Innovation Co-operative Presentation

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Innovation Co-operative Presentation

  1. 1. © FP Advance All Rights ReservedReinventing Service DeliveryBrett DavidsonChief Executive
  2. 2. © FP Advance All Rights ReservedThe Issue
  3. 3. © FP Advance All Rights ReservedServicing clients moreeffectively
  4. 4. © FP Advance All Rights ReservedThe IdeaTaken from an article that appeared in December 2012 edition ofHarvard Business Review:“4 Ways To Reinvent Service Delivery”by Kamalini Ramdas, Elizabeth Teisberg and Amy L. Tucker
  5. 5. © FP Advance All Rights ReservedHealth Care Example• Traditionally, cardiology patients are allotted 30 mins with a doctor• At Club Red they get a choice:– One-on-one appointment– Or 90 minute shared appointment (with up to 11 other patients)• In the shared appointment the doctor:– Provides individual advice– Goes over prescriptions– Orders tests– Discusses progress, challenges and future treatment plans for each patient• The consultation is confidential among the group, but not private• That’s a big deal in health care where personal service and privacyare considered sacrosanct
  6. 6. © FP Advance All Rights ReservedHealth Care Example• Shared appointments improve productivity:– In 90 mins doctor can see 10-12 patients rather than 3-5• Interestingly the patients prefer it as well (satisfaction 98%) – Why?– Shorter waits for appointments (can even drop in to any group)– They learn by listening to the other interactions between doctor and patients– As a result they become more knowledgeable about their condition– Patients rarely speak to each other, but can opt in to other group activities• Counterintuitively Club Red members develop a stronger connectionwith the doctor– By observing his/her empathy and connection with other patients• The health outcomes are measurably better too:– Obese patients achieve higher weight loss than those in 1:1 consults
  7. 7. © FP Advance All Rights ReservedThe Model
  8. 8. © FP Advance All Rights ReservedThe Model Innovations that redefine service delivery are rare Service redefinition requires deep insight into how to meet clientsneeds Because it is not generally driven by disruptive technologies(which often force people to confront basic assumptions), businessesstruggle to overcome the mentality of:• “That’s not how we do it”• “Our clients don’t expect that” But these service delivery innovations can create huge value forbusinesses and their customers So how do you question the basic assumptions?
  9. 9. © FP Advance All Rights Reserved4 Dimensions To Consider1. The structure of the interaction2. The service boundary3. The allocation of service tasks4. The delivery location
  10. 10. © FP Advance All Rights Reserved1. The Structure Of The Interaction• Can be configured in one of four ways:a. One provider with one clientb. One provider with multiple clientsc. Multiple providers with one clientd. Multiple providers with multiple clientsThe right structure depends on whether value for clients increasesor decreases when the experience or information from the interactionis shared with others
  11. 11. © FP Advance All Rights ReservedThe Application ToFinancial Planning
  12. 12. © FP Advance All Rights ReservedFinancial Planning Example• Could we provide group access to financial planning advice for someclients?– E.g. Group annual review meetings (one provider to multiple clients)• For younger accumulation clients• For people of modest financial means not typically serviced by planners– E.g. Joined up annual review meetings between planner, accountant, solicitor, businesscoach, executive coach, life coach etc (multiple providers to one client)• For business owners or senior executives– E.g. Group joined up annual review meetings• For groups of business people with groups of their other professional advisers– E.g. Multiple advisers (planner, accountant, solicitor, business coach etc) at initialmeeting for brand new client (rather than getting individually involved later)
  13. 13. © FP Advance All Rights ReservedFinancial Planning Example• What about group diagnosis and education sessions?– E.g. Groups of people facing common financial issues• Charged for• Group education on the issues• Ideas, models, recommended approaches to solving the issues• Choice of DIY implementation OR assisted implementation for clients• Group check ins held on a regular basis – book your spot (pay modest fee toattend)
  14. 14. © FP Advance All Rights Reserved2. The Service Boundary• Does a segment of your clients use a very similarset of complimentary services?If so there may be a case for integrationJust as the assumption of 1:1 service delivery should be re-examined,so too should assumptions about the scope of what a business delivers• Do problems with complimentary services affectclient outcomes?The fact that clients use similar complimentary services is notsufficient, but if clients have trouble accessing or using those servicesyou might want to re-examine the service boundary
  15. 15. © FP Advance All Rights ReservedThe Application ToFinancial Planning
  16. 16. © FP Advance All Rights ReservedFinancial Planning Example• What about better integration of professional services?– E.g. For business owners accessing advice from planners, accountants, solicitors• Joining these up is not a new idea (but how well has it been done?)• Is there scope in your business to “really” join this up? (Group diagnosis with oneclient at first meeting)• What would be required to help professionals work more effectively alongside eachother? (as opposed to working in silos) – being in the same building is not the fixnecessarily• Do remuneration structures need to be part of the thinking to create joined upapproach? (rather than everyone focused on their own billings)
  17. 17. © FP Advance All Rights Reserved3. The Allocation Of Service Tasks• Do employees’ expertise match their task?Professionals often complain about time and mental space theydevote to routine activitiesAt Aravind Eye Hospitals in India surgeons perform only 30% of theoperation• What tacit social assumptions influence taskassignments?e.g. one to one interactions
  18. 18. © FP Advance All Rights ReservedThe Application ToFinancial Planning
  19. 19. © FP Advance All Rights ReservedFinancial Planning Example• Obviously more effective use of paraplanners and support staffapplies here– Can you get adviser involvement in client work down to 30% or less?– What level of skills do your support team need to have for this to be realistic in yourbusiness?– Have you got the right people?– Could you get the right people?– Can you train the people you’ve got? How long might that take? Is it better to just hire itin right now?– Could we break down the tasks even further?E.g. Business finder, first meeting diagnostic team, data collection specialist, financialplanning strategic analyst, first meeting presenter, implementer, professional teamliaison, relationship manager, review presenter
  20. 20. © FP Advance All Rights Reserved4. The Delivery Location• Does the location limit clients access or success?The answer to this question establishes the innovation opportunityThis dimension of service delivery, which is easily taken for granted,is often defined by the providers needs rather than the clients• Have communication and information needschanged?The best service location is one that aligns the providers and thecustomers information and communication needs
  21. 21. © FP Advance All Rights ReservedThe Application ToFinancial Planning
  22. 22. © FP Advance All Rights ReservedFinancial Planning Example• Use of technology provides opportunity for more creative servicedelivery– E.g. Special booth for doctor and elderly or immobile patients to liaise with specialistconsultant via video conference, plus access to blood pressure readings etc– Saves patient difficult trip to get to established facilities– What is the most creative way you have seen technology used to re-define servicedelivery in financial planning?– What is the most creative way you have seen technology used to re-define servicedelivery in any other industry that might apply to financial planning?
  23. 23. © FP Advance All Rights ReservedAction• Have you already applied any of these ideas consciously orunconsciously in your business? (Please submit via comments section ofwebsite)• Has this presentation sparked any new ideas for you or yourbusiness? (Please submit via comments section of website)• Do you know anyone else that might be interested in becoming partof our innovation community? (Get them to join our mailing list at the website)• Have you got any innovative ideas you would like to present at ournext meeting? (Live in London or sent via video, podcast, hangout etc)*Please feel free to share this information with anyone you believewould be interested or could benefit
  24. 24. © FP Advance All Rights Reserved

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