Overview:

Process Redesign and implementation for a $1.5B Underwriter of Specialty and Program Property & Casualty Insurance

Business Issue:

In the property and casualty insurance market, effective processes had never been more crucial. To capitalize on new opportunities, this insurance company needed to centralize its approach to developing products and produce a consistent and efficient process to satisfy customers and provide timely, high-quality products.

Actions:

• Delivered an Operations Strategy that focused on the Product Development process within the Commercial Specialty division
• Implemented a streamlined process for product development
• Consolidated more than 25,000 products to a central electronic location to provide employees with easier access to and identification of all existing products

Results:

• Reduced the time required to develop a quality product by 25% on average and by as much as 70% for specific product development sub-processes
• Improved product quality by 15% to 25%