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Originally part of the Swiss Re Group and now owned by Phoenix Group, ReAssure specialises in buying and processing legacy closed-life business portfolios.
The company has an impressive track record in the administration of life, pensions and health businesses, and the acquisition of entire life and pensions insurance books of business.
As a result of year-on-year growth, operating costs at ReAssure were escalating due to the increasing scale and nature of the business
ReAssure’s back-office workforce was required to grow across multiple locations, which impacted their ability to deliver a consistently excellent customer experience. Although work was supposedly moving across all four sites, the existing business processes and systems couldn’t effectively transfer and record workflows between locations.
ReAssure’s business model was built around a static organisational structure, hindered by inflexible business-centric processes, and dependent on a few long-tenured key employees.
Before working with OPX, the concepts of ‘get next’ or ‘one and done’ simply did not exist at ReAssure. This created a set of critical business challenges including:
Following the arrival of a new CEO, ReAssure sought to make significant operational improvements, including a reduction in costs and an improvement in workplace productivity.
The organisation embarked upon a ‘journey to success’; later named “Project Operational Excellence”.
The strategy was to design, build and implement a Workflow and Process Management Solution that would empower business leaders to manage the throughput of work through real-time Management Information, whilst:
ReAssure required an end-to-end solution that could manage and report on all aspects of daily operations, people, processes, and technology. They evaluated and implemented OPX to deliver the project.
Underpinned by OPX, the Operational Excellence strategy was a three-stage company-wide initiative:
Back to basics: Put best practices at the heart of operations to improve customer experience, reduce customer timelines and deliver ‘more for less’.
Model and improve: Introduce a new workflow and process management system (OPX) to track and manage workloads more effectively on an individual or team basis.
Integrate and grow: Implement the model into future acquisitions.
OPX is a comprehensive suite of applications designed to support the digital transformation and workforce optimisation of back offices.
The OPX team were no strangers to addressing the core markets of business change as they had already demonstrated a broad understanding of the financial services industry and its stringent regulations, having delivered a similarly successful deployment for HCL IBS.
The entire organisation was involved in the cultural journey, from call centre staff to senior management.
Having the ‘buy-in’ vertically and horizontally throughout the organisation resulted in employee engagement at all levels, operational improvements, and a more positive customer experience for ReAssure’s growing client base.
The new principles of Operational Excellence were based upon:
These core principles of an OPX delivery still exist today!
Much consideration was also given to the customer impact throughout the deployment of the programme, as a large proportion of the business involved.
The improvements and benefits to customer service were gained and maintained whilst training was delivered using a flexible upskilling programme.
24% of all face-to-face training was done outside of normal business hours, minimising the impact on customer service – particularly in the front office – as well as demonstrating the engagement of staff to attend training outside of their usual hours.
The implementation of OPX enabled a shift from line management to leadership based on managers having the right management information (MI) to analyse granular data to lead their people, promote high performance, deliver on targets, and ultimately further improve business management going forward.
OPX enabled ReAssure to change how the business was operating and performing on a day-to-day basis.
Within the first 12 months, ReAssure saw a progressive reduction in overall operating costs by 15%. This has increased to 32% in subsequent years.
These savings have enhanced their competitive standing and reputation, allowing them to profile new opportunities and gain further market share by winning new books of business.
Since then, OPX has continued to provide ReAssure with a comprehensive, user-friendly, and easy-to-use solution that has delivered:
OPX provided ReAssure with an innovative way to optimise working practices, eliminate inefficiencies, increase service quality, and analyse data to support adherence to regulatory change.
The partnership between OPX and ReAssure won the WfMC Award for Excellence in Business Process Management and Workflow in Chicago.
The award recognised OPX as an innovative Workflow and Process Management Solution, the improvements and benefits achieved through the delivery of project Operational Excellence, and the strong partnership between Corporate Modelling and ReAssure.
The award recognised OPX as being market-leading having helped ReAssure to :
Corporate Modelling Services (CMS) was founded in 2008 by Alex Allan & Graham Twaddle – experienced and successful innovators in the software space.
Since the beginning, our mission has been to create a practical solution for businesses to alleviate workload and procedural bottlenecks in their back-office, allowing for a perfect synergy between workforce resources and task allocation.
Our team decided to take their collective hundreds of years of business-focused entrepreneurial software development to create a cost-effective, user-friendly, and customisable platform that could help businesses revolutionise their operational productivity and increase capacity.
The result is OPX: an award-winning digital platform that connects and simplifies all your back-office processes into one centralised Operational Insight control centre to transform workforce efficiency.
Once our experts understand your business and workforce needs, we can have OPX up and running in as little as six weeks.
Use our bespoke ROI Calculator to find out the difference OPX could make in your organisation today.