Insights from The Lab

Operational Efficiency

Category: Operational Efficiency


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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Lean for Financial Services: An Enterprise-Wide Consumer Lending Transformation

This financial services case study tells the story of a leading loan originator and servicer of student loans in the U.S. In this instance, their mandate to transform the entire enterprise to lean operations did not come from the board room. It came from Congress.

It needed to make major lean transformation commitments. And it needed to accomplish them in just 12 months. Cue The Lab Consulting

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Lean Contact Center Transformation: Reducing Cost Per Call by Improving Efficiency

In this case study, we’re diving into the deep details of a lean six sigma call center project.

The goal was to improve call center efficiency while decreasing cost per call in the bank’s personal, private, and business banking segments. The processes of contact-center reps and support teams—spanning 1,700 employees in five different countries—would all be scrutinized in order to effect this lean call center transformation. That’s where The Lab comes in.

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Retail Branch Transformation: a Lean Banking Implementation Case Study

This case study is all about making a lean transformation in operations across the banking enterprise.

The bank in this story is the American division of a Top 3  bank in Canada. The operations that needed help spanned eight states across the northeastern U.S.—a network of 700 branches. The bank was under pressure to transform. Competition was encroaching, in the form of larger money-center banks, electronic banking alternatives, and aggressive new upstarts: non-bank lenders.

This is precisely why a management committee, helmed by the bank’s chairman, got in touch with The Lab. They needed to achieve a lean transformation in short order so they could stay competitive.

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Improvements from Start-to-Finish

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