Team Excellence – Live Case Studies

Max Life Insurance Company Limited
Reduction in New Business Discrepancy
India

Tuesday, May 1
4:00 PM - 5:00 PM
Location: WSCC 609

This team found a gap in defective proposal forms logged at branches and sent to the head office, thereby increasing policy issuance TAT, leading to rework. Agents approached the customer multiple times to get discrepancies resolved, leading to customer and distributor dissatisfaction. It was vital to identify these discrepancies before issuance so that a policy contract was issued without any errors. The team followed the structured DMAIC methodology by analyzing people, process, and technology levers across the organization to achieve an annual cost savings of $1.29 million. The project helped in reducing the discrepancy from 28 to 13 percent by the end of the year, thereby reducing business cancellations due to discrepancy from $2.32 million to $1.16 million. This reduced policy contract grievances by 53 percent. From a paper-based login process, we shifted to a tablet-based login process. This improved customer satisfaction scores and created efficiency to establish controls and sustain performance, improving customer loyalty scores from 69 to 78 percent. For solution identification, the team utilized tools like control charts, fishbone, FMEA, gage R&R, qualitative analysis, chi square, 2P tests, and ANOVA. For process improvements, the team utilized vendor penalties and tablet-based modules, etc. The team successfully managed to reduce discrepancies and implemented a new system testing design, further presenting replication opportunities for other channels.

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Max Life Insurance Company Limited
Reduction in New Business Discrepancy
India

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Send Email for Max Life Insurance Company Limited
Reduction in New Business Discrepancy
India