Faster Process Improvements through Industry Frameworks

Over the last years, the industry has been witnessing an increase in business and IT strategic projects. Several companies in the financial industry are currently selecting or implementing new technology to replace or improve their existing systems. This trend is happening in all lines of business: P&C, Life, Banking, Credit Unions etc…

This is as a result of increased profitability, a better performance of the stock market and a change in demographics that has created a demand for improved services. In addition, companies fear to be left behind by the competition that leverages technology to their advantage. According to LOMA�s last Resource magazine issue, the top initiatives by financial institutions are focused on ease of doing business and making distribution faster and easier, at a lower cost. Price, products and commissions are all commodities but ease of doing business and execution is an open race.

In order to finish this race with the expected outcomes, organizations need to rethink their business models and their interactions with suppliers, distributors and customers. These strategic projects are not only about technology, but more about how technology is being used. Process improvement needs to become an intrinsic part of these technology implementation projects as opposed to an afterthought.

In the past, process improvement projects did not deliver the expected benefits to organizations. One of the major challenges when improving processes is to forget the existing processes and to solely focus on the new ones. It is difficult for company employees to erase from their minds what they may have been doing for the past twenty years, often because of the existing technology they use.

To assist in these endeavours, organizations are now relying on industry frameworks to guide them. These frameworks reflect best practices and provide templates that are used to redesign processes. In a recent project where NewLink was involved, the Vista™ Service Oriented Architecture – Enterprise Business Model was used to provide the initial functional templates and data structures to the project.

By using industry frameworks, our client redesigned their entire contract administration and customer servicing processes, plus developed all the business requirements to select new technology. It is our experience that process improvement or business requirement projects that use industry frameworks are completed in half the time it would normally take.

Using the Vista™ industry frameworks has saved significant time to projects and has freed resources earlier than expected allowing them to focus on other deliverables.

Last month, Desjardins Financial Security purchased a license to the Vista™ Service Oriented Architecture – Enterprise Business Model. This framework will assist them in redesigning their business processes. Vista™ will allow them to start process improvement and Business Process Management (BPM) projects with a �natural� model which provides the required information on what the business must always do, without contamination by �how we do it today�.

These are just two examples of how frameworks can be used. The Vista SOA Enterprise Business frameworks can be used for various types of projects:

  • Business and Application Architecture

  • Process Improvement

  • Systems Requirement

  • Data Warehouse

  • Knowledge Management

Over the years, NewLink developed a practical suite of industry frameworks, reference models and methodologies for P&C, Life, wealth management and banks. The suite is comprised of:

  • Vista Service Oriented Architecture – Enterprise Business Model

  • Vista Business Requirements Reference Models

  • CRM

  • Policy/Contract Management

  • Claims Management

  • Vista Merger and Acquisition Methodology

  • Vista Business Case Methodology

  • Vista Market Segmentation and Product Development Methodology

NewLink Group continues to invest in these best practices re-useable knowledge bases for the benefit of our clients.

NewLink Group are proud to serve the strategic needs of organizations in the Life & Health industry. For more information visit www.newlinkgroup.com.