SHIFTING FROM ADMINISTRATIVE TO HIGH-VALUE WORK
Administrative work and data processing are essential to running an insurance organization smoothly, but they can also frustrate and bog down employees. This can lead to a reduction in quality and, in some cases, even impact an organization’s ability to grow. Eliminating these tasks is rarely an option; and in a tight talent market, hiring additional staff can be a huge challenge.
The ideal solution is to delegate these time-consuming activites down, or better yet, out of the organization, allowing staff to focus on higher value work. A business process management (BPM) partner can provide the resources to accomplish this, but best-in-class BPM partners go a step further, leveraging Lean management principles and continuous improvement strategies to improve efficiency.
Here’s how one of the world’s largest insurance brokers was able to increase their focus on client needs with the help of ReSource Pro.
CHALLENGE: ROUTINE TASKS DRAIN TIME AND ENERGY FROM STAFF
In its continued effort to provide world class service to its customers, increase market competitiveness, reduce operating costs, and address talent concerns, a retail broker with over 100 offices around the world launched a global initiative aimed at advancing the company’s digital transformation and improving employee experience.
While carrying out this initiative, the broker determined that their account managers and administrators were spending 30-50% of their time rekeying data and performing routine administrative work. This was creating a significant strain on staff, preventing them from focusing on the company’s value-driven customer strategy.
To address the problem, the broker sought a strategic partner who would enable them to effectively:
- Get the right work to the right employees
- Align workflows to gain operational efficiencies
- Give employees more time to focus on value-added activities
SOLUTION: BOOST EFFICIENCY AND CAPACITY WITH A COMPREHENSIVE APPROACH
As part of their global initiative to improve efficiency and empower employees to focus on higher value activities, the broker established a strategic partnership with ReSource Pro.
Through this partnership, ReSource Pro provided business process management, process improvements, standardization, and automation to support over 1,200 of the broker’s employees across 71 departments, including:
- Personal and commercial lines
- Financial services
- Employee benefits
- Accounting
- Risk
- Private equity
- Surety
- Analytics
- International operations
By combining human insurance experts and automation capabilities, ReSource Pro equipped the broker with scalable, efficient, and cost-effective resources. This enabled them to delegate 229 repetitive functions to ReSource Pro’s teams, increasing capacity for their own staff.
THE IMPACT: LESS STRESS, MORE FOCUS ON CLIENTS AND MEANINGFUL WORK
Thanks to their collaboration with ReSource Pro, the broker has significantly reduced the data processing and administrative workload on their employees, allowing them to spend more time with clients, concentrate on higher value work, and greatly reduce overtime. The impact has been immense, with over 242,000 hours in processing time saved, equating to $7.08M in operating costs.
According to one services manager with the broker, ReSource Pro has helped their team “concentrate on more challenging issues and work with less stress.” They added, “Now our analysts and client managers can focus more on our client’s needs.”
In addition to the capacity lift, the partnership has helped the broker improve the data integrity of their systems, achieve greater quality and consistency in client deliverables, and eliminate backlogs that were previously increasing the company’s risk of regulatory fines and E&O exposure.
ReSource Pro is honored to play a small but critical role in the broker’s global initiative and continues to look for ways to introduce greater efficiencies into their operations. This includes the development of two new robotic process automation bots that will assist the broker’s accounting and employee benefits departments in reconciling financial information and reducing manual data entry.
As a result of the work performed on behalf of the broker, ReSource Pro received a Silver Award in the “Back-Office Customer Service Team of the Year – Financial Services Industries” category of the Stevie Awards for Sales & Customer Service 2022.
Want to learn how ReSource Pro can enabling your staff to focus on the work that matters? Explore our solutions and visit our business process management page to find out more.