Knowledge Management In Insurance
As Malaysia goes forward to its 2020 objectives of achieving developed nation status, it becomes inevitable that its economy becomes more established as a knowledgebased economy. The government has taken
significant steps in establishing knowledge platforms. However, at the individual company sector, there is still a great way to go in terms
of knowledge management and knowledge sharing. Significant achievement in knowledge
management needs both significant investment and significant shifts in corporate cultures. In this focus section, we look at the tangible benefits that can be attained through effective knowledge management and then go
on to looking at the roadblocks.
One of the major impediments is the corporate culture of individuals holding on to knowledge as a source of power within their organisations. Others are good at transmitting reports that certainly have knowledge in them but are not in a form that is easily understood, so no real sharing of knowledge happens. The insurance industry is not immune to this. In fact
in the insurance industry, the challenges for implementing effective knowledge systems are even more pronounced than other industries because of the recent consolidation amongst
insurers. We end this focus segment with a very interesting look at corporate storytelling, which imbeds emotion into the cold hard facts as a means of motivating staff to make the cultural changes needed for effective knowledge management and sharing.