How Life Insurance Companies Can Use the PMO to Improve Outcomes of Agile Projects

The Agile approach used in software development helps projects respond to unpredictability.

What? Unpredictability?

Life insurance companies are founded on predictability! How can Agile work at insurance companies, the reigning rulers of predictability?

In an informal examination of multiple large life insurance provider websites, the following key words were found (multiple times/places):

  • Preserve
  • Long tradition
  • Security
  • Base for building
  • Permanent
  • Fixed
  • Deeply committed
  • Dependable

So how can we, as project managers and program managers, fuse the “traditional” insurance corporate cultures with Agile projects that are based on evolving, iterating and changing?

A PMO initiative can help manage the point where predictability has to meet unpredictability, and blend as peacefully as possible in the project world:

  • Work with project teams and vendors to ensure agile terms, practices and goals are understood and met
  • Instill a level of commitment for agile projects that meet and align with overall project goals
  • Help set up or enhance proper Agile governance for projects and vendors
  • Assure that all integration points between multiple projects are identified, efficient and manageable
  • Perform ongoing scope analysis while adhering to the Agile philosophy of shifting and reprioritizing as necessary
  • Initiate risk analysis and align with the Agile methodology
  • Provide long term, short term or interim leadership in overall project work and Agile core competencies
  • Supplement resources to help with project and business area gaps
  • Guide project managers, sponsors and stakeholders throughout the agile process and provide ownership and stability with this methodology
  • Keep a balance of traditional project reporting and documentation while managing everyday Agile shifts and changes

As daunting as it may be for “old school” companies, exposure to Agile projects is inevitable. Managing Agile in a predictable way allows insurance companies to understand what it will take to adapt to the Agile project mindset and advocate the change.

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