Operational Efficiency in Action: How GreenKite Streamlines Insurance Processes
With new technology consistently knocking on the door sparkling in the eyes of our senior executive teams it is easy to forget that, despite it being sometimes the simplest of changes, streamlining of operational processes and removing the complications within our governance frameworks can be the changes that make some of the biggest impacts and drive efficiencies.
It’s often not until there is an operational incident that firms take the time to step back to look at full end to end processes and understand where the issues exist. With new system implementations, changes in regulation and changing client needs firms often make short term tactical fixes to solve issues, that become longstanding solutions that haven’t ever been fully considered.
One of our in-demand services at GreenKite is a short, independent engagement which provides a complete a capability assessment on a problem area for a client. This assessment considers each of the capabilities that are built into the firms operating model, takes a step back, and looks at the input of technology, data, people, process, partners and governance as a whole and highlights areas where improvements could be made.
One of our previous clients had an issue with many Bordereaux that hadn’t been processed and no resolution in sight. We completed several interviews with key members of staff, looked at historic data, reviewed their systems and held discussions with the third-party outsourcers and software providers. The key issue was not as the client originally thought, an issue in the third party solution but in fact was a failed attempt at automation by the client and a complete breakdown in the relationship with the third party outsourcing partner. This resulted in the bordereaux being incorrectly identified and the outsourcers being unable to resolve issues and therefore process Bordereaux. Some simple process changes and working alongside both the client and outsourcer
to build up their relationship led to a complete removal of the backlog within 6 months and a stronger relationship that held both the client and the outsourcers accountable and both parties becoming a true team.
Another example was a client who had significant turnover in their assurance team with 1/1 renewals fast approaching. Again, we were engaged to 1) determine what the current process was so that is can be followed by the new team and 2) identify any problem areas in process. Once we started our investigations it was clear that there were some heavily convoluted processes being completed by the team that were incredibly taxing on the operational staff. By working alongside the client to streamline their 20+ new business & renewal question set down to one combined, rationalised question set we managed to reduce the onboarding timelines, streamline the workload for the team and pro-actively support the commercial aspirations of the business.
Our people and the processes they run are often one of the most overlooked areas of the business but often it is the largest entry on the balance sheet. By making changes to the way the operation is working, often without the need for technological intervention or significant budgets, we can release FTE by making operational efficiencies, but we can also improve reputations in the market improving the way people do business with us. I, like everyone in the market, get excited by new technologies, introduction of AI and increased understanding of the usability of data but we should never forget that the key to an effective business is our people. Making sure they are operating in the most effective and efficient manner can drive more benefits to a business than the new technology ever could.
