Finance Case Studies

A Japanese division of one of the largest insurance providers engaged Trindent to improve productivity and implement effective management processes.

HOW WE MADE IT HAPPEN

Upgraded the customer error reduction program, leading to a significantly improved customer experience:

• Implemented an error reduction program to analyze and eliminate errors on customer submitted documents reducing errors by 50%.
• Identified alternate mail methods for documents returned to customers based on risk of error.

Improved reporting and management systems:

• Installed area and team dashboards.
• Implemented early warning management system to immediately identify variances to plan and enable management to take corrective action Installed short-interval feedback mechanism to drive performance accountability throughout all levels of staff.

Implemented ‘Straight Through’ processing:

• Consolidated and processing across teams and implemented ‘Straight Through’ processing strategies across the business, saving over 25,000 hours per year Implemented workload balancing tools which contributed to 21% reduction in labor costs.
• Developed a risk profile and eliminated multiple checks according to process risk level.

“The Trindent team immediately built relationships with our local staff enabling them to get to the root cause of issues and quickly solve business problems. As we continue to proceed with the implementation of our global gold standard, we consider the Trindent team an important business partner.”

– Vice President, Asia

An insurance market leader in Korea, seeking to improve its competitive position in Thailand and China engaged Trindent to perform an operations efficiency turnaround at one of its business divisions based in Bangkok, Thailand. The client aimed to raise service levels and decrease costs.

HOW WE MADE IT HAPPEN

• Improved customer service productivity services by over 20%: cross-training service teams, introductory enquiry categories for the majority of inbound calls, routed calls to most skilled available CSR, balanced workload between teams.
• Improved cash remittance ratio by encouraging new customers to remit by pre-authorized payment.
• Installed real-time dashboards that measured and controlled productivity, quality, speed, error rates and backlog.
• Enhanced claims assessment process to route inbound claims to the assessors with the correct authority limits and experience levels.
• Classified claims cases as quick versus complex and ensured processing with the appropriate level of assessment.
• Eliminated unnecessary actuarial verification activities for key loan and policy surrender processes.
• Improved collections performance in group insurance business by issuing timely correspondence regarding failed pre-authorized payments, helping reduce unrealized premium losses by 67%.
• Designed resource-planning tools to estimate future staffing levels based on forecasted work volumes.
• Coached and transformed front-line supervisors to actively manage.

“Trindent contributed deep subject matter expertise in a straightforward fashion despite the cultural complexities and linguistic barriers at hand. What was most impressive is that the reporting tools were deployed within a period of only 9 weeks – with no IT investments. It is my hope that this management system becomes the corporate standard for how operational effectiveness is assessed across our division”

– Executive Vice President