Creating Smart Operations Strategy in Insurance Outsourcing

Businesses that learn to adapt to changing times and technology are the true players of the success game. There constant struggle to keep up with the advancement and implanting it to create tremendous opportunities for greater profitability brinks them to the top rung of the ladder. They are also undoubtedly the ones that implement the best practices in their organizations. The term “putting the best practices into practice” is a critical task.

The companies those are willing to incorporate the best practices must bear in mind the following:

• Strategy Aligned Operations – The alignment of operation to strategy requires defining a mission and choice advantage for clients with critical success factors, that will help complete the mission such as financial resources, markets etc.
• Process Alignment – The best way to achieve the goals is aligning the process to the strategy. This implies engaging those who give attention to details and help assess where changes have to be done to implement standards that are imperative to the strategy.
• Execution Potential – Can the strategy be executed? It is crucial to determine if the employees have the right skill sets and the required training to execute their positions role and contribute towards goal achievement in a combined effort.

Apart from the methods discussed above another tool for measuring, an agency’s process includes the swim lane mapping, where one can view for each lane of operation the person’s title, position and performance that each individual performs as part of the process. Also ensuring that one has the right people for the right job is important, gauging process helps to measure the amount of work carried out by an individual along with the service levels or turnaround times. This will help conclude the key ratios such as the retention rates, new business written and product or service quality. Once these are registered, a standard could be set and constant evaluation of the standard can help in overall operations improvement offering smarter solutions.