At SMG Consulting and Training, we have consistently delivered exceptional results across various industries. This case study highlights our successful interventions in the BFSI (Banking, Financial Services, and Insurance) and CIC (Credit Information Companies) sectors, showcasing our expertise in transforming operations and enhancing performance for renowned clients.
Challenge:
Our clients in the BFSI and CIC sectors faced significant challenges in optimising their operations, improving customer service, and achieving key performance indicators (KPIs). They required effective process interventions, digital transformation, and the development of high-performance teams to maintain a competitive edge and ensure sustainable growth.
Approach:
We initiated comprehensive process interventions to address these challenges, focusing on operations KPIs in the insurance sector. Our customer service operations encompassed new business (NB), branch operations, persistence, policy issuance, servicing, service automation, and digital transformation. We employed process reengineering through process redesign and Lean methodologies, and we focused on developing high-performance teams to drive success.
Implementation:
Step 1: Begin by understanding the expectations of the CEO and leadership team. Identify what they perceive as missing.
Step 2: Build consensus among management and the team regarding the change and the approach to it.
Step 3: Analyse top KPIs to select a sample process.
Step 4: Develop a model case study to explore what’s possible.
Step 5: Train the leadership team and SMEs, and plan communication and change management.
Step 6: Complete process/SOP mapping and execute the pilot.
Step 7: Ensure active governance and participation from the Executive Committee (CEO & DR) for success.
Step 8: Define metrics for efficiency and effectiveness.
Step 9: Plan the pilot’s success with leadership engagement and necessary HR policy adjustments.
Step 10: Implement and replicate the successful model.
Results for the Client:
Our interventions led to substantial improvements in operational efficiency, customer service, and KPI achievement. Key accomplishments included:
- Cycle time was significantly reduced.
- Metrics were redefined to focus on what truly impacts business outcomes, rather than following past precedents.
- Averages were replaced with consistency measures.
- Focus shifted towards continuous improvement.
- Customer service became a central focus.
- Reviews became more targeted.
- Policies were influenced and adjusted accordingly.
Learnings at SMG:
- Active governance and participation from the Executive Committee (CEO & DR) is crucial for success.
- The Process/SOP document must be dynamic, with a designated owner and SME.
- Reluctance to document often stems from fear of exposure to errors or insecurity; this must be addressed to encourage better participation.
- Reducing cycle time in critical processes is both a procedural and mindset shift.
- Strengthening governance is essential; without it, failure becomes likely.
- Metrics/KPIs were revised, shifting from generic to consistency-focused measures.
- Lean Six Sigma was implemented with simpler, jargon-free measures.
- In most organisations, the lack of detailed interlinkages and accountability metrics was addressed, aligning them for improvement.
- Success is driven by people and process understanding, supported by management—this accounts for 80% of RCA outcomes.
- Implementing products alone does not yield results; defining the “Why” and “What” is essential.
- What works in one place may not work everywhere.
- The framework for process documentation and commitment to thorough documentation is paramount.
