Platform Servicing Enhancements.
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The Situation.
At A Glance:
Why evolve were needed:
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Knowledge Transfer Barriers
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Unnecessary Manual Processes
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Process Complexity
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Change Management Strategies
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Key Benefits:
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Improved Efficiency
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Enhanced Customer Experience
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Scalability
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Risk Mitigation
The client had a flagship Pension product but they were facing a few challenges:
The outsourced operational team were managing approx. 50 manual workarounds to support new business & servicing journeys in their back office system.
There was a desire to internalise the servicing of the Pension product, but there was a lack of understanding regarding its management, and both sides lacked the capacity for efficient knowledge transfer.
The online journey for new business submissions had limited functionality and required manual intervention for all instructions. There were no online journeys for customer maintenance or account/investment management instructions (servicing instructions), which were instead managed through paper processes.
Despite plans to expand their product offerings and become a platform provider, the current setup did not provide a stable or scalable foundation for growth.
Our Approach.
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Collaborated with Solution Architects and Senior Leadership to establish the Operating Model, focusing on transitioning outsourced servicing to an in-house team.
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Provided clarity on the scope and management of the product by creating a comprehensive process master list and identifying undocumented processes, mitigating risks by mapping the current state based on risk assessment.
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Identified and addressed operational risks and issues by working with cross-functional representatives to implement appropriate controls.
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Documented future state processes, integrating user journeys for new online experiences with manual processes to ensure a seamless customer experience and reduce manual interventions.
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Conducted team briefings and provided technical knowledge support for creating User Acceptance Test Scripts and Standard Operating Procedures.
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Prioritised the development and release of online servicing journeys by gathering feedback from Customer Services and Operations representatives to address pain points effectively.
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Developed Customer Servicing email and letter templates to streamline manual intervention cases, enhancing consistency in the customer experience.
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Orchestrated the launch plan using a phased approach to realise benefits early without compromising service standards or ongoing business change initiatives.
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Oversaw the training and communication delivery to ensure smooth implementation and adoption.
PLACEHOLDER
SPACE VISUAL - HIGHLIGHTED AREAS WORKED ON
* Building blocks used for this project within our SP.ACE framework, can be found highlighted.
The Outcome.
We launched online servicing journeys, enabling advisers to manage client accounts seamlessly without relying on paper forms. Through updated processes and development, manual intervention for servicing instructions became necessary only for value-added tasks or in cases of unexpected failures.
Additionally, our client benefitted from a comprehensive set of risk-assessed processes and corresponding letter templates, facilitating their transition from an outsourced arrangement to in-house.
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