Needham, Mass. - U.S. insurers may face a tough road to better aligning business processes, data, and content to help to drive more profitable, competitive, and differentiated services for growth, but as insurers advance their capabilities, the demands for straight-through processing will drive them toward more open business architectures that will help produce reusable assets, services, and business modules.
New research from TowerGroup asserts that a solid business architecture provides the blueprint for an insurer to build its business around core value areas. The insurers that can holistically view and redefine their business architecture will be better able to move from focusing solely on cost containment to focusing on differentiation and growth. A new TowerGroup report titled, "Business Architecture: Aligning Process, Content, and Data to Enhance Profitability" by Cynthia Saccocia, a director in the Insurance research service at TowerGroup, Needham, Mass., seeks to establish a better understanding of how business architecture can help insurers chart a new road map toward improved earnings and stronger returns on capital.
In the report, Saccocia examines three key areas: technology enablers; the role of process, content, and data; and how business architectures are defined.
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