Projects
Engaged Administrative Teams
Project Detail
Client: The Principal Financial Group®
Business Area: Life insurance administration
Opportunity: Streamline processes and improve performance efficiency of policy transactions for in-force individual life insurance
Findings: Arriving work was divided among individuals on three teams and completed by various due dates. Work time studies showed:
- Significant time spent tracking and managing work that averaged 3-5 min per task and could just be done immediately
- One team was over-staffed by 50%, and the other teams had excess capacity as well – Individuals were “pacing themselves” to complete their own work just-on-time to meet goals
Results:
- Reduced total process time for core tasks below LOMA median
- Reduced staffing by attrition by 28% and reduced cost per unit by 37%
