Optimizing Operations: Efficiency Strategies in the Quality Unit of an Insurance Banking Division.

Optimizing Operations: Efficiency Strategies in the Quality Unit of an Insurance Banking Division

The fourth largest private banking group in Spain, made up of different banks, brands, subsidiaries and investee companies covering all areas of the financial business. One of its divisions is dedicated to the marketing insurance and reinsurance. It includes the Quality and Continuous Improvement Unit, responsible for managing complaints about claims or service requests that have not been performed in accordance with the service customer expectations.

Challenge

Improve the Unit's operational efficiency by addressing existing processes and operations without increasing the size of the department.

Solution

Develop an Operational Efficiency Plan for the Quality Unit with the aim of reducing demand that did not fall within the Unit's management scope and increasing the capacity of the work team. To this end, the following levers and opportunities for improvement were identified: - Processes: reduce complaint processing times; - People: adapt profiles to tasks and identify training needs; - Quality management: provide a quality monitoring tool provided by the Unit; - Information management: establish the necessary indicators for operational monitoring and introduce an agile tool to analyze the Unit's demand and capacity.

Result

Thanks to this collaboration, the backlog of pending claims (work in progess - WIP) was reduced by 20% in just 15 days and productivity doubled by increasing the number of closed operations.

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