New competitive weapons in the insurance business: Insurance component business modeling

In an environment of increasingly intense competition for consumer mind- and wallet-share, insurers are seeking innovative ways to successfully retain and increase market share and grow profitably.

New approaches for achieving business objectives and transforming processes and culture are showing real promise for the insurance industry. These approaches are based on component business modeling (CBM), a new way to analyze the business and determine when and where resources should be focused based on where the real value resides.

This emerging design methodology and associated tools are being used successfully to rethink fundamentals and introduce profound change. Leaders in the industry who are embracing a CBM-assisted transformation are capitalizing on core competencies, realizing major productivity improvements and significantly reducing costs.

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