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New Business Production

ChallengeThe low interest rate environment and reduced demand for insurance prod-ucts are squeezing profit margins, mak-ing future success highly dependent on expense efficiency and reduction. This challenging environment increases the need for sustainable cost reductions.

Typical cost reduction techniques such as outsourcing and the shedding of non-core businesses can still be effec-tive, but to attain long-range gains more fundamental changes in process-es are required, such as investments in predictive modeling and analytics. Companies that have invested in these areas have improved the efficiency and cost-effectiveness of their underwriting and sales processes.

These costs are broken down into sever-al factors:• Costs of new business production

staff including intake, underwrit-ing and data entry

• High cost for new business applica-tion processing

• Multiple application usage to pro-cess new business and in many cas-es manual data entry

SolutionThe key to reducing costs associated with new business production organi-zations, is identifying and improving the efficiency of potential bottlenecks and work activities.

WorkiQ provides the detailed opera-tional intelligence and workforce ana-lytics needed to improve productivity.

WorkiQ Workforce Analytics identifies the following in real-time:• Average units of work and average

time to complete specific process-es. This helps to identify poten-tial bottlenecks and productivity drains.

• Processes and work steps that can be eliminated or automated to im-prove throughput and accuracy.

• Categories of work and new busi-ness staff productivity. This en-ables managers to perform “in the moment coaching” and balanced work allocation.

BenefitsThe WorkiQ solution provides event-based intelligence to quickly lower the overall costs of operations.

Benefits include:• Compare “true” employee produc-

tivity by taking into account the mix and complexity of the work they handle

• View most frequently utilized ap-plications and websites in real-time

• Identify productive activities and time spent by associates in these activities

• Compare all staff on multiple types of productivity and work items

• Evaluate staff utilization• Improve your employee engage-

ment and accountability• Automate desktop activities or

augment the user as they perform their job function

WorkiQ® makes it easy to understand and visualize employee performance. It enables the organization to go beyond simple statistics and self-reporting, cre-ating actionable insights that drive real improvements within your business.

AboutThe WorkiQ® solutions drive produc-tivity improvements throughout your workforce. WorkiQ® Workforce Analyt-ics provides visibility across the organi-zation of what, how much, and how ef-

fective employees complete their work. Only WorkiQ® provides the visibility to know exactly what work is being done, how it is actually being done, and the quantitative measures required to im-prove workforce productivity.

Solution Brief - Life Insurance

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