Consulting & Talent Management
for Insurance and Financial Services
Digital Business Transformation Practice
For the past few years, an increasing number of insurance and financial services organizations have been exploring digital business transformation (DBT), prompted in no small part by the digital disruption of InsurTech and FinTech.
However, the sudden occurrence of COVID-19 has ushered in unprecedented DBT urgency and has put the need to identify and acquire the critical capabilities for sustainable competitive advantage into hyperdrive.
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To support each client's DBT initiative, i4 Insurance Talent offers a customizable DBT practice (i4DBT©) whose major features and core components are summarized below.
i4DBT© Major Features
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configurable and customizable
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futurecasting
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virtual collaboration
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location independence of business behaviors and the human resources required to govern, execute, and support those behaviors
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business ecosystem mathematical modeling and simulation
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hyperautomation
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business behavior mathematical modeling and simulation
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self-regulated learning driven by AI embeddings
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strategic business partnering
i4 Insurance Talent also has a DBT Talent Pool available to support our clients' business transformation initiatives.
i4DBT© Core Components
i4DBT© is a highly configurable DBT practice which includes both core and optional components. i4DBT© can be readily customized to fit specific clients needs and can accommodate elements of most existing business transformation management methodologies if one is already in client use. Conversely, components from i4DBT© can be used to augment an existing business transformation management methodology if one has already adopted by the client.
The core components of i4DBT© are Business Ecosystem Mathematical Modeling, Business Performance Mathematical Modeling, Business Behavior Mathematical Modeling, Strategic Business Partnering, and Business Transformation Delivery. An overview of each core component follows.
Business Ecosystem Mathematical Modeling
Business Ecosystem Mathematical Modeling (BEMM) discovers, as well as expresses, both graphically and mathematically, the motivation, stimuli, intent, roles, and value exchanges of the business within its industry.
BEMM model behavior can be simulated to both deepen understanding and measure business performance when the business is subjected to any number of risk scenarios including political, economic, social, and environmental crises.
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The aim here is to define, express, understand, and confirm how a business ecosystem of interest, whether existing or futurecasted, actually behaves under various conditions. This understanding reveals where the enterprise should play in its business ecosystem as the ecosystem changes and evolves, as well as how the business can influence ecosystem behavior to its competitive advantage.
Business Performance Mathematical Modeling
Business Performance Mathematical Modeling (BPMM) discovers, as well as expresses, both graphically and mathematically, critical success factors (CSFs) plus key performance indicators (KPIs) with associated key risk indicators (KRIs) of the business across a sequence of event and/or time horizons.
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Each CSF, KPI, and KRI should trace to corresponding elements produced from Business Ecosystem Mathematical Modeling.
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The aim here is to determine success measures and metrics, e.g. CSFs, KPIs, etc. that drive the discovery of desired, quantitative business behaviors to be achieved with tolerable risk.
Business Behavior Mathematical Modeling
Business Behavior Mathematical Modeling (BBMM) takes the outputs of BEMM and BPMM and then discovers, as well as expresses, both graphically and mathematically, all business behavior of interest, including operational, support, and governance.
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BBMM includes semanticized mathematical models for business insight to permit the discovery and immediate infusion of as much automated decision-making intelligence into the business model as the business case permits.
The aim here is to determine a complete business behavior model that:
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realizes the BEMM value exchanges
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is driven by BPMM's success metrics and risk tolerances, e.g. CSFs, KPIs, and KRIs
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is fully automatable across all layers of business behavior, i.e. operations, support and governance
Strategic Business Partnering
Strategic Business Partnering uses the outputs of BEMM, BPMM, and BBMM, to identify and establish relationships with strategic partners whose core competencies, although of critical importance, should be external to the business.
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The aim here is to identify, acquire, and retain strategic business partners. A strategic business partner plays at least one ecosystem role whose value exchanges with the business are essential to create, incentivize, and/or satisfy customer demand.
A key support partner here is one who works closely with the business to acquire business transformation talent. Such a partner:
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should have first hand experience with business transformation initiatives in your organization’s industry
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should have deep understanding of your organization’s approach to business transformation
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should maintain a large network of proven talent needed to support your organization's digital business transformation initiative plus its transformed business model.
Business Transformation Delivery
Business Transformation Delivery defines a multi-faceted roadmap that is powered by a cohesive series of programs and constituent projects whose aim is to transition the business from its current state to its target business model.
This roadmap lays out the transformation of all key business elements, e.g. market position and value proposition, products, capabilities, strategic partnerships, business behaviors, organization structure, resources, etc. all achieved across a sequence of event and/or time horizons.
The aim here is to provide a well-defined, well-orchestrated path that progressively transitions the business model to its transformed state in a manageable, coherent, and pragmatic way.
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Please email Jeff Egglestone at jeff.egglestone@i4insurancetalent.com to request a meeting to discuss your digital business transformation needs.