Moving from one service provider to another can be a challenging process. It requires expert management and close co-operation between all parties to ensure the seamless transition of services. However, it also provides a perfect opportunity to streamline existing processes, enhance client service delivery and reduce overall costs.
The client had set about finding an alternative third-party administrative solution to replace their existing back-end administrator. The company was keen to form an alliance with a TPA which not only offered an exceptional level of service coupled with extensive market expertise, but one which also was proactive in its approach and accountable when it came to problem solving.
Kane Solutions was appointed to convert their existing block of business and to provide a comprehensive turnkey administration solution.
The scope of the challenge
“The client had set a number of clear objectives that we had to deliver against,” Graziella Vella, Managing Director of Kane Solutions’ Malta operations, explained. “They wanted to improve the overall customer experience for all of their stakeholders; streamline their outsourcing relationships and capitalize on opportunities to reduce overall costs.”
The first stage in the process was to formalize and execute, in close collaboration with the client team, a transition plan to transfer all existing business from their current back-end administrator to Kane. In tandem, the Kane team undertook a process-improvement exercise to guarantee that the final solution achieved the client’s targeted customer experience goals. Furthermore, single points of accountability were chosen within both organizations to ensure decisions were made in a timely fashion.
The range of positive outcomes
Careful planning and close co-operation ensured that the Kane team was able to provide the company with a fully functional administrative system – delivered on time and on budget – which performed a range of daily functions including:
- client transactions
- GMAB, GMDB and MVA calculations
- policy valuations
- fund trading
- data transmissions
In addition to streamlining services, not only was the system implemented with zero interruption to client services, but it also enabled the client to achieve substantial cost savings.
Through a collaborative strategy based on mutual trust and respect, the company achieved several key objectives:
- Successfully provided their customers with an improved and reliable customer experience.
- Improved performance-based metrics and tracking with management reporting.
- Reduced overall operational expense while streamlining their outsourcing relationships.
- De-risked their business model with a partner that is accountable and proactive with their evolving requirements as the book matures through its lifecycle.
Following completion, Kane Solutions continued to provide the client with many critical administration services, deploying resources across Malta, Bermuda, Dubai and the US to enable them to do so. The firm’s service platform operates as the core back-office system for processing and tracking all policies for the copmany throughout their lifecycle.
The Kane Solutions team has built a strong reputation for consistently meeting client goals and delivering services that are predictable, flexible and sustainable. In this case study, through building from the start a close working partnership we were able to achieve a successful collaboration.