Financial Services Case Study

New business unit at Insurance company

Sales conversions rates lower than the industry norm

Applications process cycle times significantly reduced

The New Business processing department within a major Insurance and Financial Services provider

Sales conversion rates currently substantially lower than the industry norm
Need to release resources within New Business processing to carry out follow-up activity (pipeline management) on outstanding applications to help to address the conversion rate shortfall
Need to reduce department overtime
New Business applications processes to be simplified and streamlined as a means of releasing resources
A workload forecasting and planning tool required to balance workload to resources available and improve day to day management of the department

Established internal team to carry out detailed review of existing processes
Reviewed and critiqued existing process flows with department managers and staff
Carried out detailed evaluation of workload associated with applications processing and established standard times
Carried out re-engineering workshop programme to define new processes required to achieve the required resource re-allocation
Developed and executed implementation plans for all impacted areas
Constructed applications monthly / weekly / daily forecasting and planning model
Coached managers and staff in model construction and live use
Implemented new department structures in line with new process requirements
Carried out supervisor workshops to address behavioural issues within the department

New processes implemented, significantly reducing the applications process cycle times
Responsibility for individual applications processing greatly enhanced
Internal resource identified (25% of current dept. headcount) to carry out ‘pipeline management’ activity
Level of department overtime reduced
Achieved a major shift in attitudes amongst New Business supervisors