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NelsonHall Launches Landmark Life Insurance and Pensions Process Benchmarking Study
WASHINGTON & LONDON (April 26, 2004) — Research firm NelsonHall today announced the launch of a ground-breaking Life Insurance & Pensions (L&P) process benchmarking study. The study is designed to help L&P product providers identify the financial impact of world-class performance, and identify their individual priorities for process improvement along with recommended corrective actions. The study will achieve these goals by comparing each company’s detailed cost and service performance against its peers, identifying the detailed metrics and practices behind best-in-class cost and service delivery.
The study – being conducted first in the U.K. and then in the U.S. – will compare each participating L&P company against the industry mean and best practice performance for an extensive range of metrics and Key Performance Indicators. In addition to an analysis of key corporate indicators, the study will analyze detailed metrics within each of the following process areas: Policy Services, Contact Centre Services, Sales & Marketing and New Business, and Compliance and Overheads. The study will subsequently be conducted on an annual basis to help organizations monitor the impact of process improvements made during the previous twelve months.
“Today’s L&P companies must find a way to retain their existing clients’ ongoing premiums through good customer service practices, while ensuring their per policy servicing costs remain competitive,” said John Willmott, founder of NelsonHall. “But most L&P companies currently lack the information to identify the cost and service performance that constitutes industry best practice. Our L&P benchmarking study will help them do just that, enabling them to attain and maintain strong customer appeal.”
All participating companies will complete a process benchmarking questionnaire, based on comprehensive process mapping and rigorous data definitions covering the full life-cycle of life insurance transactions, to provide NelsonHall with the requisite data for analysis.
To assist the companies in completion of the questionnaire, NelsonHall will offer dedicated telephone support, as well as a free, one-day on-site consultation. At the completion of the data analysis phase, NelsonHall will deliver to each participating L&P company a customized report and onsite presentation that clearly demonstrates where the company stands along the industry best practice continuum, where it excels and lags, the financial benefits to be achieved through improved performance, and recommendations for increased service delivery excellence. The report will also compare each company’s process and sub-process costs and service metrics against the industry mean and best-in-class metrics.
Interested L&P companies should contact: email@example.com, or firstname.lastname@example.org.
Based in the U.K. with offices in the U.S. and Germany, NelsonHall is a research and analysis firm specializing in services markets. The company’s subscription-based model provides subscribers with robust market analyses, case studies, process benchmarking services, vendor assessments, contract analyses, market reports and access to a content-rich contracts database. The firm covers a wide range of industries including financial services, government and utilities sectors. In particular, NelsonHall provides buy-side and sell-side organizations with research and analyses of front office, mid-office and back office services. NelsonHall’s home page is www.nelson-hall.com.
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