World's 1st Online BSc in Operational Excellence — In partnership with the University of Buckingham
FINANCIAL SERVICES (Insurance)
A general Insurance company which handled 50,000 home insurance claims each year and with a claims spend in excess of £200m.
The organisation was very profitable and saw no immediate need for improvement. However they commissioned Reinvigoration to undertake an exploratory piece of work to help understand how Lean Thinking could influence their claims process and in particular claims costs.
The area chosen to focus on was freezer contents claims which had a low annual claims cost of £2m, dictated primarily by the low single claim limit of £1000.
Although freezer contents claims were guided by clear policy terms and conditions, a large amount of variation existed in terms of what was deemed acceptable and despite being simple claims, the average settlement time was 3 weeks.
The approach used provided significant improvements in the area including:
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