Project Summaries

Engaged Administrative Teams

Engaged Administrative Teams

Project Details

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%
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