Leading Insurance Company Achieves 23 Percent Increase in Operational Productivity with Verint
An innovative U.K. insurance company with 1,400 staff members across the U.K. offers health, life, and vehicle insurance to individuals and businesses. The insurer has a unique operating model of rewarding customers for adopting positive lifestyle habits.
The results
Achieved a 23 percent improvement in back-office processing times.
Enables back-office staff to make trusted, informed decisions faster.
Identifies trends and eliminates process bottlenecks.
About the Leading Insurance Company
An innovative U.K. insurance company with 1,400 staff members across the U.K. offers health, life, and vehicle insurance to individuals and businesses. The insurer has a unique operating model of rewarding customers for adopting positive lifestyle habits.
The opportunity
With an eye toward innovation and continuous improvement, the insurer is consistently looking to the future, exploring new ways to deliver innovative ideas on healthcare and insurance. To achieve this, it needs powerful and efficient back-office operations. The challenge for the business was to prioritize and rebalance work to align with back-office resources, ensuring the right work is sent to the right people at the right time.
However, the organization’s back-office staff often had to navigate multiple workflow systems, each focused on specific processes. In addition, processing complex transactions was challenging, especially in a multichannel environment where work inputs arrived from many different sources. On top of this, the back-office operation was extensive, involving two sites in the U.K. and two in India. All of this made it more difficult to manage productivity and use data-driven insights to maximize capacity to plan effectively and meet service goals.
One particular challenge related to the processing of inbound emails within the operations group. When customers emailed the insurance company, agents would cherry-pick emails from the inbox. There was no one-by-one, sequential processing of emails, which resulted in a backlog of enquiries. In addition, reporting was slow and manual.
“We needed better visibility into our work,” explains the Head of Resource Planning at the insurance company. “For example, we relied on word of mouth to judge how long it took to process an email. We needed insight into the process inefficiencies, true volumes, skills, capacity, and demand.”
The resource planning team set a goal of a 20 percent improvement in back-office processing times.
Solution
The insurance company is using Verint Operations Manager to reimagine back-office productivity and effectiveness. The robust, intelligent Verint solution enables organizations to manage work, people, and end-to-end processes wherever they are undertaken. Originally, 450 people within the company were using Verint Operations Manager. It has now grown to more than 1,000 people across the company’s health, life, and vehicle insurance businesses and is now considered a group asset.
“Using Verint Operations Manager, we can understand what can be achieved over a certain period,” explains the Head of Resource Planning. “We can categorize work into areas and create more accurate and agile planning.”
The Head of Resource Planning also noted that Verint was the right partner to help with such an intuitive operational dashboard. “The Verint team did their homework on our organization. They understood our business model, our operational goals, and our infrastructure. We have a great deal of confidence that their collaboration can transform our workload and skill requirements.”
“Verint has helped disrupt our traditional way of working. If we hadn’t acted, we probably would have just added more people to the operations group. However, the intelligent, automated insights we gain from Verint Operations Manager have upended our traditional processes. Everyone has adopted the solution. There has been a fundamental mindset change across the organization.”
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The intelligent, automated insights we gain from Verint Operations Manager have upended our traditional processes. Everyone has adopted the solution. There has been a fundamental mindset change across the organization.
The benefits
By standardizing on Verint Operations Manager and a forward-thinking operational management strategy, the insurance company now has a more responsive back-office operation. It has automated work allocation across teams and can easily prioritize and rebalance work.
- Work smarter: Using Verint Operations Manager, the insurance company has exceeded its goal by achieving 23 percent improvement in back-office processing times. With better utilization of resources, back-office staff is kept busy and there is more consistency across individual workloads. “If the business anticipates a 10 percent rate of growth, we don’t need to call for more resources,” says the Head of Resource Planning. “We can now onboard more customers using the same number of agents.”
- Resource utilization: Real-time activity data enables managers to balance workloads across teams intraday. Accurate, flexible capacity planning helps reduce overtime, increase resource utilization, speed turnaround times, and meet or exceed service goals. “If we look at, say, 10 people, we can immediately see the volume of work they can process. Likewise, if a backlog occurs, we can visualize the available capacity.”
- Proactive reporting: The Verint solution provides the insurance company with reports on throughput, service, quality, skills, productivity, and costs – enabling the back-office team to make informed decisions faster. “We have instant insights into agent behavior, comparable across teams and individuals. For example, we can see that one agent completes a task in a particular amount of time, while another agent takes longer. Such analysis may surface problems with the type of enquiry and certain mailboxes or offer clues where additional coaching is required.”
- Operational efficiency: A real-time, operational intelligence dashboard with key performance indicators (KPIs) shows historic performance for people and processes. This empowers the insurance company to identify trends and process bottlenecks, as well as analyze performance against internal and external service standards. “We can streamline processes. For example, insights from Verint Operations Manager reveal which mailboxes are redundant, allowing us to remove the ones that are not checked.”
“Verint is a trusted partner of our organization. Verint’s solution is game-changing, and their experienced teams offer practical knowledge and are committed to our success.”
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Verint is a trusted partner of our organization. Verint’s solution is game-changing, and their experienced teams offer practical knowledge and are committed to our success.
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