Team Excellence – Live Case Studies

Max Life Insurance Company Limited
Enhancing Retention Rate for Max Life Policies
India

Monday, April 30
3:00 PM - 4:00 PM
Location: WSCC 607

The team successfully carried out an improvement project using the Lean Six Sigma methodology. The project aimed at improving the surrender retention rate by 10 percent (absolute) and reducing the surrender rate by 20 percent (relative). Critical to quality (CTQ) had direct linkage to company strategy in terms of enhancing embedded value and achieving service excellence, and it had direct impact on 60 percent of company MOS. Given the impact of the project, which resulted in additional income of $4.66 million, a cross-functional team with representation from relevant departments was constituted to be part of the core project team. The retention rate was at 50 percent before the initiation of the project and the team aspired to take it to 60 percent retention rate, which was 2X improvement from the normal rate witnessed in the last few years. The team followed the Six Sigma DMAIC approach and utilized tools such as project selection matrix, Pareto, benchmarking, and others to identify possible improvement opportunities. For validation, the team used tools like 2P fest, chi square, and regression. The project resulted in improvement of the retention rate from 50 to 60 percent and a surrender rate reduced to 15 from 19 percent. This project increased customer loyalty scores and cross-sell/up-sell opportunity.

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Enhancing Retention Rate for Max Life Policies
India

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Send Email for Max Life Insurance Company Limited
Enhancing Retention Rate for Max Life Policies
India