Techniques Insurance Companies Need to Master for their Future

By Pierre Gagné, President, Insurance Frameworks Inc. —

This is the first of three short articles on what Insurance and Wealth Management companies need to master to face the future. This first short article covers the strategic aspects related to the industry.

I do not need to tell you that the financial industry has never been faced with so many changes. Therefore, there is a need for the industry to adopt new techniques and approaches that will facilitate and communicate the strategic decisions being made and ensure traceability throughout the organization.

Business Capabilities are the ONE constant linking business strategies, planning, designing, developing and managing organizations, processes and technology. From the executive’s desks to company operations, organizations adopting Business Capabilities as a common reference can significantly increase the certainty that strategies will be reflected in implementations, linking the whole organization and bridging the full value chain.

Whether they are used to define strategies, prepare projects, perform requirements modeling, improve processes or for ROI activities, Business Capabilities provide a clear scope definition of the targeted business vision, highlighting the context, facilitating decisions and increasing velocity. Here are examples of strategic situations where management will need to adopt new techniques to make the best use of their resources.

Digital Transformation
Managing Compliance and Risks
Capability Based Planning
Mergers and Acquisitions
Operational Risks Management

A sample of the Enterprise Business Capability Map that can be used in these cases can be downloaded here. Although this link gives you direct access to a PDF format of the Capability Map, in the third short article, we will discuss machine readable formats and how they support the evolution of your organization.

In the next short article, we will address the execution and implementation of decisions coming from the strategies, using a more granular view of the same Business Capabilities incorporated in Business Process Models. This will facilitate enterprise wide traceability ensuring that implementations reflect strategies and expected objectives. If you have any questions, do not hesitate to contact me directly.

About The Author

Pierre Gagné, accomplished global senior business architect and strategic consultant in insurance and wealth management. He is President of PSG and Insurance Frameworks. Over the last 40 years, he has been assisting insurance and wealth management companies in 10 countries, working with the business as well as with IT. He is regarded globally as a thought leader and dynamic practitioner who brings reason, clarity, and practicality to complex business strategies, architecture and business change.

About Insurance Frameworks Inc.

InsuranceFrameworks.com is a global reference centre for Insurance and Wealth Management. On this site, you will find information about Panorama 360 Enterprise Business Architecture Frameworks, Capability Map, Information Models, Business Process Models, Methodologies and Training.

SOURCE: Insurance Frameworks Inc.