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Insurance & Banking

NEEDS-BASED RESULTS

 

Insurance & Banking

SITUATION

Agents for an industry-leading auto insurer were reticent to sell auto loans because the bank approval process took too long. Help was needed to reengineer processes.

DRIVER GOAL

  • Grow vehicle loans to an annual run-rate of 200,000.

RESULT

  • Grew the run-rate from 107,000 to 200,000 loan initiations per year.
  • Reduced loan initiation time from an average of six hours to ten minutes.
case study image, CS-157 large

Case Study

Optimize Loan Processing & Increase Loan Sales

Issue

The client’s industry-leading position in auto insurance uniquely positioned it for success in the vehicle loan business. However, the 17,000 independent agents were reticent to sell auto loans, because the bank approval process took an average of six hours. The Highland Group was asked to reengineer the bank processes and convince the agents that the bank was a valuable asset.

Highland Approach

The Highland Group conducted an analysis of the Sales organization and the loan system. A series of visual mapping exercises helped to identify opportunities to streamline processes and remove redundancies and waste, while enlisting the organization in the improvement process. This engagement, along with an optimized bank loan initiation and approval process, focused sales support and training, generated enthusiasm among the agents for selling the auto loan products.

Actions Taken

  • Developed and fielded a new Sales paradigm that supported the pivot from a pure focus on the core business to one that included the additional auto loan business.
  • Developed and fielded Sales training and a System For Managing that training.
  • Built a Field Sales organization and integrated that organization within the existing structure.
  • Reengineered the loan initiation, underwriting, loan closing and customer service processes.
  • Developed a sustainable System For Managing the corporate and field planning and support processes.
  • Developed business cases and actionable plans for additional channels.
  • Reengineered the operation and utilization of the loan system to support automated underwriting.
  • Built a model that determined and optimized the automated underwriting criteria.
  • Refined the propensity to buy model and integrated the criteria into target marketing.

Reduced customer service wait time from an average of six minutes to less than

15sec

with no corresponding increase in staffing

Related Information

industry-based

Client Partner

Financial Services, Marketing & Consumer Products

Petrina is a creative, hands-on executive with over 25 years of international business experience with a proven track record of working collaboratively across traditional boundaries and solving complex operational issues. She previously served at the senior executive level of one of North America’s leading financial institutions and several global consulting organizations. There, she led engagements serving industry-leading clients in United States, Canada, England, Germany, Austria, Switzerland, Norway and the Netherlands.

Project Leader

Financial Services

North America

Brandon is a senior project leader and consultant with more than 12 years of experience in helping financial services firms maximize revenue and control costs through continuous improvement. He specializes in implementing efficiency, service and quality process enhancements in Fortune 500 companies by utilizing Lean and Six Sigma principles.