By closely integrating process optimization with overarching, cross-channel topics over a two-year period, a major international insurer was able to transform, streamline, and enhance all customer-facing processes for improved customer service and operations.
The insurance company, at first glance, seemed perfectly healthy: it was the market leader in its geography, covering property and casualty, life, and health segments. Indeed, to outside observers, the company seemed to be holding its own in a rapidly changing industry.
Behind the scenes, however, below-average performance across key measures, including customer satisfaction and productivity, threatened to undermine the company's competitive edge—and its ability to retain long-standing customers.
The company turned to BCG to find a way to reduce negative customer experiences and boost customer service measures across the board. Our experts guided the company through a large-scale transformation that involved all channels and segments and engaged approximately 20% of the company's total workforce.
BCG managed the end-to-end optimization of all process clusters and identified four overarching topics that were common to all processes. These topics were:
The transformational process required six 16-week waves of preparation and implementation.
BCG worked with the company’s management to set key targets and strategy, researched the customer journey, interviewed employees to identify pain points, and developed a baseline of negative customer experiences. We also created a company-specific tool kit of well-defined metrics to measure customer satisfaction and efficiency, integrated the assessment and documentation of all measures across each process group, and developed a project management office tool to track these measures centrally.
In the end, BCG helped this international insurer achieve outstanding customer service in record time while simultaneously streamlining operations. The effort achieved many goals, including: