PFG Annuities Results Forum 4-13-15 - Implementation Partners · !!!!peration: solvingthe...

PERATION: SOLVING THE PUZZLE TO BENEFIT OUR CUSTOMERS

REVAMP RETIREMENT & INVESTOR SERVICES ANNUITY OPERATIONS

“Everyone has a plan, ‘Fl they get punched in

the face.”

RETIREMENT & INVESTOR SERVICES ANNUITY OPERATIONS

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SPIA 3.8 2.4 3.2 3.3 4.5 4.0 5.3 5.7 6.5 11.8 11.6 11.6

New Bus Variable 5.1 6.3 7.5 7.6 7.0 7.4 10.6 9.4 5.9 5.3 6.1 5.6

New Bus Fixed 1.9 2.1 2.6 3.3 2.8 3.6 4.0 4.7 5.5 5.4 3.9 2.6

0.0

5.0

10.0

15.0

20.0

25.0

2013 WORK VOLUMES VOLATILITY OF NEW BUSINESS


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SPIA 3.8 2.4 3.2 3.3 4.5 4.0 5.3 5.7 6.5 11.8 11.6 11.6

New Bus Variable 5.1 6.3 7.5 7.6 7.0 7.4 10.6 9.4 5.9 5.3 6.1 5.6

New Bus Fixed 1.9 2.1 2.6 3.3 2.8 3.6 4.0 4.7 5.5 5.4 3.9 2.6

Client Admin 23.2 20.7 24.1 23.5 21.9 21.5 21.6 20.3 20.7 20.8 20.4 20.7

0.0

5.0

10.0

15.0

20.0

25.0

2013 WORK VOLUMES VOLATILITY OF NEW BUSINESS



PROCESS IMPROVEMENTS

SYSTEM IMPROVEMENTS

REVAMPED TRAINING STRUCTURE

AWARENESS AND

CONNECTIVITY


RESTRUCTURE ROLES DOCUMENT BUSINESS RULES

ENGAGED TEAM PERFORMANCE (ETP)

PROJECT

Moved from one employee compleUng an enUre process, to creaUng separate roles.

Created rules that apply across all processes and procedures to enforce

consistency.

Conducted Ume studies and process reviews to gain a beXer understanding of how we spend our Ume.


SYSTEM IMPROVEMENTS

•  Routes the right work to the right people at the right Ume

•  Efficient queue monitoring

•  Ages lower priority work if backlog develops

NEW WORKFLOW SYSTEM

AUTOMATION OF BUSINESS RULES

•  Rule automaUon for payments

•  50% reducUon in process Ume

•  EsUmated savings of 30 hours per trainee


REVAMPED TRAINING PROGRAM

0

5

10

15

20

25

30

2014

2007

FTE Co

unt


87 2007

^e 83 2014

^e

TRAINING PROGRAM EXAMPLE

NEW BUSINESS

5 52006 mo n t h s p r o c e s s e s


CLIENT ADMIN


2 52014 w e e k s p r o c e s s e s


AWARENESS & CONNECTIVITY

Maximum of 200 processes

MISSION 24 MAINTAIN 24 HOUR TIMING


AWARENESS & CONNECTIVITY

0

5,000

10,000

15,000

20,000

25,000

30,000

CALL VOLUME TREND


TOTAL ACTIVITIES AVAILABLE


0

500

1000

1500

2000

2500

Total AcUviUes Available (Backlog)

2500

2700

2900

3100

3300

3500

3700

3900

4100

Total Incoming Processes (Backlog)

INCOMING PROCESSES VS. TOTAL ACTIVITY


72.0

73.0

74.0

75.0

76.0

77.0

78.0

79.0

80.0

81.0

0

500

1000

1500

2000

2500

3000

3500

4000

Total Incoming Processes FTE

WORKLOAD OVERVIEW

(Backlog)


Client Admin = 30 days New Bus = 5 days

Client Admin = 5 days New Bus = 1 day

Client Admin = 1 day New Bus = 1 day

LESSONS LEARNED

EMPLOYEE ENGAGEMENT Understand the benefits and the ‘why’

OVER ENGINEERING

Don’t make it more complicated than it needs to be

CHANGE MANAGEMENT

What works and what doesn’t work


For Lockton educaUonal conference only. Do not copy, forward or duplicate without express permission.

RESULTS


NEW BUSINESS ANNUITY SPIKE


0

100

200

300

400

500

600

Carry over to next day -‐ 2009 esUmated



0

100

200

300

400

500

600

Carry over to next day -‐ 2009 esUmated Carry Over to next day -‐ 2013 actual



66%

94%

85%

81%

95% 96% 96%

50%

60%

70%

80%

90%

100%

Q2 2012 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014

WE’RE HITTING OUR STRIDE

21

PERCENT OF PROCESSES COMPLETED NEXT DAY



SYSTEM IMPROVEMENTS

AWARENESS AND

CONNECTIVITY

REVAMPED TRAINING STRUCTURE


CREATING A CULTURE OF IMPROVEMENT

SPIA ETP PROJECT

FSPO ETP PROJECT

METRICS PROJECT

IMPROVED STAFFING MODEL


FROM COST CENTER TO VALUE ADD

E-‐APP FOR SUBMITTING IGO APPLICATIONS

TRACKING NIGO ISSUES

PROACTIVE NOTIFICATIONS TO ADVISORS


QUESTIONS


0

10

20

30

40

13 14 15 16 17 18 19 20 21 22

Num

ber o

f Employees

Pay Grades 2012 vs. 2015

01/01/2012 03/24/2015


Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group® (The Principal®), Des Moines, IA 50392. Icons made by http://www.flaticon.com | Licensed by http://creativecommons.org © 2015 Principal Financial Services, Inc.

PFG Annuities Results Forum 4-13-15 - Implementation Partners · !!!!peration: solvingthe...

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