Insurance and financial services
The current insurance industry is much more than a “just in case”. For the end user it is a service that is not useful but is used when necessary. However, it is essential for the Spanish economy, as well as a lifesaver that protects my millions of professionals.
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To succeed in this sector, insurers and financial services companies must comply with basic requirements: digitization, analysis, artificial intelligence, deep understanding of the client, transparent communication and risk management.The key is not simply to adopt technology to insurance, but to apply the most suitable levers to the fact that clients increasingly need immediate responses appropriate to their current severe needs.
These companies operate in an environment of maximum pressure on the results account that requires a rapid transformation of their business models and operate based on excellence in customer management in a multi-channel environment.
At DOT Consulting, we have in hand a precise machinery that allows us to guarantee the solvency of the operations and services provided by the insurers. They help to redesign the client's customer journey because insurance companies and financial services companies can establish quality relationships with clients through rapid resolution of the questions they raise and more coordination.
Our focus is clearly oriented towards the transformation of the operating models of insurance companies and financial services, with a tangible impact on the results and that maximizes the value of each of the various business areas.
- Digital experience. Digitization of the customer experience
- Client management. Data capture and data analysis.
- Optimization of support and back office operations
- financial transformation. Viability and Reconstruction Plan
- Processes of sale of companies, capital increase and/or incorporation of companies
- Purchase and sale orders and fundraising
Time To Market Improvement in the insurance industry
The client is the first insurance group with Spanish capital, that began its activity by providing its customers with car and home insurance. Later, it extended its services to the field of health and life insurance.
Currently, it provides services throughout Spain, with many delegations throughout the country. Between direct and indirect staff, it has almost 9,000 employees.
The client needed to improve in the time to market for the launch of new products and internal projects as well. The time to market for launching a new product has a great influence on the company's results. A fast time to market allows maximizing the opportunities offered by the market while reducing development costs.
The reduction of time to market required the improvement of the coordination between several departments (services, systems, sales, marketing and planning). Planning deadlines were not meet and projects planned finished date was often delayed.
The client asked DOT to help improve the launch times for new products, by supporting the internal team in the implementation of more efficient interdepartmental practices.
- New procedures were implemented, tested on small teams, and later distributed throughout the organization.
- Improvements were implemented in the following 4 areas: planning and execution process, definition of roles and participants, improvements in the coordination between areas, and definition of project management tools and processes.
- A standard methodology to launch products, agreed upon by the different departments, was design.
- The new process was implemented, training the employees and accompanying them during the consolidation phase.
As a result of the successful implementation, a 20% reduction time to market time was achieved. Also, the improvement in the planning and coordination between areas had an impact on reducing the IT development cost by 15%.