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Accenture worked with a leading U.S. mutual life insurer to rethink and redefine its service model to meet new and emerging customer and agent expectations.
The client is one of the top US life mutual insurers, providing life, disability annuities and retirement products to more than two million customers. The company has more than $400 billion of individual life coverage that it distributes through a network of more than 5,000 career agents and other financial professionals across the US.
In an attempt to build customer trust and loyalty, the insurer sought to transform service capabilities through multiple channels to improve customer experience and satisfaction while increasing operational efficiencies.
Accenture worked with the carrier to design a framework for process excellence that included governance, operating model organization and an implementation roadmap. The deliverables included an overall framework for future state contact center, back-office and self-service processing, with detailed process flows across life and annuity for a number of common customer/agent interactions.
This leading US-based life mutual insurer is focused on multiple initiatives intended to build trust and loyalty with its distributors and to deliver a repeatable, trusted experience for producers, policyholders, and employees. One key initiative is to transform service capabilities through multiple channels to improve customer experience and satisfaction while increasing operational efficiencies through service process improvements and a common servicing platform.
From July 2011 through December 2011, Accenture worked closely with the client's newly formed process excellence team to define service capabilities. The company hired Accenture to provide coaching, frameworks and leading practices for process excellence.
The Accenture team worked with the life mutual insurer to:
Define a conceptual model for process excellence including governance, operating model, organization and scope of services with an associated implementation roadmap and communications plan. The model was developed using the Accenture Process Excellence assets.
Develop and deliver a three-day training program for the client’s process excellence and service platform business team on the methodology, tools and practices for defining insurance capability models and process designs.
Define customer service design guiding principles and mid-level capabilities required to meet the client-developed business case using the Accenture Life Insurance High Performance Capability model; assess the client’s current level of capability maturity for individual life servicing using the Accenture life insurance capability maturity assets.
Design an overall framework for future state contact center, back-office and self-service processing, with detailed process flows across life and annuity for: policy role change processing; financial policy change processing; reinstatements; policy quoting and inquiry; and non-financial policy change transaction processing.
With the definition and framework in place for policyholder and distributor post-issue servicing, the client is positioned to deliver insights and processes that are core to the common customer service platform and deliver the following benefits:
Significant focus on customer experience to allow producers and individual customers to request and receive service on their own.
Cost reduction through the standardization and optimization of service processes across life and annuity processing.
Automation through the industry-leading business process management tool that will allow concurrent processing, reduce manual errors and accelerate service turnaround times.
Consistent and high-quality customer experience across lines of business.
Knowledge transfer through an “I do-We do-You do" approach to coaching.
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