It is no secret that in the insurance industry, high turnover is a perennial and expensive problem.
In a recent study by Accenture, 90 technology executives in the financial services industry were asked how they expected technology investments to improve their competitiveness. 43% of them cited improving employee retention among their top three goals.
For AIA Singapore, their aspirations for their digital transformation plan go beyond just retaining employees. “We want to be the employer of choice in the financial services industry,” said Chiew Ai Chin, Chief Strategy Officer, AIA Singapore.
She explained that the company aims to lead the way in being a digitally-enabled insurer powered by data analytics. “We recognise that in order to achieve this goal, having the right tools – as well as the right talent to utilise these tools – are critical in this journey.” Hence, AIA enlisted the help of NUS-ISS to conduct the ‘NICF – Python for Data, Ops and Things’ course as a corporate class for its employees.
Held for a duration of ten days, the hands-on module provides learners with case studies to help them pick up skills they can then apply to solve real-world challenges. It presents participants with a practical approach to learning Python. Rather than covering the entire Python language, the course was designed to impart a firm foundation to the world of backend development.
Getting rid of the public enemy – IT silos and systems incompatibility
In the same Accenture study, it was found that a major roadblock insurance companies face during digital transformation was the lack of systems integration or compatibility.
As part of its transformation journey – which is to ensure seamless and robust data analytics and reporting across the company, AIA deployed Python to address the limitations of scalability and efficiency in its existing tools. It was also decided that Python would be adopted across the board as a unifying platform for data analytics work, Chiew said.
AIA wasted no time in arranging for training and development programmes in Python for the employees. “Within a short period of time, we had enabled a critical number of Python users that can support each other as we embark on our digital transformation,” she explained.
The training equipped employees from various departments to perform analytics on large datasets more efficiently. They are now able to automate repetitive process and tasks, freeing up time for more meaningful work. “In AIA, we have been actively implementing a shift away from slow and silo-ed legacy systems and processes. By making work easier and more intuitive for our employees, we hope to remove the unnecessary stress and frustration that they could have faced in the past,” Chiew said.
Making the journey from classroom to office a breeze
Based on an internal survey by AIA after the training was concluded, NUS-ISS course was well-received by the staff. “Of those who responded to the survey, all had indicated that the skills learned were useful for their work,” Chiew shared.
Most participants also indicated that the ability to automate workflows and manipulate large datasets were of great help in their daily workflow. As a life insurance company, AIA has extensive reporting requirements, some of which are to external parties. “Python allows us to access multiple data sources and process data in a timely fashion, in order to meet these requirements,” she added. For instance, the actuarial team could automate various reinsurance reporting workflows; and the marketing department also benefited from being able to automate the generation of corporate reports for the AIA Vitality programme.
Moreover, with the world becoming increasingly digitalised, businesses now require deeper analytical insights to assess and retain its competitiveness. “Python provides machine learning libraries for this function, thereby enabling our staff to perform such value-added work.”
On what sets NUS-ISS course apart from the others in the market, Chiew highlighted the comprehensive coverage of the Python topics in the syllabus. “Content on data analytics was especially useful for our employees,” she said.
The strong project component in the course curriculum was an important factor as well. Participants were given the chance to work on projects relevant to the business. “As a result of the practical learning they received, our staff were confident in applying what they have learnt once they returned to work. We were happy to see the immediate benefits of the training,” Chiew said lastly.
Click here for more information on the NICF - Python for Data, Ops and Things (SF) or here to view the suite of StackUp - Startup Tech Talent Development courses by NUS-ISS.