KnowledgeBank Inc.

Large UK Life Office

Challenge
The client had acquired a number of complementary Financial Services companies and needed to maximise the value of the portfolio by achieving economies of scale. Within the customer service function, the challenge was to achieve a 25% reduction in operating costs (primarily through headcount reductions) while at the same time maintaining service levels. This goal was made all the more challenging due to a complex portfolio of systems.

Approach
A major Transformation Programme was established which comprised of a number of business change projects to re-engineer the operation. This programme was underpinned by a number of IT projects including:
Targeted roll-out of new technologies; Workflow, Graphical User Interfaces, increased use of one & done processes in the front-office. A number of major Legacy Rationalisation projects.
Services - Project Management, Platform Rationalisation, Platform Aggregation and Product Analysis & Rationalisation.

Benefits
Migration of 60 Financial Products and 600,000 Policies on time and within budget
Rationalisation of 3 major Line of Business Systems saving an est. £10m of Euro costs
10-15% IT spending reduction; 10-15% saving on servicing
The overall programme achieved a cost base reduction of 30% within one year