INTRODUCTION:

The client, a multi-line insurance company providing annuity, life, retirement, and group benefit products, engaged Capco to improve the agent and customer experience by reducing cycle times (averaging 6 days) and review touchpoints for new business. The client engaged Capco to stand up a new business review team with a two-pronged approach to redesign the new business review process and evaluate integration of suitability as an in-house function.

WHY NOW?

Client had experienced significant business volume increases coupled with TPA servicing challenges. This required a redesign of the process with an active engagement of their advisor network to demonstrate a commitment to change.

HOW WE DID IT:

Capco performed detailed new business reviews to test and refine the processes to reduce the initial application review performance, improve suitability/new business team’s optimal capacity, and ultimately better business outcomes.

• Based on timings and process analysis, recommended two paths:
  1. Continue the framework of the pilot simulation to integrate the new business and suitability review process in-house
  2. Optimize and address improvement opportunities with the existing vendor resource

WHAT WE DELIVERED:

IMPACT

• Successful initial pilot
• Reduced cycle time by 50% (averaging three days)
• Staffed team on an interim basis until client fully onboarded resources
• Trained and transitioned to client team

DELIVERABLES

• IGO matrix for the new business review to ensure the application was ready to proceed
• Process flows and timing analysis to streamline steps and bring function in-house.
• Provided an improvement metric for each area within the end-to-end new business review process