Product Description

The Life Insurance Value Streams comprise all the major value streams typical in a life insurance firm. The Life Insurance Value Streams are an essential and integral part of business architecture, and instead of starting from scratch, our pre-built deliverable jumpstarts the process, accelerating time to value.

(As the Life Insurance Value Streams is a digital deliverable, we do not accept returns or issue refunds. Please read the product description carefully before purchasing.)

Life Insurance Value Streams Deliverable:

• A set of 35 value streams detailed the value chain’s core/primary and secondary activities.
• The value streams are decomposed into one step of high-level detail.
• Bonus File: Value Streams Guide

Enterprise and Business Architects can use the Life Insurance value streams as a springboard and customize them to the needs of their enterprise.

(Note: While we reference business capabilities, journey maps, and process maps, please realize that this product pertains to only the value streams. We offer other products which span business capabilities. Furthermore, the value streams are in simple PowerPoint format and are editable.)

Life Insurance Value Streams:

Value Streams, in the context of business architecture, are the sequential activities an organization performs to deliver a valuable product or service to its customers. This concept, derived from lean management, allows for the visualization and optimization of the flow of information, materials, and services from the initial request to final delivery. Value Streams foster a comprehensive understanding of the business, focusing on creating value across the organization while reducing waste.

Business Capabilities and Value Streams function as the Yin and Yang of business architecture. Business Capabilities represent what a business does – the inherent abilities it must have to carry out its mission. These are stable, strategic constructs that define the potential of the organization. Value Streams, conversely, show how an organization applies its capabilities to deliver value to customers. Together, they provide a complete view of the business, balancing the static (capabilities) with the dynamic (value streams) and aligning strategic intent with operational realities.

Value Streams are crucial in the life insurance industry due to their complexity, regulatory environment, and significant customer touchpoints. They allow life insurers to understand and visualize the flow of value from policy origination to claims payout. This holistic view aids in identifying inefficiencies, redundancies, and bottlenecks, thus improving service quality, reducing costs, and enhancing customer satisfaction.

Life insurance companies can leverage Value Streams in numerous ways. They can be used to design and optimize processes such as policy origination, underwriting, claims processing, and customer service. For instance, by mapping the ‘Claims Processing’ value stream, insurers can identify steps that add minimal or no value to the process, such as redundant paperwork, and strive to automate or eliminate them. They can also provide valuable insights for strategic decision-making, such as understanding the impact of new regulations or technologies on existing value streams and designing new ones for innovative products or services.

Lastly, Value Streams also form the foundation for documenting detailed process maps and customer journey maps. Starting with a high-level value stream, business architects can drill down into more detailed process maps, outlining the specific steps, roles, systems, and data involved in each activity of the value stream. Similarly, customer journey maps can be constructed by overlaying the customer’s interactions and experiences onto the value stream. This method ensures alignment of process and customer journey maps with the overall flow of value, providing a consistent and integrated view of the business.

Our consultants and business architects with years of experience in business architecture, process consulting, and transformation strategy created the business architecture value streams. Use it as a starting point to customize them to your enterprise needs.

How to Use Value Streams Deliverables:

• We strive to provide a generic and representative straw model Value Streams typical to an industry. However, as each firm differs, the specific steps in a value stream may differ – sometimes marginally and sometimes substantially. Business architects and process experts must use the deliverable as a springboard and customize it to each company’s unique needs.
• After tailoring the value streams to reflect the internal reality of your business flows, business architects can leverage the value streams to cross-map with business capabilities, detailed process maps, customer journey maps, and other artifacts to glean insight and understand the footprint and relationships between these entities.
• The value streams can be a basis for detailing the processes with additional information (actors, actions, data, systems, etc.) and crafting customer journey maps.

Stipulations:

• We sell digital products, so Finantrix will not accept returns, refunds, or replacements. Therefore, please review the product description carefully before making a purchasing decision.
• Depending on the various factors specific to your firm, the content and coverage may or may not apply to your situation.
• Consultants, who may wish to use the templates and deliverables for several clients, have different terms and prices.
• 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 get in touch with us.
• Please review our standard terms of service.