Transforming customer experience for a leading UK Insurer
The Challenge
BCG was initially engaged to develop a contact center transformation program with a focus on reducing operational costs, call volumes and servicing FTEs, while improving Customer Experience in parallel. The solution required a complete redesign of a highly-complex, siloed and disconnected ecosystem across resolution of claims which we re-organized around customer needs – empowering users to self-serve and take control of the claims process. With these identified initiatives, the team identified ~£50M of potential Annual Run Rate savings.
The Approach
As part of this, BCG shifted claims resolution calls to a new digital first self-service experience with a multi- disciplinary team of design, technology and business experts. In 8 weeks our multidisciplinary team of design, technology and business experts designed a vision state claims resolution journey and employed a state-of-the-art quantitative and qualitative testing program to validate Desirability, Viability, and Feasibility (DVF), resulting in a new claims hub proposition with an underlying business case and MVP pilot roadmap.
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The Impact
The team built a validated claims resolution ecosystem with an accelerated pilot plan to unlock savings in the long and short term.
Looking Into the Future
This pilot unlocked new ways of working for our client – yielding faster results and more tangible prototypes. The organization is currently implementing this product and process across multiple business units.
More to Explore
Enabling the e-Mobility Evolution in Energy
In 2021, the EU Commission presented the Fit for 55 proposal. This ambitious, comprehensive set of climate policies has been compiled to ensure that a 55% reduction in greenhouse gas emissions is achieved by 2030. The EU successfully reached agreements on the proposal’s key policies, including the goal that only zero-emission cars will be sold from 2035 onwards. Meeting the 55% GHG reduction target will be a crucial milestone on the journey to achieving Net Zero by 2050, and organisations are eager to maintain momentum. Recognising the challenging nature of these targets, a multinational utility company that offers B2B and public charging services faced a key question. The organisation wanted to understand whether its proprietary B2B charging platform would be able to scale to handle the anticipated increase in B2C charging customers.
Teaming Up For Disaster Mitigation
Everybody is feeling the impact of climate change on the environment – for instance, in the form of dramatic natural disasters in areas that were previously rarely affected. As such, a catastrophic natural disaster in the heart of a Europe has severe consequences, including loss of lives and livelihood. BCG and BCG Platinion were immediately on hand to enhance resilience in a European region hit by the worst catastrophe in its recent history. The team worked with passion and deliberation to develop a sustainable and resilient concept to better deal with similar situations in the future.
The Core & Beyond - A Tailor-Made Transformation
Replacing or keeping the legacy Core Banking System (CBS) is one of the most fundamental decisions for a financial institution to make. This strategic bet should be carefully evaluated, with three key aspects in mind: a clear view on the entire IT platform (wider than legacy CBS and its constraints), a strategic vision set within a specific time horizon, and the return on investment. For organizations with a burning platform, CBS replacement may be a necessity, but in many cases the real investment potential is located elsewhere – in areas such as data platforms, integration layers, portals, or process engines. This alternative approach leads to numerous non-trivial questions: Where does the value come from? Is legacy the real issue? Which areas to reinforce and in which order?
