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%