Live Case Study
This session will cover the process improvement journey of a leading health insurance company in India focused on reducing the turnaround time of policy issuance at the time of renewals. Faster policy issuance helps us to delight our customers, especially in renewals where we cater to our existing customers who have shown loyalty towards our brand. Past performance data was analyzed to measure the intensity of the problem, followed by the cycle time studies to understand the major bottlenecks in the process. Fishbone analysis was done to list down the potential causes. Relevant data was collected to statistically validate the significance of these causes using hypothesis testing and finalize the vital ones. Solutions were identified for each vital cause and the best ones were shortlisted using a criteria-based matrix. Shortlisted and approved solutions were implemented as per-solution implementation plans. As a result of this project, the team was able to drastically reduce the turnaround time of policy issuance by 80%, ( from 5 days to 1 day) while maintaining the process accuracy rate at 100%. The improvement was well appreciated by stakeholders and our customers and it reflected in the VoC.