The Brief
One of the largest Insurance company in the world had presence in more than 53 countries and wanted to leverage the best practices and reduce their cost by 30%, improve customer satisfaction by 10 points on their existing score of 81% plus bring about process improvemnts and automation to reduce cycle time
Background
Since the company was going through a consolidation, the client wanted to drive efficiencies without much disruption to their system, people and customers. We were invited to reconstruct the organisational structure and operations process to achieve their vision of 20/20
Challenges
- Global company with numerous local practices
- Varied processes for similar transactions
- Paper based processes
- Absence of automation and tools
- Varied people practices and policy misalignment
- Lack of analysis and data capture
Strategic Approach
- Commissioned a detailed process mapping
- Set goals on productivity and quality with KPI’s - introduced Balanced Scorecard
- Implemented an org structure based on the function type over geography - Center of Excellence model for efficacy and best practice sharing
- Conducted value stream mapping and reduced waste and repetitive tasks
- Introduced time sheets for better efficiency
- Introduced RPA (Robotic Process Automation)
- Introduced integrated CRM and cross-trained resources
- Provided a framework based on customer behaviour analysis for product development
- Introduced statistical models to capture driving habits for better pricing of premiums
Results and Impact
- Revenue increase by 11%
- Employee satisfaction up by 6%
- Multi country location for operations by leveraging timezone differences
- Cost Savings: $15-20 million annually (15-20%)
- Reduced Error Rates: 30% reduction
- Faster Time-to-Market: 25% reduction
- Improved Resource Utilisation: 20% improvement
- Reduced Compliance Incidents: 40% reduction
- Scalability: 30% increase in operations without additional cost
- Higher Customer Satisfaction: 15% increase
- Better Business Outcomes: 20% improvement in data-driven results
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