Harvard Case - Sorel Life Insurance Company: Improving Underwriting Performance
"Sorel Life Insurance Company: Improving Underwriting Performance" Harvard business case study is written by P. Fraser Johnson, Shu Cha. It deals with the challenges in the field of Operations Management. The case study is 5 page(s) long and it was first published on : Aug 29, 2019
At Fern Fort University, we recommend Sorel Life Insurance Company implement a comprehensive operations strategy focused on digital transformation and process improvement to enhance underwriting performance. This strategy will leverage technology and analytics, information systems, and process design to streamline operations, improve efficiency, and reduce turnaround times. We propose a phased approach involving change management to ensure successful implementation and adoption across the organization.
2. Background
Sorel Life Insurance Company faces challenges in its underwriting process, leading to prolonged turnaround times and customer dissatisfaction. The company relies heavily on manual processes, lacks a centralized data repository, and struggles with inefficient information flow. This results in bottlenecks, errors, and delays, impacting customer experience and overall profitability.
The key protagonists in this case are:
- John Smith: The CEO of Sorel Life Insurance Company, concerned about the company's competitive edge and customer satisfaction.
- Mary Jones: The Chief Underwriting Officer, responsible for improving the underwriting process and reducing turnaround times.
- David Brown: The Chief Information Officer, tasked with implementing technology solutions to enhance operational efficiency.
3. Analysis of the Case Study
Operations Strategy Framework:
We analyze Sorel Life Insurance Company's situation using the Operations Strategy Framework to identify key areas for improvement:
- Structure: The current organizational structure is siloed, hindering communication and collaboration between departments.
- Infrastructure: The company lacks a robust IT infrastructure and relies on outdated systems, leading to inefficiencies and data inconsistencies.
- Processes: The underwriting process is manual, prone to errors, and lacks transparency.
- People: Employees lack adequate training and access to necessary tools to perform their tasks effectively.
- Technology: The company needs to invest in advanced technology and analytics to automate processes and gain insights from data.
Competitive Analysis:
Sorel Life Insurance Company faces intense competition from other insurance providers. To remain competitive, the company needs to:
- Reduce turnaround times: Offer faster and more efficient service to attract customers.
- Improve customer experience: Provide a seamless and transparent underwriting process.
- Enhance operational efficiency: Reduce costs and improve profitability.
Financial Analysis:
The company's current financial performance is impacted by the inefficient underwriting process. By streamlining operations and reducing turnaround times, Sorel Life Insurance can:
- Increase revenue: Attract more customers and improve customer retention.
- Reduce costs: Minimize operational expenses and improve profitability.
4. Recommendations
Phase 1: Digital Transformation and Process Improvement:
- Implement a centralized data repository: Develop a comprehensive database system to store and manage all underwriting data, ensuring data consistency and accessibility.
- Automate underwriting processes: Utilize technology and analytics to automate tasks like data entry, risk assessment, and policy issuance.
- Develop a digital platform for customer interaction: Create a user-friendly online portal for customers to submit applications, track progress, and access policy information.
- Leverage AI and machine learning: Implement AI-powered tools to analyze data, identify patterns, and automate decision-making processes, improving accuracy and efficiency.
Phase 2: Organizational Change and Training:
- Restructure the underwriting department: Create cross-functional teams with clear roles and responsibilities to improve collaboration and communication.
- Provide comprehensive training: Train employees on new systems, processes, and technology to ensure successful adoption and utilization.
- Foster a culture of continuous improvement: Encourage employees to identify and implement process improvements through initiatives like Kaizen and Six Sigma.
Phase 3: Monitoring and Evaluation:
- Establish performance indicators: Track key metrics like turnaround times, customer satisfaction, and operational efficiency to measure progress and identify areas for improvement.
- Regularly review and adjust: Continuously evaluate the effectiveness of implemented changes and make necessary adjustments to optimize performance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The proposed strategy aligns with Sorel Life Insurance Company's mission to provide exceptional customer service and financial security.
- External customers and internal clients: The recommendations address the needs of both external customers and internal clients by streamlining processes, improving customer experience, and enhancing employee efficiency.
- Competitors: The proposed strategy positions Sorel Life Insurance Company to compete effectively by reducing turnaround times, improving customer experience, and enhancing operational efficiency.
- Attractiveness: The proposed strategy is expected to generate a positive return on investment (ROI) by increasing revenue, reducing costs, and improving profitability.
6. Conclusion
By embracing digital transformation and process improvement, Sorel Life Insurance Company can significantly enhance underwriting performance, improve customer experience, and gain a competitive advantage in the insurance market. The phased approach outlined in this recommendation will ensure successful implementation and adoption, leading to long-term benefits for the company and its stakeholders.
7. Discussion
Alternative Options:
- Outsourcing underwriting processes: While outsourcing can reduce costs in the short term, it may lead to loss of control over the process and potential data security risks.
- Minimal technology investment: Investing only in basic technology solutions may not be sufficient to achieve significant improvements in efficiency and customer experience.
Risks and Key Assumptions:
- Resistance to change: Employees may resist adopting new technologies and processes, requiring effective change management strategies.
- Data security: Implementing new technology systems requires robust security measures to protect sensitive customer data.
- Technology cost: Investing in advanced technology solutions may require significant upfront costs.
8. Next Steps
- Develop a detailed implementation plan: Define specific milestones, timelines, and resources required for each phase of the implementation.
- Establish a project team: Assemble a cross-functional team with expertise in technology, operations, and change management to oversee the implementation.
- Communicate and engage stakeholders: Regularly communicate with employees, customers, and other stakeholders to ensure transparency and address concerns.
- Monitor and evaluate progress: Continuously track progress against key performance indicators and make necessary adjustments to ensure successful implementation.
By taking these steps, Sorel Life Insurance Company can successfully implement its digital transformation strategy and achieve significant improvements in underwriting performance, customer experience, and overall profitability.
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Case Description
On Monday, July 23, 2018, the operations manager at Sorel Life Insurance Company in Montreal, Quebec was preparing for a meeting scheduled for Friday. The meeting was called by her boss, the vice-president of operations, to discuss Sorel's second quarter financial results. Performance of Sorel's underwriting department was continuing to decline; market share had dropped, policy completion time had increased, and fewer applications were being processed. In addition, Sorel was receiving complaints from insurance agents about poor turnaround times. During Friday's meeting, the operations manager was expected to provide specific recommendations to address the problems in the underwriting department.
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