validus management consultancy UK

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