The client, a multi-line insurance company providing annuity, life, retirement, and group benefit products, engaged Capco to improve the agent and customer experience by reducing cycle times (averaging 6 days) and review touchpoints for new business. The client engaged Capco to stand up a new business review team with a two-pronged approach to redesign the new business review process and evaluate integration of suitability as an in-house function.
Client had experienced significant business volume increases coupled with TPA servicing challenges. This required a redesign of the process with an active engagement of their advisor network to demonstrate a commitment to change.
Capco performed detailed new business reviews to test and refine the processes to reduce the initial application review performance, improve suitability/new business team’s optimal capacity, and ultimately better business outcomes.