Insights from The Lab

Applying Business Intelligence in Banking: How to Optimize Operations with BI Transformation

Bi in banking can help take operations to new heights.

Our previous blog article looked at the challenges of implementing business intelligence, or BI, in insurance, and its impact on claims processing. In this article, we’re going to focus our lens on BI in banking. Banking is a ripe target for a BI transformation. There’s data to be scoured, efficiencies to be uncovered… why, then, …

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Finance Transformation: Finance Process Improvement with Lean Implementation

FINANCE TRANSFORMATION SERVICES AND PROCESS IMPROVEMENT –  FROM LEAN TO ULTRA-LEAN – WITHOUT NEW TECHNOLOGY No matter what methodology you currently employ to boost productivity—whether it’s “voice-of-the-customer” analysis, Six Sigma, Lean, value-stream mapping, “Staple Yourself to an Order,” and/or balanced scorecard (KPI) implementation—The Lab can take your finance function to all new levels of lean …

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Insurance claims transformation: Successfully reducing insurance operating costs, claims leakage and claim severity

If you’re looking to reduce the loss ratio in your insurance business, there’s no better place to start than the claims process. Contrary to prevailing opinion, claim severity can be reduced by standardizing the processes in your claims handling operations with lean insurance management methods and non-technology improvement. In fact, you can realize significant claim …

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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.