Posted October 12, 2017 by AJ Horne
Australian financial services companies could be bearing unnecessary cost and risk associated with fulfilling customer transactions and requests through outdated operating models and systems.
Many of the organisations we talk to admit to having unnecessarily complex, manual processes. These are often the result of a number of factors: disjointed legacy platforms, organisational siloes, and an inward-looking approach to designing processes.
This can have a significant impact on your organisation’s performance and your ability to deliver the experience your customers expect. It can take more people, more time, and more resources to fulfill even the simplest customer requests or transactions. The more people involved and the more manual your processes, the more handoffs you will likely have in your processes, and as a result, the higher the risk of errors.
The inability to easily access robust data and analytics can also make it more difficult to measure and improve operational performance.
And of course, the more effort your customers have to put in and the longer it takes to fulfill their transaction or request, the less satisfied they are likely to be.
Based on our experience in working with life insurance companies in Australia and around the world, we mapped out the processes the average life insurance company would have to fulfill a common transaction: a customer requesting an increase to their life insurance cover. What emerged was concerning. A preponderance of paper forms moving backwards and forwards between the policyholder, a myriad of internal teams, and external constituents. The time to complete the transaction was months – time when the policyholder didn’t have suitable coverage for her changed circumstances, and time the insurer wasn’t collecting a higher premium.
We then reimagined what that process could look like if we were to design it around the customer journey and enable it with an end-to-end digital operating platform. Not surprisingly, we found that we could significantly reduce the number of steps and manual handoffs in the process, reduce the amount of customer effort required to provide necessary information, and drastically improve turnaround time to complete the transaction. A great result for the customer and a great result for the life insurer.
Though a combination of global experience, local knowledge, and a broad range of solutions, DST can help you to improve your operations and achieve operational excellence. The capabilities we offer include:
If you think your processes and systems are costing your business time, effort, and customers, contact us to discuss how we can help you achieve operational excellence.
The views expressed in this publication are solely those of the author and do not necessarily reflect the position or policy of DST Systems, Inc. or its affiliates, subsidiaries, joint ventures, officers, directors, or management.