Holistic process improvement results in cost savings of USD 30 million per annum
JANUARY 01, 2022
The largest independent retirement savings provider in the US was facing integration and interoperability issues following the acquisition of multiple businesses. Apart from a lack of resources to handle the multiple services lines, the expanded operations had created a greater need for business continuity/disaster recovery. The client was experiencing a spurt in security incidents and financial exposures.
The GO Creative™ Solution
The Retirement Support Services team adopted a 3-pronged strategy to achieve seamless business integration.
- Lift and Shift - Following a detailed process mapping/key stroke level documentation, the team went live with 4 FTEs within 4 weeks from signoff. It rolled out a flexible engagement model by providing skilled workforce on demand and 22*5 coverage.
- Standardization and Enhancement of Services - The team implemented risk grid controls on 300+ process steps to mitigate security/financial exposures and SSN masking on reports/statements to safeguard PII. It established a BCP site for business continuity requirements for critical processes and built a solution database to simplify the processing of data during the blackout period. Overall, it supported the consolidation of 30+ TPA locations.
- Automation & Support - Based on our expertise in modular automation, the team implemented RPA/BOT solutions to enhance key metrics of quality and TAT, and deployed chatbots to reduce customer queries. Currently, it supports end-to-end operations with a 400+ FTE team.
The process improvement strategies resulted in significant efficiencies for the client.
- ~$30 million cost savings per annum
- $10 million+ worth of potential security incidents/financial exposures prevented
- $780K cost savings per annum through automation initiatives
- 150+ process improvements/citizen automations that increased quality from 99.50% to 99.95%
- Reduction in the blackout period from 5 days to 3 days