Business Process Improvement for Quarterly Account Valuation

Client Name:

Aegon Ireland

Aegon Ireland Logo

About Aegon Group

Scottish Equitable was formed in 1831. They are one of the UK’s leading providers of pensions, life insurance, investment and annuities. In 1994 they joined the AEGON Group, one of the world’s largest listed insurance companies. The division based in the IFSC in Dublin services a suite of Wealth Management products. The operations functions of the company include customer care, new business, investment, treasury and actuarial.

The Challenge

The company had an  obligation to issue quarterly Account Valuations, but was not meeting this SLA (Service Level Agreement).

Key Programme Objectives

  • Improving the company’s  valuation process.
  • Improving the SLA performance without increasing the staffing levels.
  • Developing business processes and improving capability among staff.

Putting Lean into Practice

  • Construction of a current state Value Stream Map
  • Develop an ideal state Value Stream Map
  • Action Plan to implement 17 improvements identified
  • Identification for Key Performance Indicators for all operational functions

The Results

  • 95% of Valuations are posted daily on the internet
  • 98% of quarterly Valuations are issue to Service Level Agreement, achieving a 20% improvement
  • The new process required less people, enabling their re-deployment in place of additional hiring in other areas of the business

Framework tools applied

  • Lean Fundamentals Training
  • Value Stream Mapping
  • Problem Solving
  • Metric Scorecard
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