Article 3 - Techniques Insurance Companies Need to Master for their Future

This is the 3rd of 3 short articles on what Insurance and Wealth Management organizations need to master to face the future. ?In this short article, we address the requirements and on-going management of your Enterprise and Business Architecture through the use of Business Capabilities. To reap the benefit, you need tools to support the evolution of your organization, processes and technologies. ?

The right tools you should have is a reflection of what you want it to do for you. Such tools facilitate enterprise wide traceability ensuring that your strategies are reflected in your operations. Tools will allow you to save time, save money and increase the quality in your projects and operations. Tools will allow you to create scenarios and assess impacts. Doing this manually is nearly impossible.?

If you have missed the 1st and 2nd articles that provide explanations and examples on how Business Capabilities is of critical importance in making strategies, developing business solutions and implementing them, you can read them on LinkedIn at:?

1. Read Article 1 of 3?

2. Read Article 2 of 3?

Business Capabilities are at the heart of your business. It is the DNA of what you do in your organization and it acts as a roadmap to plan, design, develop and manage organizations, processes and technology. Each organization has Business Capabilities, whether they are explicit expressed or implicit (not shared). ??

When they are implicit or not shared, Business Capabilities are not managed appropriately by everyone in the organization. When they are explicitly shared, it creates a common language and information structure for organizations to communicate. The organization is then managed on that basis and it creates alignment. It acts as a catalyst and accelerator for visualizing, innovating, transforming and/or improving how things get done within the organization. ?

In this article, we share what needs to be done to create a common enterprise language. The examples are based on the use of Insurance and Wealth Management Enterprise Capability Maps and Business Process Models contained in Panorama 360, as we did in the 1st and 2nd articles. We do this to provide continuity between the three articles. ?

You could use a model like Panorama 360 as your common language as is. Most insurance companies take that approach. You can also build your own set of Business Capabilities and use Panorama 360 to validate them. Or you can also build your own set and not validate it. The latter two approaches will have a greater cost and will require more time to develop. ?

1. Business Capability Map: https://youtu.be/lgCa8G3M7X4 ?
2. Managing Business Capability Evolution: https://youtu.be/7kJBGH3Zx5c?

The second video only shows a portion of what can be used from Panorama 360. We have added Business Processes, Value Streams, Business Metrics and Stakeholders to import in your modeling tools. If you want a sample of the complete import file, write to me.?

For more information on Panorama 360 Insurance and Wealth Management Business Frameworks, Process Models and Methodologies, go to www.InsuranceFrameworks.com.?

Best regards,

Pierre.Gagne@InsuranceFrameworks.com

+1 418 928 1271