) |
Global financial services provider ING proactively seeks ways to
continuously improve its processes and customer service. ING’s U.S.
Insurance division was aware that its life insurance application cycle
times (from application submission to issue) were too long, and consequently,
that the placement rate (the number of approved applications
paid for by the applicant) with one of its national insurance
clients was falling short of expectations by approximately 5 percent....
Define
The project focused on one of ING’s largest distributors of life insurance products, a company that serves more than 140 independent insurance agencies throughout the United States. In 2007, the client submitted more than 2,000 policy applications, with a placement rate not meeting goals. ING’s market research department developed an online survey and polled several of the client’s affiliated general agencies (GAs) for their feedback. The response rate was good, with surveys being returned from more than 21 percent of the queried agencies.…Measure
Prior to the Kaizen, the team evaluated the client’s 2007 application cycle data; the client had submitted an average of 203 applications per month into ING Retail Life’s new business division. Eighteen percent of applications were submitted indirectly through the client’s business center, and 82 percent of applications were submitted directly to ING’s service center. Sixty-one percent of those incoming cases were handled through ING’s expedited processing system, which enables the company to expedite simpler cases such as segment term policies. The remaining 39 percent of cases were more complicated and required non-expedited processing. About half of the applications received came…Analyze
After touring the client’s business center, the group then developed a current-state value stream map to examine each process step and determine whether the step added value, as defined by the client. Steps were either identified as value added, non-value added or business-value added. (Businessvalue added is the concept of necessary waste – steps that do not add value but are required due to external conditions beyond ING’s control.)….Improve
During a brainstorming session, the team came up with more than 20 potential future-state ideas. This session allowed participants to design their optimal process. Among the numerous improvements identified during this phase were: • Routing more business/applications through the client’s business center • Having ING application case….Control
The improved process has been handed over to the business unit within ING Life Companies along with a detailed control plan and dashboards. As the final stage of the Control phase, ING has assigned a dedicated process owner to ensure that the new application and documentation procedures are consistently followed. ING continues to track this information and runs a control chart weekly to monitor the process.…Click here to view a sample page of this project example>>>>
View Shopping Cart
Recover Cart
