An agile portfolio management model for the insurance sector: the APMI model
Keywords:agile, portfolio management, insurance industry, strategic planning
Nowadays, the increasing uncertainty and instability make it crucial for traditional companies to become more agile and able to act fast on consumer needs and expectations. Therefore, many insurance companies are seeking to increasingly adopt Agile practices to become more effective, faster, and leaner in their critical processes. On the other hand, several companies are strengthening their planning methodologies by implementing Portfolio Management models. These models enable them to manage their initiatives in a more integrated and efficient manner that is strategically aligned, minimizes complexity, and provides higher flexibility when responding to uncertainty. Given the limited scientific knowledge in combining Agile and Portfolio Management (PfM), particularly in the insurance industry, a new Agile Portfolio Management (APfM) model, the APMI – Agile Portfolio Management for insurers was designed and tested, showing how Agile and PfM international practices can be conciliated with current insurance industry-specific practices. Results revealed a high satisfaction level with the model implementation, indicating that the proposed model can foster a greater strategic alignment, increase the organization’s strategic focus, promote transversal alignment and visibility, and support the organization’s capacity coordination.