This month at the Council we’ve been featuring a series of posts on the topic of value chain management, and we’ve highlighted a few best practices on how Operations can help manage end-to-end processes and drive efficiency by creating appropriate organizational structures, identifying weak process steps, and eliminating silos.
To finish up this series, I want to cover a final component which is critical to ensuring smooth governance over processes: establishing accountability and ownership. Too often firms struggle to achieve seamless end-to-end processes because certain teams are only accountable for parts of the process rather than the whole.
One institution we’ve profiled, Frazier Insurance, addresses this problem for new business accounts by assigning end-to-end process ownership to formalized case coordinators instead of business line managers. Here’s how:
1) For any new account, Frazier designates one case coordinator to serve as a liaison between key internal divisions (new business support, underwriting, marketing, etc.) and the customer in order to ensure seamless new business fulfillment. Case coordinators are typically assembly line staff who understand the product lifecycle well and can interact with customers and internal parties.
2) Frazier redesigns its performance metrics to evaluate case management with an end-to-end process lens and assigns final accountability for any account to case coordinators.
This process helps to ensure a smoother client experience with one point of contact, fewer handoffs and chances for error, and improved management between internal teams. Learn more about Frazier Insurance’s Case Management Model here.