Provocative Business and Data Consulting Solutions

Redesign and Optimize Business Processes

Grow and enhance revenue by treating processes as business assets.

“NEOS came out of the gate strong. They delivered some immediate value that we didn’t even know we were looking for.” Vice President, Operations

Common Problem

Product designs, core admin systems, and the ever-present regulatory requirements can impose certain restrictions on your business processes, causing sub-optimal processes to become the normal operating environment.

The line of sight necessary to make the right process improvements twists and turns around policyholders, distributors, sales channels, and internal strategies. With our insurance clients, we’ve seen:

  • Stakeholders focus on the “wrong” processes for investment.
  • Programs collapse under the weight of over-built, over-designed automation solutions that don’t fit the company’s culture.
  • Daily crisis situations distract from a longer-term vision and plan.
  • Business and technology partners lack a common language with which to make improvement decisions.

Studies estimate that insurers invest $3 – $6M per year in process improvements, most of which fail to return the anticipated value.

Solution Background

Is your customer service your differentiator, or is it your distribution network that sets you apart?

Regardless of how you drive revenue, do you know how your business processes are working for you rather than against you?

 

We work with you to enable faster and more cohesive decision-making across business and technology by treating business processes as business assets.

  • Do you know where you are leaking money and time?
  • Are you investing in the right processes to achieve your business strategies?
  • Are you making the most out of the technologies and human resources you already have?
  • Do you need to patch a few places so you can focus on long-term goals?

 

These are just a few of the questions you will answer as part of a Process Redesign and Optimization project. We will scale an engagement to help you drive revenue and build your unique competitive advantage.

Solution Methodology

Our Process Redesign and Optimization (PRO) solution set consists of four steps, which we adapt depending on where you are in your process journey.

image1Prioritize Your Investments

You don’t have money to waste. Invest in the processes that are most closely linked to your revenue, service, and profitability goals. We link your processes to your strategic objectives and goals and integrate the voices of your customers. Prioritize your processes to maximize ROI and ensure valuable business outcomes. Whether your vision is to be the low-cost carrier or to deliver white-glove service to premium distributors, you will know which of your business processes helps or inhibits the achievement of your goals.

Realize Rapid Initial Returns

Pinpoint the most critical weaknesses in your current state and implement fixes to stop the bleeding. Through current state process analysis and day-in-the-life observations, we’ll identify triage opportunities and quick hit initiatives. We’ll identify practical fixes that buy time and release some of the pressure while setting the stage for longer-term solutions.

Outline Your Long-Term Game Plan

Confirm a strategy that focuses on sustainable process designs, smart deployment of automation, and right-sized organizational adjustments. Building on the momentum from the rapid fixes and process prioritization, we lead your cross-functional team through a rapid redesign effort, establishing a customized transformation roadmap.

Execute Your Process Strategy

Implement your future state processes according to your long-term game plan, leveraging NEOS consultants as your A-list execution team. We will make sure that your implementation journey is free of project management, technology development or organizational change speed bumps, from vision to completion.

Insurers will gain business value NEOS

Typical Result

 

NEOS customers report 80% improvements in customer experience, 20% – 30% improvement in employee experience improvement, and processes 40% – 50% more efficient. All these gains add up to faster service response times, shorter training times, fewer staff, more satisfied employees, and happier business partners.

 

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