Wipro helped a leading UK bank reduce claims cycle time by 61% through a series of claims process simplifications
The client is a leading UK-based financial services group that provides a wide range of banking and financial services which include retail, commercial and corporate banking, general insurance, and life, pensions and investment provision, focused on personal and commercial customers.
The UK financial regulator commenced an industry-wide review of sales practices for Repayments Protection Insurance and in 2010, the client made a decision to cease the sale of this insurance type. Therefore, this book was closed to new business and is in run-off. The challenge with a run-off book is to keep the product and process relevant to claim expectations of customers.
The client’s complaint volumes were not decreasing as expected in line with the run-off of the insurance book. The client was looking for tactical and strategic solutions to simplify the claims process to improve the customer journey, thereby reducing customer complaints.
Wipro employed cause and effect analysis techniques to identify the specific policy terms and conditions that were resulting in complaints. Solutions were designed and implemented into two specific work queues – “Unemployment” and “Disability” claims processes.
“I’d like to thank you and recognize the excellent team work to drive simplification of the processes our customers go through when claiming on their mortgage PPI policy. I am impressed with the pragmatism and team work to make the changes quickly – when customers need our help we must make it as simple and straightforward as possible. I know there are further improvements planned- keep up the great work”.
-Product Director, A large UK based financial services group