How a UK Insurance Company Regained Its Market Lead

While TYM Programs usually focus on manufacturing operations, you can apply the same TYM Principles to non-manufacturing processes. We call it a TYP Program (Turbocharge Your Process). Here is an example. 

The market leader in the UK corporate health insurance sector had lost its number one position because of poor customer service. A new CEO wanted it back. The problem lay with its corporate invoicing process. Which they had tried to resolve themselves without success.

A friend told him of my TYM Program in his company, and he called me for advice.

Analysis and Findings

After a survey of the process, I showed them how, by changing the way they worked:

• They could reduce process lead times from up to 98 days to 24 hours,
• They could improve productivity by 500%, and most importantly, 
• They could release invoices 100% right first time.

Implementing these would slash costs, maximise profits, and enhance customer service. Specifically, they could recover their number one slot.

TYM Program Implementation

The company formed a small team who worked with me on a ten-week TYP Program. 

We identified the necessary steps, assigned responsibilities, and developed an implementation plan highlighting financial and business benefits. 

The board approved our plan. Over the next six months, I guided the team to realise these benefits.

Transformative Results

The number of steps in the process reduced from 36 to 4. The number of FTEs involved in the process dropped from 90 to 17. The cost per invoice reduced by 78%. And they achieved overall cost savings of over £1m per year.

They then incorporated the new simpler process into a systems and online upgrade.

Compelling Conclusion

The company turned the new process into a competitive advantage to recover old customers, win new ones, and significantly increase revenues. 

Within a year, they had recovered their number one market slot.

Call to Action

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