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Empower Your Business Evolution

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Edgewater Consulting presented the Guiding Principles for Process Improvement at the Acord Loma Life Insurers Council (LIC) bi-annual Operations Committee meeting …

Edgewater Consulting presented the Guiding Principles for Process Improvement at the Acord Loma Life Insurers Council (LIC) bi-annual Operations Committee meeting

Published in: Business, Technology
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Transcript

  • 1. Business Transformation- Empower Your Business Evolution April 2014
  • 2. The Importance of Understanding Current State • Low-hanging fruit and future opportunities for improvement • Baseline for change – what are the gaps between current and future? What’s changing, by audience? • Risk and readiness assessments But, beware: • While current state understanding is essential, it is not alone enough to implement a good, workable future state • Avoid current state process due to system limitations • Easy to fall into analysis paralysis • Not all processes are created equal – “how much process is enough?”
  • 3. What’s Hiding in the Current State? • Strengths, weaknesses, opportunities, and threats • People/roles • Data – creation and maintenance • Technology • Small tools – Excel and others (siloed or shared locally) • Major systems (shared) • Reports and external information • Links to other processes/organizations • Variances and exceptions to the norm • Business criticality and key differentiators
  • 4. Ensure the Future is Clear • For process definition attributed to a new system installation ensure SMEs understand the new world prior to definition • Newer systems present different process options • Trust the new system to not have the old flaws Newer system game changers: • Simplified access to data (report and screen) • Automated integration and sync • Robust User roles, definition and permissions • Data integrity • Enhanced web presence
  • 5. Guiding Principles for Process Improvement Involve the people doing the process, accountable for it, and that are impacted by it - assumptions are the mother of all foul ups Define boundaries and constraints as well as goals Understand and document enough, but not more than that Controls should be introduced where needed, not just where possible Constantly challenge options against priorities and timing
  • 6. Guiding Principles for Process Improvement Eliminate or reduce waste and inefficiency, but look also at ways to increase comprehension, connections, and cohesion Don’t underestimate downstream or unanticipated consequences Non-value added handoffs are the root of all evil Process changes should be socialized, supported, and measured
  • 7. Leveraging IP - Process • Robust process and workshop methodology • Insurance Industry standards gained from experience
  • 8. Process Transformation • Interview key business SME to gather goals, constraints, roles and flow • Develop and refine master transaction list for design • Develop future business process and transaction flow documents: • Business process flow diagram • Related business requirements • Key inputs/outputs • Key roles and authorization • Related process / transactions • Issues • Deliverables • Business process documents • Master transaction list Create and review process documents for design
  • 9. Contact Information • Laurie Johnson • Director, Business Development-South • Phone:501-352-4002 • Email: Ljohnson@edgewater.com • Derek Sharron • Business Development Manager-North • Phone: 978-407-7160 • Email: dsharron@edgewater.com • Nathan Wakefield • Principal Consultant • Phone: 501-940-0631 • E-mail: nwakefield@edgewater.com • Stacey Cheese • Insurance Practice Director • Phone: 813-464-4601 • Email: scheese@edgewater.com
  • 10. Appendix
  • 11. Edgewater Corporate Overview ► Founded in 1992 ► Focus on upper-middle and global 2000 markets ► 430+ employees ► 800+ clients ► 3,200+ projects completed to date ► Large North American footprint – New UK presence ► Publicly traded (NASDAQ: EDGW) – Public in 1996 (STAF) – Reverse IPO in 2000 (EDGW) ► Co-founders still with the Company
  • 12. Insurance Client Sample
  • 13. Edgewater Competencies

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