Six Sigma Insurance

In fact, we can say that Six Sigma is applicable in any organization, regardless of the actual number of jobs that could be there for the organization.

To understand how Six Sigma is helping insurance companies, it is essential to mention some of the key processes in which Six Sigma has been successfully implemented.

Policy conversion process

The main concern for most of the insurance company usually has a turnaround time of conversion policy, which determines how well the company is able to market and sell its policies. Since the time of delivery reflects the overall time required for a proposal are converted to a policy, it becomes necessary for insurance companies to undertake initiatives that help to reduce the turnaround time exists. This is exactly where many insurance companies have felt the need to deploy highly effective methods of process improvement such as Six Sigma.

It makes sense to deploy Six Sigma, because it reduces the delivery time depends very much on customer needs and expectations, a difficult task that can only be achieved with Six Sigma. What makes Six Sigma is that it uses time-tested tools such as VOC (Voice of the Customer), that go a long way in meeting customer needs and expectations.

Using VOC, insurance companies are able to assess the specific needs and the needs of its customers, which in turn allows them to make the necessary changes in their services, insurance proposals viz. This automatically leads to increased customer interest and thus increase the turnaround time of the policy, often, the primary goal of insurance companies.

The process of claim settlement

This is another area in which insurance companies must be more careful - because the inability to process requests in a timely manner can easily damage the brand image and reputation of the insurance undertaking. Talking to the lack of efficient services to their families, friends and colleagues, even a single dissatisfied customer can seriously affect the future prospects of the Company's business, which makes it even more important for insurance companies to implement Six Sigma.

Six Sigma helps because it allows insurance companies to optimize their process of settling claims, which usually includes several other sub-processes, which often leads to complications and delays. Off late, Six Sigma has started using automated tools and techniques that have allowed insurance companies to improve even more in their existing claims settlement process.

For best results, insurance companies must deploy Six Sigma right from the moment a new policy was designed and developed. Current implementations are certainly possible, as evidenced by changes in existing policies, but since we can not say much about the effectiveness of these implementations, and because there is plenty at stake, it makes sense to implement Six Sigma right from the start. And 'only then the insurance company concerned is in a better position to ensure the success of the proposed insurance policy .......