Why COPs?

Insurance - - FEATURE -

COPs could have var­i­ous rea­sons for insurance in­dus­try play­ers to ap­ply, but the sim­plest and strong­est rea­son is prob­a­bly to ef­fec­tively share and de­velop skills and knowl­edge among em­ploy­ees with­out huge in­vest­ment (if COPs are well de­signed). The great­est ben­e­fit from an ef­fec­tive in­ter­nal COP is that it will en­cour­age knowl­edge to flow across the com­mu­nity, which of­ten spans across sev­eral di­vi­sions in the com­pany. This means that COPs will open up knowl­edge shar­ing and break down knowl­edge si­los that can of­ten oc­cur in hi­er­ar­chi­cal or­gan­i­sa­tions. COPs usu­ally do not re­quire sig­nif­i­cant in­vest­ment: you can form a COP as long as you have a cer­tain do­main and peo­ple who have pas­sion on the do­main. Many com­pa­nies have COPs in which the com­pany en­cour­ages par­tic­i­pants to help each other. For in­stance, one raises his/her fac­ing prob­lem and then another ad­vises or shares his/her own ex­pe­ri­ence. Other COPs merely give op­por­tu­ni­ties to ex­change best prac­tices on a com­mon sub­ject. In ad­di­tion, a re­la­tion­ship of trust be­tween em­ploy­ees nur­tured through COPs would con­trib­ute to in­creased em­ployee sat­is­fac­tion and, even­tu­ally, help re­tain a valu­able work­force, which is of­ten one of sev­eral key is­sues for the insurance in­dus­try. You can even form COPs to share com­mon skills and knowl­edge across your com­pany: among work­ers at var­i­ous SMEs to cre­ate a knowl­edge clus­ter. Some­times, COPs are also formed for ac­cel­er­at­ing in­no­va­tion. In this case, peo­ple from var­i­ous back­grounds get to­gether to dis­cuss and ex­per­i­ment with cer­tain ideas.

… COPs will open up knowl­edge shar­ing and break down knowl­edge si­los that can of­ten oc­cur in hi­er­ar­chi­cal or­gan­i­sa­tions. The great­est ben­e­fit from an ef­fec­tive in­ter­nal COP is that it will en­cour­age knowl­edge to flow across the com­mu­nity, which of­ten spans across sev­eral di­vi­sions in the com­pany.

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