Overview:

Process Redesign and implementation of core submission to issue process for a Large Commercial Lines Property & Casualty Carrier

Business Issue:

This Commercial Lines Group had set a goal to deliver even better customer service and make it easier for customers to do business with them while continuing to offer extremely competitive prices.

Actions:

• Conducted a business process optimization across the entire value chain from Submission to Issuance focusing on improving productivity
• Developed recommendations to allow for faster, high-quality growth and more rapid premium growth, reduce the cost of operations, and afford continued competitive pricing
• Implemented work teams, office organization structure, standard operating procedures, underwriter workstations, and compensation plans for 1,500 employees at 18 branches in 18 months

Results:

• Realized annual cost savings of $200 million over 5 years
• Increased responsiveness to brokers and agents by improving turnaround time by 75%
• Increased productivity by 25% by using a team approach