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Applying innovation to straight through processing
The Business Issue IQ’s client was looking for economies of scale, process optimisation and process standardisation. Improving turnaround was imperative. What Was Required? IQ faced the task of creating, executing and managing a strategy to support the multinational organisation’s requirements. The primary challenge to be faced in implementing this solution was centred on data reconstruction. An ageing legacy system, resulting in problems with information access, needed to be replaced in order to remain competitive. Change management, resulting from transforming the existing manual process into automated process control toolsets, would be required. In the change process, retention of staff remained a critical factor, which required identifying the unique talents needed to create and sustain strategic focus. Our Innovative Solution IQ’s straight-through-processing solution scaled costs down, increased efficiencies and process volumes. The well-crafted and well-executed solution improved turnaround time and increased service levels: our client is able to add value, is better aligned to business needs and has a higher proportion of satisfied customers What Are The Business Benefits For Our Clients? The solution simultaneously drives down operational costs (scaling cost efficiencies), whilst improving the staff to administration ratio. Benefits include: · Prior to IQ’s solution the staff to admin ration was 1:1600, IQ’s solution has increased this to 1:3000, on target to reach the desired ratio of 1:5500 · Turnaround claims within 24hrs, improving customer service · Complete data control, where the client can manage the quality of data and maintain the data · Automated member self-service · Real-time benefit statements Reducing cost has been achieved in both operational and development areas, delivering real business value.
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