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The Problem:
Each business unit directly serviced internal and/or external customers and processed a similar mix of calls, transactions, faxes, and emails. Nevertheless, each business essentially operated as a silo, with organically grown processes, software applications, and tools. Additionally, back office business units often struggled to extract comprehensive management information from their enterprise systems, while the contact center had so much information that it was difficult to distinguish between essential and supporting data. This made it virtually impossible to measure front and back office performance in a consistent way, and executives lacked the operational KPIs and supporting set of business processes needed to address increasing costs and diminishing service levels.
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Solution:
The drive for operational performance improvement began as a single performance management initiative with the customer service department for individual insurance policies. Verint® began with process optimization, using a Six Sigma approach to evaluate existing processes and pinpoint component activities. Then, Verint implemented a new set of optimized processes aimed at streamlining steps, reducing costs, improving quality, and moving information more quickly through the system. Next, Verint Performance Management software measured the impact of these new processes. Improved analysis and reporting, including daily views of inventory and production by office, team, individual, or task, helped management identify weak spots, overcome problem areas, and reward top performers. The reports also provided workload hours by individual, revenue by sales office/underwriter, and turnaround time, enabling management to better assess sales effectiveness and home office responsiveness. As new processes were developed, Verint evaluated individual skill sets and provided performance training to assure proper implementation at all levels.
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Result:
Over a 4-year period, implementations completed in ten business units resulted in operational savings of $17,191,000, with 4:1 overall ROI (unit cost savings) and a company wide productivity increase from 50% to 80%. Group Sales and Underwriting realized a 33% reduction in RFP processing time and a subsequent 50% reduction in RFP turnaround time. The Individual Health Underwriting group reported a 45% reduction in online inventories. The net result has been significant improvement in the way the company does business and enhanced competitive standing in the industry. Additionally, existing investments in CRM software and other technologies, which previously produced little appreciable difference in operations, now deliver value on a daily basis.
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