We introduce a novel model for the effective thermal conductivity of polycrystalline solids based on the thin-interface description of grain boundaries (GBs). In contrast to existing models, our new model treats a GB as an autonomous "phase" with its own thermal conductivity. The Kapitza resistance/conductance of a thin interface is then derived in terms of the interface thermal conductivity and width. In turn, the effective thermal conductivity of polycrystals is derived in terms of grain size, grain and GB conductivities, and GB width. This treatment allows the model to simulate the change of Kapitza resistance/conductance with segregation/doping, GB structure/phase transition, or GB decohesion. Moreover, since the model assumes a finite width for GBs, it is expected to give better predictions than its sharp-interface-based counterparts for nanoscale grains. The predictions of the new model deviate from the corresponding ones from existing models by 1-100% as the grain size approaches the GB width. High-fidelity finite-element simulations were conducted to validate the predictions of the new model. These simulations proved the higher accuracy of the new model. We also discuss how to generalize this treatment to other types of interfaces in heterogeneous materials. The advantages and limitations of the new model are summarized, and some future directions are highlighted.