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
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?
Setting up a Secure and Resilient IT Infrastructure in the Cloud
Everybody who considered Europe’s energy infrastructure as safe against attacks got an eye-opener when the Nord Stream 2 natural gas pipeline erupted on the Baltic seabed: It clearly is not as safe as previously thought. With the winter looming ahead, energy service providers have to assure the security and resilience of critical infrastructure. This is not only limited to physical buildings, but must also focus on IT, especially in the light of a rising number of cyberattacks. Especially for older IT infrastructure that is difficult to modernize, migration to the cloud has proven to be a solution, severely improving security and resilience, not only in the long-term, but also in the short-term.
