Insights from The Lab

Reducing Insurance Operating Costs

Category : Reducing Insurance Operating Costs

Applying Business Intelligence in Insurance: How to Improve Claims with BI Transformation

With business intelligence in insurance, companies can rise above their competition.

We see it all the time: Insurance companies are striving to get ahead in the field of business intelligence. They’ll invest, often heavily, in systems such as Oracle Business Intelligence, Microsoft Power BI, and so on… and yet they struggle to find the value from these investments. Why is that? Many times, it’s because they …

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Finance Transformation with Lean Principles for Insurance CFOs

Finance Transformation for Insurance CFOs

Our last blog article discussed the challenges of lean finance management transformation in hospitals. In this article, we’re sticking to the topic of lean finance transformation. But we’re changing the venue to insurance. Are there more similarities than differences? Read on, and decide for yourself. Finance transformation with lean principles and the CFO in the …

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

Lean principles in insurance and banking

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 with lean claims transformation: Cost of claims control strategy implementation

How to reduce insurance operating costs

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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