Organizational transformation through targeted departmental changes

Global Insurance Provider

Case Study

3

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Related Work

A large financial institution wanted to conduct a complete and thorough transformation of their business. The organization had undergone rapid, significant change as a result of a corporate mandate to reduce costs, however, the changes had since reverted to their original levels.

With zero tolerance for disruption to customer service and quality, Carpedia was engaged to work with the client on the following themes of opportunity:

Due to the sensitive, highly variable knowledge-based work, the leadership had struggled to identify and manage process opportunities
Non-Value added work existed in most departments
Workloads were unbalanced between departments
Cultural barriers and silos existed between departments

Average Return on Investment

%

Average Productivity Improvement

Annualized Benefits

- Senior Vice President

“As usual, with Carpedia’s support our head office project has been a resounding success. Targeted expense reductions have been delivered on time, on budget and service improvements achieved in a number of areas. And as usual, the Carpedia team was highly supportive and patient working with leaders and staff to address concerns, gain input, and, more importantly, to build engagement and commitment. Thanks again to the entire Carpedia team, and I am happy to be a reference for Carpedia and to recommend its services.”

Over multiple years, Carpedia has partnered with the client to conduct targeted departmental changes across a variety of areas to support this transformation.

Key changes included:

Improved processes and workflows across departments increasing productivity & reducing errors
Identified, standardized, and optimized best practices
Reduced duplication of work between departments
Combined activities within and across departments
Provided customized location specific changes to ensure valid regional differences were maintained
Improved communication and removed silos
Implemented improved management operating system tools to track and respond to variances to plan
Improved active management through Carpedia College training and on-the-job coaching
Optimized leadership span of control

The Results

All areas and offices Carpedia worked with cite a ‘culture shift’ towards greater accountability and proactive problem solving, and every corporate and regional leader involved with the initiatives acts as a reference.

Results included:

2.3:1 annualized Return on Investment across all engagements
Individual engagement ROI ranges from 1:1 to 5.5:1,
Average breakeven was 6 weeks ahead of plan
Productivity improvements range from 7% to 57%, with a 23% improvement being the average
Labor cost reductions range from 7% to 19%, with a 14% reduction being the average
Average Service level improvement of 17%
Overall improvement in employee satisfaction scores