Case Studies: Operational Enhancement

Process Optimization

Case: Specialty finance loan scoring, prioritization, and process improvement

SITUATION

A specialty lender was at risk of missing origination goals and was unable to deliver a competitive time-to-close. Main contributors to its inefficiencies included convoluted processes and uncertainty around decision-making authority.

our approachOur Approach

We identified and prioritized numerous pain points throughout the loan origination and approval process.  We then aided the client in launching a series of initiatives to address these pain points, including document simplification, recalibration of vendor responsibilities, and creation of a pre-screening tool to guide originators and conserve underwriter capacity.   We also facilitated discussions with financing partners to collaboratively create a decision matrix that removed approval steps for certain loans.  Final deliverables included future state process maps and a handbook for the lending division in question.

our impactImpact

These solutions resulted in a dramatic decrease in cycle time, higher quality deal flow, and streamlined interactions between originators, underwriters, executives, and financing partners.

Cost Reduction

Case: Location and staff optimization

SITUATION

The head of distribution at a leading P&C insurance carrier sought to reduce channel costs by transforming the field office organization to a more scalable, centralized, and cost-effective structure without compromising field support quality.

our approachOur Approach

We evaluated the existing organizational and cost structure of the state-based organization. The team designed a territory-based structure with approximately 10 offices that created better scale. Design work included a detailed organizational structure, role and responsibility definitions, and identification of the most cost efficient locations. We then led a cross-functional team that successfully implemented the transformation within six months, optimized staffing as the company transitioned from states to territories, closed underperforming legacy facilities, and implemented home office organizational changes to align with the new field structure.

our impactImpact

The company achieved $32 million of annual savings across real-estate, labor, and general overhead, as well as a better-scaled field organization.

Organization Design and Change Management

Case: Preparing the organization for large-scale transformation

SITUATION

A diversified financial services firm trailed competitors in operating and expense efficiency and faced an urgent need to overhaul its sales network. However, the firm feared that the scope of the changes it was about to implement would overwhelm the organization, and knew that numerous stakeholders would resist the change the company needed due to entrenched interests.

our approachOur Approach

We hosted multiple change management summits with key executives to align on change management practices such as role modeling, story-telling, developing talent and skills, and reinforcing desired behaviors with formal mechanisms.  We then collaborated with execs to develop a “change story”, craft a series of cascading announcements, deploy ongoing organizational health surveys, and align talent assessment tools, training, and rewards with the desired future state.

our impactImpact

Stakeholders at all level of the organization became active participants in effecting change at the organization, and the client was able to implement nearly a dozen transformation initiatives successfully over the course of two years.

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