F500 Insurance Company Deepens its Understanding of the Quick Claims Process to Drive $1M+ in Savings

  • IndustryFinancial Services
  • Company Size 3,500+
  • Revenue $6B+
  • Location United States
01

Our Client

The organization, a Fortune 500 Insurance company, helps people achieve protection and security in their lives through life insurance, asset protection, and retirement products. Through their subsidiaries, they help more than 12 million fulfill their insurance needs.

 

02

Objective

The client wanted to transform their Life Claims: Quick Claims process, which focuses on claims under $50,000. In this process, claim requests cover different products (Annuity, Life, Accidental, Property, etc.), and require the operator to switch between multiple applications, multiple communication channels, and multiple cases on any given day. 

The existing process generated many logjams and bottlenecks. The objective was to improve this complicated workflow with end-to-end process mapping, a tool that would garner insights into process variability, workforce efficiency, and system utilization. 

Cost Savings
$1.1M
annual savings from improvements in Processing Time (PT) and Turnaround Time (TAT).
Process Improvement
$800K
from improvements in process variability and productivity drivers.
03

Solution

Through Skan’s end-to-end process mapping, the client was able to pinpoint what factors were driving Processing Time (PT) and Turnaround Times (TAT). 

They could see how dramatically unnecessary application-switching affected inefficiency, and highlight how top performers conducted duties vs. lower-scoring users. The new insights uncovered valuable opportunities for process improvement, mainly through automation and more efficient streamlining of work. 

04

Outcome

With insights from Skan, the client generated actionable insights that led to more than  $1.1Mk in savings.

Skan identified the specific application usage and switching patterns that were driving up wait times. With this knowledge, the client reduced the Processing Time (PT) and Turnaround Time (TAT) by improving the user experience for their employees. 

They saved another $800k by reducing process variability, eliminating non-value-added steps, and enhancing productivity drivers. Skan also suggested a continuous monitoring tool to identify potential data breaches so the customer could take action swiftly. With insights from Skan, they improved standardization by exploring opportunities to partially or fully automate parts of processes via RPA. 

Similar Posts

Subscribe to our Newsletter

Unlock your transformation potential. Subscribe for expert tips and industry news.