Finantrix’s Property and Casualty Insurance Business Capabilities model encompasses the essential functions that are a part of an insurance company in the property and casualty space. The insurance capabilities model captures the essence of what a P&C insurer does. The insurance capabilities are a comprehensive list of multi-level and granular business capabilities representing the end to end insurance value chain. The Property and Casualty Insurance business capabilities model is a must-have tool for insurance business and technology executives, business architects, enterprise architects, and project teams to understand the nuances of what matters and which in turn will make prudent transformation decisions.
What is in the Property and Casualty Insurance Business Capabilities Model?
The Property and Casualty Insurance business capability map includes the following formats:
- An Excel spreadsheet with the list of about 250 insurance capabilities. The spreadsheet also includes additional worksheets with templates to conduct a capability assessment as well as a template to map core associations.
- A PowerPoint format with the top three levels of the insurance capabilities represented in a nested visualization.
- A Word document with the list of insurance capabilities in a multilevel list format.
- BONUS: Business Capabilities Modeling Overview
The Property and Casualty Insurance Business Capability Model Use Cases
A business capabilities model is a foundational artifact in the business architecture continuum. The Finantrix Property and Casualty Insurance capabilities model captures and lists the end-to-end aspects of the Property and Casualty Insurance functions with a detailed, multi-level capabilities list.
The principal advantages of capability modeling include, among others:
- Capabilities act as a common language between business and technology and foster deeper alignment
- Capabilities work as a glue – a structurally sound and internally coherent abstraction of business functions.
- Business capabilities centric roadmaps eliminate the typical issues such as ambiguity, redundancy, and replication and focus on capability evolution
- Juxtaposing capabilities and systems/applications provides a footprint analysis and can lead to better application portfolio rationalization decisions.
Extract from the Property and Casualty Insurance Business Capability Map.
(The example below is a glimpse of the Property and Casualty Insurance business capabilities model.)
- Claims Management
- Loss Management
- First Notice of Loss (FNOL) Notification
- Multichannel Submission
- Agent Channel
- Online/Mobile Channel
- Call Center
- Loss Management
(There are several more pillars and additional details in multiple levels of granularity.)
The Property and Casualty Insurance business capabilities map is a decomposition of up to level two, three, and four as necessary.
Created by business architects and Property and Casualty Insurance domain experts, the Property and Casualty Insurance capabilities list is detailed, in-depth, and conforms to the construct of MECE (mutually exclusive and collectively exhaustive).
- As the Property and Casualty Insurance Business Capabilities Model is a digital product, Finantrix will not accept any returns
- Depending on the size and complexity of your firm, the functional areas and service lines, some or all of the capabilities may not be relevant to you.
- Consultants, who may wish to use the capability model at several clients, have different terms and price.
- Sold on an as-is basis and no warranties
- This sale does not include implementation help or support. If you need professional services assistance, please contact us.
- Please review our standard terms of service.
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What are Business Capabilities?
Business capabilities are an abstraction of the underlying business functionality and are an expression of what a business does and can do. Please go here for a more thorough listing of business capability definitions various industry experts and business architecture practitioners.
What are the benefits of Business Capabilities?
There are several benefits an insurance company can derive by practicing the core tenets of business architecture and capability mapping. Here are a few:
- Bridge the ever-widening business and IT chasm
- Execute your strategy effectively by linking capabilities to strategic pillars
- Identify gaps and white space opportunities
- Minimize replication and redundancy
- Avoid project silos by crafting future needs as capability-centric roadmaps
- Influence the backend IT enablement with clusters of capabilities which can form a business service
- Make vendors decisions based on more structurally sound building blocks of functionality
Will a generic business capability model fit our needs?
It is generic, but purpose-built for an insurance company in the property and casualty space encompassing core insurance functions and transactions. Hence, based on insurance lines, and the scope, breadth, and depth of services, somewhere between 60-90% of the Finantrix P&C insurance capabilities may fit your needs. Given this head start, you can accelerate the rest of the capabilities and have a customized insurance business capability model in a matter of days, not months and years.
Can we not build a P&C Capabilities Model on our own?
Of course, you can! However, the question is whether you should? About 75-90% of the capabilities will look similar to those of other insurance companies, with the rest of the divergence attributable to both stylistic and substantive reasons. So, why start from scratch and waste intellectual capital, time and effort on something that looks similar to many of the other insurance firms?
What if we already have a capability model?
Congratulations! You are well ahead of several of your peers in the P&C insurance sector. You may still find Finantrix P&C insurance capability model to cross-reference and plug the gaps in your design.
Who would use the P&C Insurance Business Capabilities Model?
- Business architects – for defining the insurer’s functions and abilities into a common language
- Enterprise Architects – as an input into overall enterprise architecture
- Product Managers – to define capability-centric product roadmaps and products as clusters of capabilities.
- Business Analysts and project managers – draft requirements anchored to capabilities, and manage a project as a way to evolve capabilities
- M&A Strategists – to identify capability gaps and create a corporate development plan to bridge the gaps
- Vendor management teams – use capabilities as building blocks to evaluate vendor functionality.
Why should we pay for a capability model when we can do it ourselves?
The cost of $999 for an enterprise license is about a) Steak dinner without wine for a small team; Or b) 3-hours of a moderately priced consultant’s time Or c) the occupancy cost of the conference room in a downtown setting over several sessions. Phew! Now, do you agree that the Finantrix property and casualty business capabilities map is rather the best deal in town? Yes, you are welcome!