Sparx and Insurance Frameworks Release New Framework to Improve Insurance Business Processes

By Mandira Srivastava
TMCnet Contributor

With the global slowdown, insurance companies are under pressure to manage their profitability, risk and consumer loyalty in a challenging and ever-changing market. They are getting tough competition from other financial institutions and firms. Today, insurance companies need to re-invent themselves by adopting latest technologies to make their business model more secure and consumer friendly.

Sparx Systems (News - Alert) and Insurance Frameworks have collaborated to provide insurance companies with a new business framework designed to help them reduce costs while speeding up the planning, designing, and managing of organizations, processes and technology.

This new business framework comprises the Enterprise Business Framework (or Capability Map) and modeling software. Insurance Frameworks' offers these business resources (enterprise business frameworks) under the name Panorama 360.

These Enterprise Business Framework is a 400-page paper document converted into a digital format compatible with Sparx' flagship visual-modeling software, Enterprise Architect.

The Sparx Systems' software is a high performance and scalable visual modeling tool, designed to enable corporate planners and enterprise architects to customize the insurance-industry reference model to display the specific features of a specific company. This customized digital model can be modified and can be used to plan, design, develop and manage an organization’s processes and technology. Insurance Frameworks, meanwhile, is a provider of enterprise business architecture frameworks, capability maps, and business reference models for the insurance and wealth management industry.

Insurance Frameworks’ CEO Pierre Gagne said in a statement, “using the insurance business framework gives the company's development team a significant head start on any project. They don't need to re-invent the wheel - the basic insurance-sector functional and informational components are already in place. That speeds up the planning cycle, reduces costs and provides a pre-tested foundation for the entire planning, development and management processes.”