will be our last ICP before graduation !
By Herman Huang (representing ICP2 Group 15 comprising Mohamad Azlan Abdul Kadir, Khayyam Farzaliyev, Aswini Gauthama Sankar, Herman Huang, Emmanuel Salazar Bazan, and John Yoon)