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Global Multi-Line Insurance Co.

Client:

Major European Insurer

Division:

Support Services

Contact:

Regional president

Major Functions:

Human Resources, Finance, IT, Regulatory Reporting, Audit

Situation

This international insurance giant wanted to improve service and reduce support costs for the European business segment headquartered in France. There were individual business units in all European countries. Service delivery and corporate compliance varied greatly from one country unit to the next and cost of support functions was deemed to be too high.

LoBue Recommendation

  • Centralize all support functions into one Shared Services Center with implementation of Best Practices from across the network.
  • Develop an IT roadmap to centralize processing functions on a regional basis.
  • Develop end-to-end processes to reduce turnaround times and improve productivity.
  • Develop staffing models and standards for each processing position.
  • Review and update all job descriptions.

Real Results

Direct expense reduction of 18% plus implementation of Best Practices in all support functions.

  • Significant improvement in service and cost of processing.
  • European Human Resources function centralized with single HR executive providing guidance in each Country.
  • Finance and Audit functions moved to Shared Services Center.
  • IT road map completed for creation of one regional processing center.

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