BPMM-FIS (Business Process Maturity Model for Finance and Insurance Services) is a custom maturity model focused on improving business processes specifically within finance and insurance service organizations. It provides a framework for assessing an organization’s current process capabilities and establishing a roadmap to guide process improvement initiatives and help achieve higher maturity levels.
The Core Tenets of BPMM-FIS
- Customer-centricity – Keeping customer needs and satisfaction at the center of process improvements.
- Alignment – Ensuring processes are aligned with organizational goals and strategies.
- Measurement – Using metrics and benchmarks to assess process performance.
- Continuous improvement – Looking for ongoing ways to optimize processes.
- Collaboration – Encouraging cross-departmental coordination and teamwork.
Why BPMM-FIS is important to business consultants
BPMM-FIS offers consultants working with finance and insurance firms a tailored, industry-specific model for diagnosing areas needing improvement and providing a structured approach for boosting process maturity over time. Having an established methodology helps consultants quickly grasp client needs, identify gaps, and propose solutions tailored to the client’s current state and desired objectives. The model provides a common language and reference point for discussing process issues with various stakeholders. Consultants can leverage the maturity levels and core tenets of BPMM-FIS when making recommendations, allowing them to justify and explain suggested changes. Overall, having a standardized model designed for this vertical makes consultants more effective and impactful partners in driving process transformations.
Example of BPMM-FIS in Use
- A retail bank wants to improve its customer onboarding process. The consultant does an assessment using the BPMM-FIS levels and sees customer onboarding is currently at a Level 2 maturity. This shows processes are managed but siloed across departments. Using the BPMM-FIS framework, the consultant makes recommendations to implement cross-functional workflows, customer-focused metrics, and digital technologies to help move onboarding to a Level 4 maturity.
- An insurance firm needs help improving claims processing. The consultant’s BPMM-FIS evaluation reveals claims processes are inefficient and fragmented, rating only a Level 1 maturity. Applying the continuous improvement tenet of BPMM-FIS, the consultant works with the client to streamline hand-offs between teams, optimize Cycle Times, and implement automated claims management software to transition them to a Level 3 maturity level.
- A wealth management company wants to enhance client retention and growth. The consultant leverages BPMM-FIS to spotlight areas for improvement in client lifecycle processes from acquisition to servicing. Focusing on collaboration and customer-centricity tenets, the consultant helps design an omnichannel client experience combining relationship manager touchpoints with digital platforms to improve maturity level.
BPMM-FIS Synonyms
- Business Process Excellence Model for Financial Services: A framework with similar aims of elevating process capabilities in financial services organizations.
- Financial Services Process Improvement Roadmap: outlines progressive stages of process maturity aligned to the specifics of financial services companies.
- Process Maturity Ladder for Insurance: A maturity model tailored to boosting business processes within insurance companies.
BPMM-FIS Antonyms
- One-size-fits-all model: A maturity model designed generically without industry-specific customization.
- Unstructured process improvement: Ad hoc efforts to optimize processes without using an established maturity methodology.
- Individual process benchmarks: Metrics focused on discrete processes rather than overall process maturity across an organization.
Other Closely-Related Terms
- Process maturity: The extent to which an organization has defined, managed, measured, and continuously improved its business processes.
- Capability Maturity Model Integration (CMMI): A process improvement training and appraisal program administered by the CMMI Institute to boost maturity levels.
- Six Sigma: A data-driven approach using DMAIC (define, measure, analyze, improve, control) to reduce defects and variability in processes.
