Life Insurance

Capabilities Model

https://www.finantrix.com/product/life-insurance-business-capability-model/
Transformation is a
strategic imperative
for Life Insurers

Several factors are

contributing to the
shift.
Bridge the Strategy to
Execution Gap.

Business Capabilities are

a Structural Blueprint of
an enterprise. They
capture the Essence of
What a Business Does.
 Life Insurance Business Capabilities Map Level 1

1. Product Development 2. Sales and Distribution 3. Underwriting and

and Management Management Risk Management

4. Policy
5. Claims 6. Investment
Administration and
Management Management
Servicing

8. Regulatory Compliance
7. Finance and Accounting
and Legal

9. Human Resources and 10. Information Technology

11. Business Management
Talent Management and Digital Transformation

2023 PRESENTATION TITLE 4

 Life Insurance Business Capabilities Map Level 1 AND 2
1. Product Development and Management 7. Finance and Accounting
Market Research and Product Design and Product Launch and Product Lifecycle Financial Planning and Financial Controls and Tax Management and Financial Audits and
Analysis Pricing Promotion Management Analysis Governance Compliance Reviews
Product Performance Monitoring Financial Reporting and Accounts Receivable and Payable General Ledger and Chart of
Product Testing and Validation Product Portfolio Management
and Reporting Consolidation Management Accounts Management

2. Sales and Distribution Management 8. Regulatory Compliance and Legal

Sales Process Management Broker and Agent Management Sales Training and Enablement Compliance Program Legal Advisory and Contract Management Intellectual Property
Management Support and Review Management
Fintech Partnerships and Channel Strategy and Lead Generation and
Regulatory Reporting and Litigation Management and Corporate Governance and
Ecosystem Development Development Management
Monitoring Support Secretarial Services
Sales Performance Analytics and Distributor Compensation and
Agent Relationship Management
Reporting Incentives
9. Human Resources and Talent Management
3. Underwriting and Risk Management Talent Acquisition and
Risk Assessment and
Analysis
Policy Pricing and
Quotation
Nested Visualization of two levels.
Reinsurance
Management
Risk Monitoring and
Mitigation
Workforce Planning and Analytics

Performance Management and

Onboarding
Employee Engagement and
Learning and Development

Succession Planning and Talent

Underwriting Decision and Compensation Retention Mobility
Application and Data Collection Portfolio Analysis and Reporting
Approval HR Operations and
HR Policies and Compliance Diversity, Equity, and Inclusion
Administration
4. Policy Administration and Servicing
Policy Issuance and
Documentation
Policy
Conversions
Decomposition to third level is
Policy Renewals
and Cancellations
Policyholder Data
Management
Premium Billing
and Collection
10. Information Technology and Digital Transformation
Application Development and
Policy Changes and Endorsements
Support included for additional granularity.
Policyholder Communication and Customer Experience and
Satisfaction
IT Strategy and Governance

Data Management and Analytics

IT Infrastructure and Operations

Cybersecurity and Risk

Maintenance
IT Vendor and Contract
Management Management
5. Claims Management
Claims Intake and Claims Decision and Claims Payment Subrogation and Digital Transformation and IT Project and Portfolio IT Service Management and
Notification Settlement Processing Recovery Innovation Management Support
Claims Investigation and Claims Fraud Detection and Claims Performance Analytics and
Assessment Prevention Reporting 11. Business Management
Research, Development, and Business Operations
Strategic Planning
6. Investment Management Innovation Management
Investment Strategy and Portfolio Management Asset Acquisition and Risk Management and Enterprise and Business Supply Chain/Logistics
Corporate Marketing
Planning and Allocation Disposition Compliance Architecture Management
Investment Performance Investment Operations and External Investment Manager Enterprise Legal, Risk, and Compliance
Project Management and Solution Delivery
Monitoring and Reporting Administration Relationship Management Management

2023 PRESENTATION TITLE 5

Value of Business Capabilities:

•Foster alignment between

business and IT.

•A Capability-anchored
Transformation Roadmap
eliminates redundancy and
focuses on capability evolution

•Juxtaposing capabilities and

systems/applications provide a
footprint analysis for optimization.

•And so much more.

Business Capabilities Map
Snapshot:

• About 695 Capabilities

decomposed into Three Levels.

• Capability Definitions

• KPIs aligned to Capabilities.

• Editable PowerPoint, Excel, and

Word Formats.

And bonus files.

TO PURCHASE THE CAPABILITY MAP VISIT:

https://www.finantrix.com/product/life-
insurance-business-capability-model/

20XX PRESENTATION TITLE 8