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.
- Redesigned claim forms for both processes
- Creation of a simplified claims checklist to aid the customer to provide correct evidence upfront to avoid delays in processing
- Creation of a simplified claims cover letter and improved quality of pending claims and payment letters
- Removal of 5 policy exclusions
- Advance payment issued once a claim is accepted to reduce delays
- Eleven process changes, implemented over 3 months, delivered the following results:
- Enhanced customer experience on account of improved claims cycle time, delivering a 61% decrease - from 31 days to 12 days - in wait time from ‘Claim Form Request’ to ‘Payment’
- 21% reduction in ‘Claims Helpline’ inbound call volume
- 61% reduction in verbal expressions of dissatisfaction
- 30% reduction in reportable complaints