Insurance Consulting
Insurance and the Cannsult Value Proposition
Cannsult Understands the Insurance Industry
From health to life to auto insurance, Cannsult has guided insurance organizations to significant improvements. The insurance industry is facing several changes and challenges in recent years including technological advancements, customer expectations, shifts in the risk landscape, the regulatory environment, talent and workforce transformation/talent gaps, Cybersecurity risks, and evolving distribution channels.
Understanding Technology’s impact on Manufacturing
Technology has had a significant impact on the insurance industry, transforming various aspects of the business. It has revolutionized the way that insurers interact with customers; online platforms and mobile applications allow customers to easily compare policies, obtain quotes, purchase coverage, and manage their policies conveniently. Digital tools such as chatbots and virtual assistants provide instant customer support.
Advanced data analytics and machine learning algorithms allow insurers to analyze vast amounts of data from multiple sources, which enables more accurate risk assessment, pricing, underwriting decisions, and fraud prevention. Technology streamlines the claims process, making it faster and more efficient. Automation and digitalization of various insurance processes enhance operational efficiency and reduce costs. Cloud computing enables insurers to store and process large volumes of data cost-effectively, eliminating the
need for extensive IT infrastructure. It is important to note that while technology, offers numerous benefits, it also presents challenges such as Cybersecurity risks, data privacy concerns, and the need for continuous adaptation and continuous improvement to take advantage of all that the technological advancements have to offer.
How we work with you to improve your organization
01
Discovery and Planning
02
Prepare Leaders and Infrastructure
03
Implement Daily Problem-Solving
04
Root Cause Analysis Projects
Discovery and Planning
- Understand the organization. (Type of Manufacturing, Customer/Market, Company History, Org Structure)
- Understand your organizational goals.
- Understand current challenges and risks facing your organization.
- Meet the team and understand resource constraints.
- Prepare a high-level plan including scope, timeline, resources required, and expected ROI.
- Solidify Statement of Work.
Prepare Leaders and Infrastructure
- Understand current infrastructure to support improvements. (if any)
- Identify internal Continuous Improvement Lead(s).
- Meet with each Departmental or Business Unit Leader. (in scope)
- Perform an initial Assessment to identify opportunities and to be used as a baseline.
- For each Department/Business Unit:
- Create a high-level process map.
- Identify KPIs. (aligned with Organizational goals)
- Establish Visual Performance Management. (A graphical representation of KPIs)
- Perform a Gap/Opportunity Assessment.
- Prioritize Gaps and Opportunities.
- Provide training to leaders (Sponsors, Champions) who will be supporting the Improvement Teams. (2-day training)
- Provide stakeholder training; a high-level overview of the method, tools, and terminology to ensure organizational alignment. (2-hour training)
Implement Daily Problem-Solving
Select initial areas of focus, Departments, Functions, or Work Areas. Which may include core functions, Engineering, Supply Chain, Production, Quality, etc. And/or support functions, HR, Technology, Finance/Accounting, Legal, etc.
Prioritize and scope based on impact on organizational goals, logical sequence, and resource availability.
Select initial daily problem-solving teams.
Provide training for daily problem-solving teams. (5-day training)
Implement Daily Problem-Solving and Visual Performance Management in each selected area.
Identify issues to be escalated; issues that require a higher skill level to resolve. (E.g. cross-functional issues, high complexity, high risk, high cost, etc.)
Root Cause Analysis Projects
With Departmental Leaders, prioritize escalated issues based on impact, logical sequence, and resource availability.
Select initial Root Cause Analysis (Green Belt) teams.
Provide Green Belt Training (Root Cause Analysis project training) for selected team members; Projects launched during training. (8-day training)
Provide project direction and support throughout the project duration. (Estimate 3 to 4 months for each improvement project)
Provide direction and support through project closure.
Validate improvement results and calculate ROI.
cannsult improvement examples (quick version): insurance
- Decreased Fraud Case cycle time. (Increased savings, increased recovered dollars, decreased excess costs)
- Improved Fraud Case accuracy. (Reduced false negatives and false positives)
- Decreased cycle time for Network Intelligence.
- Implemented a Change Control system.
- Decreased System Downtime.
- Minimized incomplete data files.
- Reduced the cost of data acquisition by 50%.
- Implemented a standard system for Risk Management.
- Reduced Customer Complaints.
- Increased % of Losses reported within 24 hours.
- Decreased DOI Complaints.
- Decreased incorrectly routed incoming calls.
- Reduced time to set up Electronic Funds Transfer.
- Reduced overdrafts resulting from failure to stop Electronic Funds Transfer in time.
- Created a streamlined, integrated, and cross-functional Marketing System.
- Reduced issues escalated to the Customer Advocate team by 50%.
- Reduced the percentage and costs associated with overturned appeals.
- Increased percentage of claims automatically adjudicated.
- Increased percentage of calls resolved via chatbot.
- Reduced IT project average cycle time by 60%.
- Increased accuracy of non-automated Medicare payments.
Similarities between Insurance and other industries.
When creating a culture of Continuous Improvement, in some ways, the Insurance industry is no different from any other industry in that the same high-level steps apply.
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Testimonials
How our Customers React?
Have a look at how Cannsult transform their Partners businesses and help them achieve their business Goals.
Nicholas Kovacevich
Entrepreneur and Executive
Nigel Beeby
Process Engineer at MM Kembla
Kyle Stavig
CEO @ North Coast Container
Eliza G.
Specialty Raw Materials and Ingredients for Personal Care
Darril Wilburn
Sr. Partner at Honsha.ORG
Greg Burns
President - Burns AssociatesPresident
Let's Connect
Thank you for your interest in Cannsult Inc. If you have any questions or want to know more about us, please send us a message.
- (561) 890-2235
- info@cannsult.org
- Melbourne, Florida, 32940, USA