Overview
Engaged by Argo, our consultancy was presented with a mission-critical challenge: enhance policy retention for one of their key Lines of Business (LOBs), which was underperforming against projected benchmarks. Drawing from our repertoire of tools and expertise, we set out to not just address the evident symptoms but to fundamentally transform the underlying processes, driving enhanced outcomes.
Areas of Strategic Focus
Customer Feedback Analysis: By deploying Voice of the Customer (VOC) methodologies, we sought to gain deep insights into the root causes behind the waning retention rates.
Operational Process Optimization: Through meticulous process mapping and flow analysis, our aim was to discern and subsequently streamline every aspect of the policy retention process.
Efficiency & Monitoring: Utilizing principles from the Theory of Constraints and Balanced Workload, coupled with real-time Dashboarding, we looked to ensure efficient process execution and continuous performance monitoring.
Challenge
Argo’s retention rates for one of its pivotal LOBs were not meeting organizational expectations. The task wasn’t merely about numbers; it was an intricate challenge that required a deep dive into customer perceptions, operational workflows, and the overall efficiency of the retention strategy.
Strategic Approach
Our methodology integrated a suite of strategic tools. From VOC, providing us with invaluable customer feedback, to the Theory of Constraints, highlighting potential bottlenecks, every stage was designed to identify inefficiencies and rectify them. This comprehensive approach was further complemented with real-time Dashboarding, offering a snapshot of ongoing progress and areas of potential improvement.
Impact & Outcome
Our concerted efforts with Argo led to a transformational outcome. The retention rates witnessed a substantial increase of 25%, directly translating into a return to profitability for the concerned business unit. This marked success underscores the power of holistic analysis, strategic implementation, and the value of our engagement with Argo.