Insights from The Lab

Month: January 2018


Lean principles in insurance and banking

Lean principles in insurance: Insurance process improvement with a Lean Six Sigma Transformation Project

If you’re running a life insurance business, there are only so many operating costs you can cut, right? Or there are only so many productivity gains you can wring from the resources you have left, right? Wrong. The very notion that you have to choose between reducing insurance operating costs and increasing productivity is what …

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How to reduce insurance operating costs

How to reduce insurance operating costs with lean claims transformation: Cost of claims control strategy implementation

Our previous article reviewed the claims leakage reduction project design requirements for an insurance claims transformation project. This article will discuss both the implementation and ongoing improvement, based on The Lab’s lean insurance claims experience with numerous insurance companies across the country. Just as important, we’re going to zero in on some important details, based on …

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How to reduce loss ratio in insurance

Insurance transformation projects: How to reduce insurance loss ratio and claims leakage with lean claims implementation

In our last blog post, we discussed the opportunity, and it’s massive, for successfully reducing insurance operating costs, claims severity, and claims leakage. In this article, we’re going to dive into deeper detail, again culling from real-life insurance transformation projects which The Lab has undertaken for numerous Fortune 500 companies and their claims operations nationwide …

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Improvements from Start-to-Finish

Since opening its doors in 1993, The Lab has helped some of the best companies in the world become even better.