Life
and Pensions Benchmarking
The L&P benchmarking product has now been in
operation since 2004 and has recently completed its
8th round of analysis and reporting.
The service covers some 35 million policies under
administration, representing approximately 40% of
the UK Life & Pensions market. It has, therefore,
already acquired the critical mass necessary to ensure
that it can deliver credible results from a significant
base of data. |
| The service
has already provided participants with real insight
into the operational challenges that they face:
-
“You can maintain your excellent customer
service but become more efficient by stimulating
far less customer interaction”
-
“You maintain an extremely ‘high
maintenance’ book but have a below average
level of investment in self-service technology”
-
“Although you have invested in workflow
technology, the speed and accuracy of your processing
is below average, suggesting that you are not
getting the most out of your investment”
-
“Whilst you have industry-leading service
standards, your processing capacity means that
you are only partially successful in meeting these,
leading to above levels of servicing complaints”
One of the key findings has been that it is the level
of customer interactions that is the primary driver
behind the commercial dynamics of an L&P administration
operation. Dynamic management of the level of transactions
completed can have a disproportionate impact on the
operational and financial efficiency of the organisation.
The service is being continuously reviewed to ensure
that it remains relevant, refreshing and challenging
to participants. Round 9, due to start in Jan 2008,
in addition to the current key measures, will include
a greater analysis at the product level and a focus
on operational models and metrics surrounding customer
retention.
|
