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Project “Dhanvridhi” Improving Max Life Retention Rate Project Leader – Prashant Singh

ASQ South Asia Team Excellence Awards 2016, India

To be the most admired life insurance company by securing the financial future of our customers

We are an honest life insurance company, committed to doing what is right

Max Life Overview

Founded in 2000

Caring : Listens with respect and values differences – Acts with compassion Credibility : Demonstrates knowledge and creates trust in others Collaborative : Works together to achieve results Excellence : Pursues highest quality

Revenue : US$ 1.54 Bn Customers: 2.9 Mn (Approx)

Employees : 9101 Agent Advisors: 45275

Offices : 211

* Exchange rate as on March 31, 2016 is US$= Rs 66.285 2

Lean Six Sigma / MAXimize Quality Standardized Methodology

For Continuous Improvement

Reward & Recognition

Quality And Service Delivery Linked To Career Progression

Standard Metrics

MQS SCORECARD Customer, People, Process, Finance

Service Excellence

SEVA

Standardized Best Practices Leadership, Planning, Customers, Measures, Employees. Processes

MAX Performance Excellence Framework (MPEF)

Communications

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Innovation

Max Quality Improvement System

3 Max Life Insurance

Section # 1 Project and Team Selection

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1.1.1 Who was responsible for selecting the project? (1/2)

• Chief Operations Officer • Head- Customer Service & Operations • Chief Financial Officer

• Quality Director • Master Black Belt • Black Belt

Responsible for :- • Rigorous application of project selection process in line with strategic objectives • Promotion of continuous improvement culture • Resource provision & deployment

Project Selection Committee

Sources of Information :- • Strategic Plan • Voice of Business • Voice of customer

Data:- • Strategic Goals • KPIs from performance Scorecards • Customer Satisfaction

1.1.1 Q1.1/2 Who was responsible for project selection?

Steering Team

Quality Department

• Chief Operations Officer • Head- Customer Service & Operations • Chief Financial Officer

• Quality Director • Master Black Belt • Black belt

Sources of Information :- • Strategic Plan • Voice of Business • Voice of Customer

Data:- • Strategic Goals • KPIs from Performance Scorecards • Customer Satisfaction

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1.1.1 What background information of the company or those who selected the project is needed to better understand the context of the project? (2/2)

Project Sponsor

Project Champion

Project Leader

Cross Functional Core Team Selected this critical Project. Expertise from Operations & Customer Retention team were Leveraged to Improve

1.1.1 Q1.2/2What background information of the company or those who selected the project is needed to better understand the context of the project?

Vikas Gujral Head Customer Services &

Operations

Head of entire customer life cycle for Max Life

Responsible for customer retention for Max Life

Tarun Bahri Head – Customer Retention Responsible for renewal income collections for Max

Life

Prashant Singh AVP – Customer Retention

Vikas Gujral Head Customer Services &

Operations

Head of entire customer life cycle for Max Life

Responsible for customer retention for Max Life

Tarun Bahri Head – Customer Retention Responsible for renewal income collections for Max

Life

Prashant Singh AVP – Customer Retention

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Max Life Insurance

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What background information of the company or those who selected the project is needed to better understand the context of the project ? Contd…..

Renewal Growth Rate 6%

Conservation Rate 84%

Retention Rate 83.5%

At The Project Start

1.1.1 Q1.2/2What background information of the company or those who selected the project is needed to better understand the context of the project?

Focus on cost management

Shape The regulatory Agenda

Build A Robust Multichannel Distribution

Realign Product Strategy

Transform current agency to Platinum Standard

Retention Rate for Max Life has become stagnant leading to high revenue leakage ~1000 cr pa.

Max life 6 Strategic Pillars

At The Project Start “Customer Retention” is extremely critical for driving “Persistency”

Improve Persistency

Improve Persistency

1.1.1 1.2.1 How was the gap or opportunity brought to the attention of the project identification group? (1/3)

Happy Customer =

High Retention

Importance of

Renewal Income

Process Gaps Identified Using “Gemba” Approach& Baseline Data Analysis & Opportunities were Communicated to Key Stakeholders through Cross Functional Workshops

Renewal Income Growth has declined to 6% in recent years

1.2.1. Q 1 1/3 How was the gap brought to the attention?

Renewal Income Growth has declined to 6% in recent years

During a survey calling on lapsed customers, 56% of the customers didn’t paid because of obligation

sales

During a survey calling on lapsed customers, 56% of the customers didn’t paid because of obligation

sales

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Renewal Income Growth

Voice of external

customer

Renewal Income Contributes 76% of total Max Life Revenues in FY’15

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1.2.1 What was the opportunity? (Process Improvement)? (2/3)

1.2.1.

Q 1 2/3 What was the opportunity?

Flat retention rate

Current retention rate leaves an opportunity to secure ~1000 cr worth revenue opportunity

50% of the total new sales done in a year

Expected Due Policy Base

6800 cr

1100 cr

Revenue Outcome

5700 cr

FY’16 Estimation

Total Due Policy Base

Current Retention Rate

83.5%

960 cr

4859 cr

Revenue outcome

Estimated loss of ~1000 cr

1% gives an incremental 58 cr

5819 cr

FY’15 Projections

1.2.1 What area of the organization had the opportunity? (3/3)

Impact

H

M

L

High

Medium

Low

Process Opportunity

The Stakeholder groups involved in the project trough Process Observations, Gemba & KJ tool team identified the specific training requirements for all the group members

1.2.1. Q 1 3/3 What area of the organization had the opportunity?

Call Center Process

Lack of Retention Skills

M

Governance & Review Mechanism

Lack of Governance & Review on Service to Recruitment Performance

L

Operations

Customer Retention

Revenue leakage from renewable base at Max Life

Process improvement opportunities in the Customer Retention

H

H

Low Retention

Rate at Max Life

H

H

H

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Training Process One way training approach for all products

1.2.2 What data were generated to help select the project? (1/3)

Internal stakeholder Voice Max Life projection for Conservation Ratio for FY’16 is 84.2% 2

Max Life aims to retain its leadership in persistency by achieving 81% in FY’16 3

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1.2.2 Q 1 1/3 What data were generated to help select the project?

Stretched Renewal Income plan for FY’16 1

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“Renewal Premium growth has remained sluggish” CEO Max life Insurance

“Our rank in the industry has dropped in the conservation ratio , competition is catching up” COO Max life Insurance

“Renewal income will directly impact the profitability” CFO Max life Insurance

1.2.2 What methods and /or tools were used to assess or prioritize the need for the project? (2/3)

STRATEGY & IMPACT

Company’s Current Projects

Organizational Proposals

Internal stakeholder feedbacks

Strategic Plan

MASTER BLACK BELT

EXECUTIVE COMMITTEE

Project Selection

DATA & CONTEXT

Strategic & organizational indicators

Historic Data & Performance Dashboards

Business Impact

Customer Impact

Max Life’s Improvement System

Method

Opportunity Assessment

Impact Matrix

Allocation

1.2.2 Q 1 2/3

What methods & tools?

STRATEGY & IMPACT

Company’s Current Projects

Organizational Proposals

Internal stakeholder feedbacks

Strategic Plan

DATA & CONTEXT

Strategic & organizational indicators

Historic Data & Performance Dashboards

Business Impact

Customer Impact

Information Sources or Process Inputs

Opportunity Assessment

Impact Matrix

Allocation

Evaluation &

Priorities

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1.2.2 Why were these methods and/or tools used to select the project? (3/3 )

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10 10 10 10 8 9 10

Project Value 10 8 9 9 10 9 10 622

1.2.2 Q 1 3/3

Why were these methods used?

Process owner & master black belt provide the data

Project selection committee analyze & decide

Selection Matrix

Project Prioritization Graph

Why? •Weigh each potential project with respect to criteria. •Select projects with higher impact •Select appropriate methodology

Six Sigma Black Belt

600-800 300-600

Six Sigma Green Belt

100-300

Maximizes

Tools Used : Project selection matrix & prioritization

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1.2.3 What goals (organizational and/or local), performance measures, and/or strategies is the project expected to impact? (1/3)

Project Goals

Enhance Renewal Income

Improve Conservation

Ratio

Improve Persistency

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KPI Current Target Deficit

180 Day Retention Rate 83.5% 86% 2.5%

Renewal Income 5650 6150 Cr 8%

Conservation Ratio 83% 84% 1%

Persistency % 79% 81% 2%

Organizational Goals

1.2.3 Q 1 1/3 What goals, performance measures or strategies is the project expected to impact?

KPI Current Target Deficit

180 Day Retention Rate 83.5% 86% 2.5%

Renewal Income 5650 6150 Cr 8%

Conservation Ratio 83% 84% 1%

Persistency % 79% 81% 2%

Max Life Insurance 15

1.2.3 How do the stated measures relates to the perceived gap or opportunity? What is the relationship between the stated measures and perceived gap in 1.2.1? (2/3)

Gaps

1..2..3 Q 2/3 What is relation between stated measure & perceived gap in 1.2.1?

Stated Project Measures

Max Life Retention Rate %

Due Collectable ~ 6000 Crs

180 Retention Rate %

Project Y Enhance Max Life Retention

Rate %

The Status of a policy at the end of the 180th day of renewal premium falling due

Opportunity Stated Project Measures

Max Life Retention Rate %

Due Collectable ~ 6700 Crs

180 Retention Rate %

As per In 1.2.1 Opportunity

As per In 1.2.1

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KPI Current Target Deficit

180 Day Retention Rate 83.5% 86% 2.5%

Renewal Income 5650 6150 Cr 8%

Conservation Ratio 83% 84% 1%

Persistency % 79% 81% 2%

What is the problem statement that expresses where the organization wants to be at the end of the project? (3/3)

Problem statement

180 Day Retention Rate of Max Life is holding at 83.5% (Aug14 –Dec’14)

Project Goal : To take Max Life Retention Rate to 86% By June’15

Project team wanted to enhance the Max Life Retention rate to 86% which will result in an

incremental renewal income of ~ 50 Crs.

Opportunity

2.5% incremental rate on FY’16 Base =

50 Crs of RI

1.2..3 Q3/3 What's the problem statement?

1.2.3

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Max Life Insurance 17

1.3.1 How were the stakeholders groups identified? (1/2)

With the help of COPIS team identified the stakeholder groups The Team Analyzed

Project opportunities

Departments impacted by

the project

Positive & negative impact on other activities

Possible conflicts of interest

1.3.1 Q1/2 How were stakeholder groups identified?

How?

Project Selection Committee

Process Maps & brainstorming

Internal Stakeholders External Stakeholders

• Operation’s Department • Distribution Team ( Agency) • Steering Team • Learning & Development • Human Resources

• Existing Customer • Customer Referrals • Existing & dropout S2RAgent

Project Selection Committee

Process Maps & Brainstorming

With the help of SIPOC team identified the stakeholder groups

Internal Stakeholders External Stakeholders

• Operation Department • Customer Retention Team • Steering Team • Learning & Development • Analytics Team

• Existing Customer • Agent Advisors

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1.3.1 What or who are stakeholder groups ? (2/2)

I E Roles :- Influencer Executor

Steering Team

External Customer

Business Head Finance Head

Ops Head

Customers Agent Advisors

• Drive Strategic objectives • Drive Organizational Goals

• Recommendations for improvement

I

I

Quality Team

Core Team

Operation’s Team

Cross Functional Teams

Master Black Belts Black Belts

Head Customer Retention Head Customer Advisory Team AVP – Agency Collection Team

Customer Retention Customer Service Field Operations

Learning & Development Marketing

IT Business Performance Management Analytics

• Provide the guidance to the team for DMAIC methodology

• Usage of appropriate six sigma tools

•Drive 180 Day Collection Rate • Capability Building for project • Customer engagement • Collaboration with operations

•Customer engagement • Resolve customer queries • Enables door to door interaction with customer • Collaboration with distribution

•Support training initiatives for capability building • Design campaigns • Support premium allocation • Provide Analytical support

E

E

E

E

Stakeholder Designations Role

1.3.1 Q . 2/2 What or who sare stakeholder groups ?

Steering Team

External Customer

Business Head Finance Head

Ops Head

Customers Agent Advisors

• Drive Strategic objectives • Drive Organizational Goals

• Recommendations for improvement

I

I

Quality Team

Core Team

Operation’s Team

Cross Functional Teams

Master Black Belts Black Belts

Head Customer Retention Head Customer Advisory Team AVP – Agency Collection Team

Customer Retention Customer Service Field Operations

Learning & Development Marketing

IT Business Performance Management Analytics

• Provide the guidance to the team for DMAIC methodology • Usage of appropriate six sigma tools

• Drive 180 Day Collection Rate • Capability Building for project • Customer engagement • Collaboration with operations

• Customer engagement • Resolve customer queries • Enables door to door interaction with customer • Collaboration with distribution

• Support training initiatives for capability building • Design campaigns • Support premium allocation • Provide Analytical support

E

E

E

E

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1.3.2 What knowledge or skill sets were determined to be necessary for successful completion of the project? (1/3) To what extent did the existing stakeholder groups have the required knowledge or skills? ( 2/3)

H M L High Medium Low

Quality Team Core Team Operation Team Cross Functional Teams

Lean Six Sigma methodology

Strategic vision

Influence & leadership

Coaching & training

Effective

communication

H

H

H

H

H

L

1.2.3 Q . 1/2 & 2/3 What knowledge skills were necessary?

Renewal product knowledge

Customer background knowledge

Teamwork

Customer connect skills & ability

to build trust

L

L

M

M

Communication skills to open the leads

Inter personal alignment skills

Collection process knowledge

Product knowledge

Multitasking skills

M

M

M

M

Recruitment process knowledge

Knowledge of career

selling scripts

Knowledge of past Trends & analysis

Knowledge of existing campaigns

H

H

H

H

Standard scripts for customer engagement

Retention Knowledge

L

L

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Stakeholder Groups Members As – Is Additional Skills Brought

1.3.2 What additional knowledge and skills were brought in to make the project successful? ( 3/3)

Quality Team Master Black Belt

Black Belt • Retention Process Knowledge L

To Be

Core Team

Head Customer Retention Head Customer Advisory

Team AVP – Agency Collection

Team

• Renewal product

knowledge for effective query resolution

• Customer connect skills & • Ability to build trust • Basic DMAIC tools

knowledge

H L

H

Operation Team

Customer Retention Customer Service Field Operations

• Standard Scripts for

customer engagement • Collection process • Basic DMAIC tools

knowledge

H L

Cross Functional Teams

Learning & Development Team

& Compliance team

NA H NA

• Retention process knowledge workshops

• Product sessions with emphasis on renewal products • Honest selling workshops

• Customer handling workshops • DMAIC tool training

Gaps Identified

1.3.2 Q . 2/3 & 3/3 To what extent knowledge were there? What additional skills?

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1.3.3 Before the project started, what specific training was done? (1/2)

DMAIC Training

• Lean Six Sigma methodology • Analytical skills • Project management tools

Six Sigma Training

5 Days

• Questionnaires with open ended questions • Customer In sighting Dos & Don'ts • Data processing with affinity diagrams • Identification of primary, performance & delighter needs of a customer as per Kano model

Generative Team Building

Workshop

1 Day

• Customer profiling & screening • Career selling scripts • Recruitment tools • Financial benefits of agency career

Soft Skills

2 Days

• Max Life values • How to build customer trust through

honesty & Integrity • “Honest selling” Dos & Don'ts

Fire starter

2 Days Six Sigma Training

5 Days

Generative Team Building

Workshops

1 Day

Soft Skills

2 Days

Fire starter

2 Days

1.3.3 Q . 1/2 Before the project started what Specific training was done?

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Before the project started ,what was done to prepare the team to work together as a team?(2/2) 1.3.3

Generative team building workshop

Generative

Degenerative

GRPI Assessment Results No. Of

respondents Define Score Comments

Avg 72 Avg 79 Avg 82

Goal Stage 12 5 4 1 52% 5 team members required goal

clarity

Role Stage 12 9 1 92% Role clarity amongst all the team

members was adequate

Process stage 12 8 2 87% Process Stage scores need

improvement

Interpersonal relations stage

12 9 3 97% IP skills was adequate

Usage of GRPI Tool

Generative team building exercise was initiated to align everyone to the common goal of the project

1.3.3 Q . 2/2 Before project what was done to prepare the team to work together as team?

Working Together as a team

• Project Kick Off Meeting

• Explained purpose of

the project

• What was expected

from us as a team?

• Contribution expected from each team member

• Sessions on how to reach consensus

Time is Now – In house Change Management

workshop

Working Together as a team

• Project Kick Off Meeting

• Explained purpose of

the project

• What was expected

from us as a team?

• Contribution expected from each team member

• Sessions on how to reach consensus

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Expectations

1.3.4 What roles and expectations were determined ahead of the project? (1/3)

KEY STAKEHOLDERS DEFINE MEASURE ANALYSIS IMPROVE CONTROL

Steering Team A A A A A

Operations Team M M M M M

Core Team M M I M M

Project team I M M M M

Learning & Development Team I R R R I

Various Departments came together for Creation of ARMI

1.3.4 Q1/3 What roles & expectations were determined ahead of the project?

• Provide Strategic

vision • Guarantee

commitment of team • Project Definition

• Ensure alignment with business

• Ensure resource allocation

• Decision making with black belt

• Rigorous application of

six sigma • Lead the team to

success. • Decision making with

champion

• Data Collection • Active participation in

DMAIC Phases • Key players in the

project • Improvement journey

• Support with training requirement

• Provide expertise when required

Sponsor Champion Quality & Black belt Project Team Support Functions

What Role?

A - Approval of team decisions outside their charter/authorities, i.e., sponsor, business leader R - Resource to the team, one whose expertise, skills, “clout” may be needed on an ad-hoc basis M - Member of team, with the authorities and boundaries of the charter I - Interested party, one who will need to be kept informed on direction, findings.

• Provide strategic

vision • Guarantee

commitment of team • Project definition

• Ensure alignment with business

• Ensure resource allocation

• Decision making with black belt

• Rigorous application of

Six Sigma • Lead the team to

success. • Decision making with

champion

• Data Collection • Active participation in

DMAIC phases • Key players in the

project • Improvement journey

• Support with training requirement

• Provide expertise when required

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1.3.4 What deadlines and deliverables did the team have to consider ahead of actually starting the project? (2/3)

1.3.4 Q 2/3 What deadlines & deliverables?

1.3.4 Q 2/3 What deadlines & deliverables?

Formation of Cross functional team

• Identification of representative from the teams

Customer VoC

• Personal calls to the customers for survey

Accurate data generation

• Request Analytics Team team for data and MIS

Training Calendar

• Detailed calendar to be prepared

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1.3.4 Before the project started, what team routines, including communication were established? (3/3)

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Team Routines Communication

Stakeholder wise MIS expectations

Stakeholder Type of MIS Periodicity

Steering Team Max Life Retention Rate MIS Bi Monthly

Operation Team 180 Day MIS, Overall & Segmented Weekly

Core Team Call Center Dashboards Weekly

Project Team Project CTQ movement Weekly What Why When Whom Who

Team meetings

Face to face group meeting of all project

team members to discuss requirement, progress against plan,

issues , milestone dates and upcoming events

Weekly Key project team Prashant Singh

Detail communication plan

• Governance review with steering team on monthly basis

• Project review rigor with project champion and project sponsor. Seeking suggestions for course correction

• Cross functional team huddles on a weekly basis & plan of action for the next week

• Monthly project progress report & CTQ movement

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1.3.4 Q 3/3 Team routines and communications?

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Section # 2

Current Situation and Root Cause Analysis

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2.1.1 What specific goals and/or measures is the team trying to achieve with the project? (1/2) What additional potential benefits, other than the specific goals and /or measures, will the project impact? (2/2)

Specific Project Goals Additional Potential Benefits

Persistency

Cost Save

Customer Satisfaction

Scores

Contactibility

Metrics

Financial Reporting

Customer Satisfaction

Scores

Productivity Reports

OPEX Reporting

79%

62%

70%

1 Cr

As Estimated by Team

2.1.1 Q 2/2 Additional potential benefits?

2.1.1 Q 1/2 What specific goals?

Improving Max Life Retention Rate to 83.5% to 86%

Meet FY’15 Conservation ratio plan of 83%

Meet FY’15 Renewal Income plan of 5289 Cr

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2.2.1 What methods and/or tools were used to identify possible root causes / improvement opportunity (ies)? (1/3) Why were these methods and / or tools selected?(2/3)

To ensure scope of project was clear to the team and all stakeholders. Hi-level process

mapping was done to understand cross functional linkages / areas impacted. This also helped

in identifying our end-customer, suppliers, output and input indicators.

To understand the interactions and details of the AS-IS process. We identified wastes, multiple

hand-offs and other non-value add activities in the process. It was also helpful to analyze the

flow of information.

E.g. Customer resolution letter being created manually by users

Tools Why

2.2.1 Q 1/3 & 2/3 What methods & tools were used to identify possible root causes? Why these method?

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2.2.1 What methods and/or tools were used to identify possible root causes / improvement opportunity (ies)? (1/3) Why were these methods and / or tools selected?(2/3)

2.2.1 Q 1/3 & 2/3 What methods & tools were used to identify possible root causes? Why these method?

Max Life Insurance 29

Fish bone was used for grouping of potential causes by their natural affinity to identify

similar x’s thereby ensuring exclusivity.

To understand the relationship between inputs and outputs and identify factors having

critical influence. It enables the numerical representation of process inputs and outputs and

the relationship between them.

Tools Why

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2.2.1 How was the team prepared to use the methods and /or tools? (3/3)

Team Building Workshops Classroom Training for six Sigma tools & KJ analysis

On the Job training Field training & training on affinity diagrams

Type of Training Conducted

Why? To Build the cross functional alignment

& motivate the team to actively participate in improvement journey

Why? To enable the team to conduct root cause

analysis through Historical data & conduct effective customer insighting

Why? How to analyze the actual

historical data using various six sigma tools

Why?

To demonstrate how to administer a open ended questionnaire to walk in

customer & how to capture insights from the gathered data

Team was prepared to use the methods

& tools through education &

training interventions

How was the team prepared?

2.2.1 Q .3/3 How was the team prepared to to use these tools & methods?

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2.2.2 What were the possible root cause(s) / improvement opportunity(ies)? (2/2)

What? Internal focus : Possible root causes through historic data

Portfolio

Process

Xs identified as important from CE Matrix

Product

Cohort

Channel

Ticket Size

Frequency

Single Multiple

Age

Xs identified as important from CE Matrix

Non-Contactable

Customer Communication

Payment Method

Financial, Misseling

Ease of Making Payment

Agent Type

What? External focus : Root causes through customer insighting using KJ tool

KJ questionnaires Analysis of customer data Affinity diagrams K

E

Y

T

H

E

M

E

s

2.2.2 Q 2/2 What were the possible root causes?

Environmental Factors

Need of Customer

Training & Education related needs

Recognition & Office Atmosphere

Success Enablers & delighter needs

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Possible

Root Causes

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2.2.2 What data was generated and how was the data analyzed to identify the possible root cause(s)/improvement opportunity(ies)? (1/2)

Internal Focus : Historic data for project Y & high impact Xs

External Focus : Customer insighting data ( KJ Tool)

What Data? 2 types of data was generated to identify the possible root causes

Baseline data Open ended questionnaires

How? Historic data was analyzed using following tools

Tools : Chi Square, Pareto & 5 why

2.2.2 Q1/2 What data was generated & How was data analyzed to identify root causes?

2.2.2 What data was gathered?

2.2.2 What data was gathered?

2.2.2 How was the data

analyzed?

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Tool Used : Affinity diagrams

How? Customer insighting data analyzed using affinity diagrams

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Cause& Effect Matrix

Pareto Analysis

5 Why Analysis

2 P Test

Hypothesis Testing

Affinity Diagram

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What tools used to identify the final root causes? (1/3)

2.3.1

2.3.1 Q .1/3

What tools used to identify final root causes?

What tools?

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2.3.1 Why were these methods and/or tools selected? (2/3) How was team prepared to use the methods and /or tools? ( 3/3)

Exploration of all the causes in depth 5 Why Analysis

Pareto

To Prioritize the causes &

identify vital few from trivial many

Hypothesis Testing

To statistically validate the

root causes

2 P Test To compare pre & post results post quickwins

Affinity Diagrams To Identify key themes

emerging out of customer insighting data

Tools Why How

Cause & Effect Matrix

To categorize potential causes into high, medium

& low impact

Classroom Training for Six Sigma tools

Training on basic Six Sigma tools

Six Sigma greenbelt training

Six Sigma greenbelt training

KJ tool training

Team meetings & discussions

2.3.1 Q2/3 Why were these tools Selected?

2.3.1 Q3/3 How was the team prepared?

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What data was generated and how was the data analyzed in order to identify the final root cause(s) / improvement opportunity(ies)? (1/3)

2.3.2

How was the data analyzed?

What data Was generated?

2.3.2 Q1/3 What data generated? How was it analyzed?

By working together with team defined high level of process

• Project Scope • Input • Output • Supplier • Customer

SIPOC

Process mapped by all key stakeholders during team workshops Cross functional flow chart

• Detailed Process • Sub Processes • Handoffs • Functions involved • Process Gaps

Process maps

• Voice of internal customer • Voice of external • Customer • CTQ data

Interviews & Questionnaires

Interviewing key Internal stakeholders and customers through open ended questionnaires KJ Analysis

• Historic data for project Y & high

impact Xs

System generated data

By Preparing data collection plan with the stakeholders Data was tested using minitab & hypothesis testing

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2.3.2 What are specific examples of data analysis that lead to the final root causes? (2/3)

2.3.2 Q 2/3 What specific examples of data analysis for final root causes?

Chi Square 5 Why

Pareto 2 P Test

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2.3.2 What was (were) the final root cause(s) / improvement opportunity(ies)? (3/3)

2.3.2 Q3/3 what were the final root causes?

How was (were) the final root cause(s)/improvement opportunity(ies) validated? What evidence showed that the final root cause(s) /improvement opportunity(ies) were validated prior to solution development?((1/2)

2.3.3

2.3.3 Q1/2 How were final root causes validated?

Max Life Insurance 38

• Contrary to groups belief Age does not have an impact • Existing priority of Single / Multiple Policy does not have an impact either

2.3.3 What evidence showed that the final root cause(s) /improvement opportunity(ies) were validated prior to

solution development?(2/2) (2/2)

Potential causes identified: 13 Validated causes: 11

Project Plan

Misseling & Financial Impact cases came out from customer survey

Internal Focus External Focus

Customer In sighting conducted using KJ method

Analyze Phase Completion : 28th Feb ’15 Improve Phase Start : 1st March’15

Evidence

Example

Evidence

KJ Insighiting completion : 28th Feb’15 Improvement idea generation Start : 1stMar’15

Example

Hypothesis testing done on frequency proved that

annual mode customers are problamatic

2.3.3 Q2/2 Evidence that root cause validated prior to solution development?

39

External Focus Internal Focus

2.4.1 How was the correctness of the initial project scope, deliverables, and timings verified? (1/4)

Deadline Deliverable Scope

Define & Measure Phase

Analyze Phase

• 1st-Jan-15 to 28th Feb-15 • 2 Months from the project startup • Successfully completed

• Project charter • CTQs • Process mapping • Data collected & MSA • Process performance • All approved at tollgate with checklist

• Sponsor & team in tollgate • Causes found within initial scope • No need to change the scope

• 1st Mar-15-31st-Mar-15 • 1 Month after the

Measure phase completion

• Successfully completed

• Hypothesis testing of historic data • Customer need analysis • Validation of root Causes • All Approved at tollgate with

checklist

Governance, Reviews & Project Team Meetings Conducted At Every Key Milestone Stage of the Project

Sponsor, Champion, Master Black Belt & Project Team Make a Project Management Review for the Final Tollgate For The Phase

Correctness of Scope, Timings,

Deliverables

2.4.1 Q1/4 How was initial scope, deliverables &timings verified?

40

11

2.4.1 How were the stakeholders involved and/or communicated within the root cause opportunity phase of the project? (2/4)

Steering Team

Quality Team

Core Team

Operation Team

Cross Functional Teams

External Customer

Sponsors & Champions

Quality Experts & coordinators

Experts in Customer Retention

Customer Service Field Operations

Learning & Development Marketing, IT

Business Performance Management Analytics

Customers Agent Advisors

• Provided the expert guidance at root cause analysis phase

• Ensured correct methods & Usage of DMAIC techniques for root cause identification

• Were involved through team meetings & conference calls where they validated the identified root causes by sharing on the job facts & challenges

• Involved through weekly rhythms for the project updates

• Sharing training needs for identified root causes • Managing customer campaigns • Sharing Analytics

• Validation of customer needs derived from KJ analysis

Stakeholder Who How Involved or communicated?

2.4.1 Q2/4 How were the stakeholders involved at a root cause opportunity stage?

41

2.4.1 What stakeholder resistance was identified and /or addressed in this phase of the project? (3/4)

Steering Team

Quality Team

Core Team

Operation Team

Cross Functional Teams

External Customer

Quality/method of customer insighting

None

Lack of bandwidth to support KJ study

No need for KJ we have been doing customer surveys

None

None

None

None

In order to cover 50 samples we need to meet 150 customers

Stakeholder Resistance (Anticipated & Verified) New Identified Influencing Strategy

• Conducted workshop on customer empathy

• Conducted team meetings, created shared need, shared vision & common purpose

• Validated the identified root causes by sharing on the job facts & challenges

None

None

None

2.4.1 Q3/4 What stakeholder resistance was identified in this phase of project?

42

None

None

None

2.4.1 How was the appropriateness of the initial team membership and management routines confirmed?(4/4)

43

Team Alignment through GRPI

60 80

100

Define Measure

78 85

GRPI Score

Define

Measure

Team Members Additional – Team

Cross Functional Team

• Project Leader (Black Belt) • Project Sponsors • Project Champion • Distribution team • Branch Operations team

Learning & Development

Finance Team

Management Routine Confirmation

• Executive Management Team ------ Monthly review • Senior Leadership Team ------- Monthly to Fortnightly • Operations Head ------ Weekly reviews

2.4.1 Q4/4 How was appropriateness of the initial team membership and management routines confirmed?

PERFORMING FORMING STORMING NORMING

Establishing Expectation Identify similarities Common Goals Team contact Trust Interdependent

PERFORMING

Authority & Responsibility Identify Resources Expressing Ideas/feelings Reacting Counter Dependent

Agreement on Roles and processes during project Negotiation Consensus building

Achieving effective results Finding solutions Work Collectively Caring Establish unique Identify

SKILL SET MAPPING + TRAINING+ ENGAGEMENT

43 44

Section # 3 Solution/Improvement Development

44

12

3.1.1 What methods and/or tools were used to identify the possible solutions (1/3) Why were these methods and/or tools selected? (2/3) How was the team prepared to use the methods and/or tools? (3/3) 3.1.1 Q1/3

What methods or tools used to Identify possible solutions?

3.1.1 Q2/3 Why were these methods selected?

3.1.1 Q 3/3 How was the team prepared?

45

Tools Used Why Who How

Possible Soluti

Brainstorming Develop list of solutions

P

r

o

j

e

c

t

T

e

a

Team review

Solution Selection Matrix

To select the possible solutions

Team meetings

Pilot Testing To gage the results in

controlled environment Team work

• Generation of possible solutions Step 1

• Prioritization of possible solutions Step 2

• Validation of shortlisted solutions Step3

Method: DMAIC Methodology

Data Analyzed

3.1.2 What data was generated and how was the data analyzed to determine the possible solution(s) / improvement(s)? (1/3)

Best Practice Brainstorming Benchmarking

Pilot Testing

32 possible solutions identified

Multi Voting

3.1.2 What are the possible solution(s) / improvement(s)? (2/3)

3.1.2 Q 2/3 What are the possible solutions?

Product

- Dedicated retention lines for Trad & ULIP portfolio to provide customized solution

- Created team structure with specific KRAs to bring in focus towards each product line

- Specific scripts / objection handling material created for better handling

- Ulip- premium holiday pool driven through a focused project to enhance conversion

Cohort (Vintage)

- Non 1st year TRAD green belt project initiated for 180 day retention

- >1st year to be approached through separate lines for TRAD & Ulip plan

- NON FRYP TRAD project initiated with CTQ as 180 day retention

Channel

- Amsure green belt project launched to improve 180 day channel retention rate

- RI contest launched to drive higher performance at seller point e.g. Axis, Amsure etc

- Governance model put in place with regular reviews , focused group sessions

- Persistency gating levels revised for higher benchmarks for distributor rewards

3.1.2 What are the possible solution(s) / improvement(s)? (2/3) Contd..

3.1.2 Q 2/3 What are the possible solutions? Frequency

- Convert annual customers to semi / quarterly mode to provide ease in repayment

- Monthly engagement through SMS & E mails to ensure regular touch with customers

- HNI annual cases (> 1 L) to be handled by supervisors in case of any issues

Payment Method

- Axis ECS prehit / bounce customer calling to enhance performance for ECS base

- Exceptional Debit done for customer base with consent on extended ECS facility

- ECS intimation letters for Axis & Agency channels for customer awareness

- Evaluate new payment options and promote self pay modes e.g. online, NEFT etc

Contactibility

- Improved contactability through multiple PRI lines

- Use of last right party confirmation tagging a to be prioritized by calling

- Whats app model introduced to reach out to customer case of any issues

13

3.1.2 What are the possible solution(s) / improvement(s)? (2/3) Contd…

3.1.2 Q 2/3 What are the possible solutions?

Financial Affordability

- Mode change options for the customers unable to afford the premium amount

- Partial withdrawal option for ULIP customers to be promoted

- Credit card option and loan option given for short term financial issue customers

- Offer Loan facility to TRAD customers with > 3years vintage

Misseling/Obligation Sales

- Objection handling USP training material for high impact conversation with customer

- Specialist team to be created for hardcore dispute management

- Grievance process rolled out in collaboration with compliance / CS

- Policy cancellations done for genuine issue scenarios

Communication

- Campaigns through E mail mode as per base segregation

- SMS campaigns designed as per policy aging, payment options, service tax etc

- Auto calls to be designed based on seasonal factors e.g. taxation

- Payment options to promoted through intimation letters for ease of payment

32 probable solutions

3.1.2 What evidence showed that the solutions(s) / improvement(s) identified were possible instead of final? (3/3)

Feedback From Critical stakeholders for proposed solutions

Each of the 32 solutions were identified through brainstorming exercise

Brainstorming session with project team

Brainstorming with Cross Functional Team

3.2.1 What methods and/or tools were used to identify the final solution(s) / improvement(s)? (1/3) Why were these methods and/or tools selected? 2/3

3.2.1 Q 1/2 What methods & tools were used to identify final solutions?

3.2.1 Q 2/3 Why were these methods selected?

Selection Criteria 32 possible solutions

Revenue Impact Impact to revenue

Time Impact Time to implement

Customer Impact Impact to customer

Ease Simple to Implement

51

H High Impact

Medium Impact M L Low Impact

H

M

H

M

SSM

3.2.1 How was the team prepared to use the methods and/or tools? (3/3)

3.2.1 Q3/3 How was the team prepared to use the methods & tools?

52

52

Why

To meet budgets

Implement-tion and

replication

How

Periodic joint conference call with head customer retention & agency collections team towards alignment

Road blocks cleared faced by team through leadership assistance

Launched business partner & channel contest

Sending WIFME communication emails

Status updates on timelines & responsibilities

Publish Channel wise MISs

Benefits of initiatives reiterated to the project team

Time Impact

Customer Impact

Ease

Why

Sigma Impact

To meet deadlines

Maximum impact on

CTQ

14

3.2.2 How were the methods and/or tools used to determine the final solution(s) / improvement(s)? 1/2

Solution Selection Priority Number

32 possible solutions

Step 2 Prioritization of possible solutions

53

Internal Focus

Final Solutions

28

3.2.2 Q1/2 How were tools used to determine final Solutions?

Time Impact Cost / Benefit

Impact Ease

CTQ Impact

Solution Selection Matrix

1 2 3 4

53 54

3.2.2 What is (are) the final solution(s)/improvement(s)? (2/2)

3.2.2 Q 2/2 What are the final solutions?

54

Improvement seen in critical Xs post implementation of 24 validated solutions!

55

3.2.2 What is (are) the final solution(s)/improvement(s)? (2/2)

3.2.2 Q 2/2 What are the final solutions?

55

Improvement seen in critical Xs post implementation of 24 validated solutions !

56

3.2.2 What are the final solution(s) /improvement(s)? (2/2) cont….

15

57

3.2.3 How was(were) the final solution(s) /improvement(s) validated? (1/2)

Identified Solutions Shortlisted Solutions Pilot Solutions Results

Validated results Not validated

results

Root cause analysis

Modified solution

Validation Process

2 P Test

Control Chart

58

What evidence showed that validation was performed prior to implementation? (2/2) 3.2.3

Pilot Testing

Multi voting

Brainstorming

What additional potential benefits were anticipated from the final solution(s)? (1/2) 3.2.4

59

Potential Benefits Metrics

Renewal Income

Customer Satisfaction

Conservation Ratio

Persistency

Cost Save

Contactibility

Financial Reporting

Financial Reporting

Financial Reporting

Customer Survey Scores

OPEX Cost Report

Productivity MIS

3.2.4 Were the additional potential benefits anticipated prior to implementation? (2/2)?

Additional Benefits Flagging

Anticipated

Anticipated

Anticipated

Anticipated

Anticipated

Anticipated

Renewal Income

Customer Satisfaction

Conservation Ratio

Persistency

Cost Save

Contactibility

16

3.2.5 What data was generated and how was the data analyzed to justify why the chosen final

solution(s)/improvement(s) should be implemented? (1/2)

3.1.1

61

32 possible solutions 28 shortlisted

solutions

24 justified solutions 28 validated

solutions

Solution Selection Matrix / Brainstorming,

Multi-voting

3.2.5 What evidences showed that justification was performed prior to implementation?(2/2)

62

Control PLan

2P Test Control Chart

Evidences of controls done to validate the solutions implementation

SSM

63

3.3.1 How was the correctness of the initial project scope, deliverables, and timings verified? (1/4)

Deadline Deliverable Scope

Improve Phase

• 1st Mar-15-30th April 15 • 2 Months after Analyze

Phase Ends • Successfully Completed

• Solutions Designed & Tested • Cost Benefit & Risk Analysis • Implementation Plan • Final solutions implemented • All verified at tollgate with

checklist

• Sponsor & Team in Tollgate • initial scope found adequate • No need to change the scope

Governance, Reviews & Project Team Meetings Conducted At Every Key Milestone Stage of the Project

Sponsor, Champion, Master Black Belt & Project Team Make a Project Management Review for the final tollgate for the phase

Correctness of Scope, Timings,

Deliverables

3.3.1 Q1/4 How was the correctness of the initial project scope deliverable & timing verified?

63 64

3.3.1 How were stakeholders involved and / or communicated within solution / implementation stage of the project?(2/4)

Stakeholder Involved In How Involved Degree Of

Involvement

Steering Team

Quality Team

Cross Functional Teams

Core Team

Operation Team

External Customer

Approvals for final solutions & suggested modifications

Idea Generation, Iteration Pilot implementation

Idea Generation, Iteration Pilot implementation

Pilot handholding & support Validation of solutions

Assuring correct use of tools & techniques

Validation of final solutions Pilot Feedback Rating solution

Taking part in tollgate meetings

By participating in a activity as a team member

By participating in a activity as a team member

On the job observations & training

Weekly meetings

In sighting , surveys & telecalling

High

High

High

High

Medium

Medium

3.3.1 Q2 / 4 How were the stakeholders involved & communicated within solution implementation phase?

As per 1.3.1

64

17

3.3.1 What stakeholder resistance was identified and / or addressed in this phase of the project? (3/4)

Steering Team

Quality Team

Additional Teams

Core Team

Operation Team

External Customer

Business Head Finance Head Ops Head

Head Customer Retention Head Customer Advisory Team AVP – Agency Collection Team

Customer Retention Customer Service Field Operations

Learning & Development Marketing, IT

Business Performance Management Analytics

Master Black Belts Black Belts

External Customer

Using stakeholder analysis & Holding meetings between team & stakeholders

Stakeholder Designations Positive Impact +Ve Resistance

How?

BH: Will help in improving retention numbers thereby increasing revenue

Promotion of quality tools through improvement initiatives

Head CR-We can improve skills of retention team

Field Ops-Additional opportunity to earn incentives

Career opportunity with Max Life

Finance Head-Budget constraints to increase callers

None

AVP Agency Collection-Not enough bandwidth in Zone offices to manage Retention

None

Training- Ops team does not have exposure to retention.

None

3.3.1 Q 3/4 What stakeholder resistance was identified/ addressed in this phase of project?

T

65

3.3.1 How was the appropriateness of the initial team membership and management routines confirmed?(4/4)

66

GRPI Management

• Workload manageable so need to change any team

membership

• No change in the knowledge & scope so no need to change or add members

• MBB approved use of DMAIC • Updated stakeholder feedback • Increase communication with stakeholders • Meetings held • Deadline& deliverables achieved

Team Membership

(GANTT Chart)

Stakeholder Analysis Matrix

( Document Review)

Management Routines

( Document Review)

How: Assessment in Tollgate

Team with Sponsor & Master Black Belt

PERFORMING FORMING STORMING NORMING

Establishing Expectation Identify similarities Common Goals Team contact Trust Interdependent

PERFORMING

Authority & Responsibility Identify Resources Expressing Ideas/feelings Reacting Counter Dependent

Agreement on Roles and processes during project Negotiation Consensus building

Achieving effective results Finding solutions Work Collectively Caring Establish unique Identify

Maintained momentum with support of cross functional team 3.3.1Q4/4 How was the appropriateness of initial team membership & management routines confirmed?

66

67

Section # 4

Implementation and Results Verification

67 68

4.1.1 How were stakeholders involved in planning the solution / improvement implementation? (1/2) How were stakeholders involved in implementing the solution/improvement? (2/2)

Steering Team

Quality Team

Cross Functional Teams

Core Team

External Customer

Stakeholder How were they Involved in

Planning? How were they Involved in

Implementation?

Approved the planning timetable & tasks with list of resources proposed

Approved the planning timetable & tasks with list of resources proposed

Actively participated as a team member in implementation planning

L&D -Actively involved in training initiatives for implementing solutions Shared Data Analytics at each toll gate

Prototype Feedback

Ensured cross functional availability of resources from the departments involved

Validation of methodology used in new processes & implementation

Accepted the new working ways by signing on the new process checklist

Operation Team

Actively participated as a team member in implementation planning

Accepted the new working ways by signing on the new process checklist & supervised new process

By preparing required training calendars & training the required resources

NA

4.4.1 Q1/2 How were stakeholders involved in planning solutions? Q2/2 How were stakeholders involved in solution implementation?

As per 1.3.1

68

18

Stakeholder

69

4.1.2 What was done to anticipate resistance before it occur? (1/3) What type of resistance were actually encountered during the course of solution/ Improvement implementation? (2/3)

Steering Team

Quality Team

Cross Functional Teams

CoreTeam

Operations Team

External Customer

• Using stakeholder analysis •Holding meetings between team & stakeholders

How?

Positive Impact Resistance

Promotion of quality tools

Improvement in retention will result in improvement in business numbers

Contributes in achieving retention targets

Direct contribution in revenue generation, improved selling skills & incentives

Improved skilling contributed positively in customer retention

Improved customer experience

None

None

Some resistance to adopt to the new processes & practices

Time management due to multitasking at front end

None

None

4.1.2 Q 1/3

What was done to anticipate resistance before It occurred? Q2/3 : What type of resistance encountered during solution implementation?

What we did to anticipate resistance?

As per 1.3.1

69 70

4.1.2 How was the actual resistance identified? (3/2)

4.1.2 Q 2/2 How was the actual resistance Identified?

None

None

None

Stakeholder Resistance Anticipated Detected How Identified?

Steering Team

Quality Team

Cross Functional Teams

Core Team

External Customer

None

Resistance to adopt to the new processes & practices

None

None

None

None

Delay in implementation of new practices

Delay in retention efforts skilling workshops for operations

None

None

Observation & talks during office visits

Operation Team

Time management due to multitasking at front end

Low customer engagements in few offices

Interactions & Feedbacks through conference calls

Training records & interaction with the team

As per 1.3.1

Resistance actually encountered

How identified?

70

71

4.1.3 How was the actual resistance addressed (1/2)? How did the team know it was successful in addressing the resistance?(2/2)

Stakeholder Resistance Detected Influencing strategy Confirmation of

success

Steering Team

Quality Team

Cross Functional Teams

Core Team

External Customer

None

Delay in implementation of new practices

Delay in periodical trainings for Ops

None

None

None

Technical, cultural & political resistance Identification by doing a survey monkey.

Sharing Common Purpose, Team Survey

None

None None

Adoption of new practices observed during office visits

Operation Team

Low retention efforts in few offices

Goal Setting for incentives. Sharing common vision ,Self Teat

Improved retention numbers in some offices

Training completion as per schedule

None

None

Q 4.1.3 Q ½ How was the actual resistance addressed? Q 2/2 How did the team know it was successful in addressing resistance?

As per 1.3.1

71 72

4.1.4 What was the evidence of stakeholder buy in? (1/2)

Steering Team

Quality Team

Additional Teams

External Customer

Project phase completion approval at every tollgate stage of DMAIC journey

Project phase completion Approval at every tollgate stage of DMAIC journey

Acceptance expressed at the end of pilot meetings

Positive feedback for pilot testing Expressed enthusiasm with pilot results

H

H

M

H

Core Team Positive feedback during meetings Enthusiasm expressed during pilot results H

Operation Team

Active support during pilot tests High degree of cooperation in the definition of roles Open approvals & communication of results

H

• Sponsor & Champion •Six Sigma Team

• Team Observations •Meetings with stakeholder

Stakeholder Evidence of Buy In

Who? How?

Degree Of Buy In

Promotes Changes

Accepts Changes

Doesn’t accept changes

H

M

L

As per 1.3.1

4.1.4 Q1/2 What was the evidence of stakeholder buy in?

72

19

4.1.4 What evidence showed that buy-in was obtained prior to implementation(2/2))

4.1.4 Q 2/2 What evidence

showed that buy in was obtained prior to

implementation

73

Contest Approval by CFO Business Partner SLAs

4.2.1 What processes or system were changed or created to implement the solution / improvement? (1/2)

4.2.1 What processes or systems were changed or created to implement solution improvement?

Max Life Insurance 74

SLAs revised & signed with business partners at 0 -180 day cut off. Higher baseline levels incorporated to ensure performance is driven as per Max Life targets

Automated SMSs requests raised with IT to convert manual campaigns to rule based triggers

NACH – (National Auto Clearing House ) option launched to reduce issues in ECS option ( scan based registration rejects any over writing on the form

4.2.1 What systems were changed or created to measure and manage the performance of the implementation? (2/2)

4.2.1 Q2/2 What systems changed or created to measure/ manage performance?

Input Process outcome indicators Control limits Checking item Frequency Responsibility

0-90 Performance overall >85.5% Performance Monthly MIS Team

90-180 Performance overall Ongoing Performance MIS Monthly MIS Team

0-90 /180 days BP performance Ongoing Performance MIS Monthly MIS Team

ECS hit success rate Ongoing Performance MIS Monthly MIS Team

Channel / Cohort / Product Performance Ongoing Performance MIS Monthly MIS Team

Process Control System-Tracking in place to monitor retention rate starting due bucket

76

What were the results? 1/2 How did the results compare to the specific project goals/measures from Item (2.1.1)?(2/2)

4.3.1

76

Max Life 180 Days

Rs28.8 cr ($4.2MN) of “Dhanvridhi” (incremental revenue) from the project Persuaded lapse prone ~ 20K customers to secure their family!

Pre Project

Post implementation of all the solutions, improvement seen in over all retention rate

Results have improved further after 1 year of project closure

20

77

4.3.2 What additional benefits were realized from the project? ( 1/3) How did the team measure any of the additional benefits that were "Soft”? (2/3) How do the actual additional benefits that were realized compare to the expected?(3/3)

Additional Benefit seen in 3.2.4

Expected Achieved How Measured?

Renewal Income

Persistency

Conservation Ratio

Customer Satisfaction Scores

5289 Cr

78%

>=83%

70%

5569 Cr

79%

85%

73%

Financial Disclosures

Customer Satisfaction Surveys

Dashboards

4.3.2 What additional benefits?

4.3.2 Actual additional benefit achieved??

4.3.2 . What expected?

Soft

Soft

Soft

4.3.2 . How measured?

Cost Save 1 Cr 1.2 Cr Dashboards

77

Contactibility

Financial Disclosures

Financial Disclosures

70% 75%

RI grew by 11.6% vs plan of 6%, Conservation improved to 2nd Rank from 3rd in the industry

4991 5289 5568

0

1000

2000

3000

4000

5000

6000

FY'14 FY'15

Plan(cr)

Actual (cr)

Planned growth was 6% whereas actual achievement is outstandingly at 11.6%

Incremental revenue of 278 cr during FY15

RI during FY15 overachieved, 105% of plan (5289 cr)

6.0%

11.6%

Renewal Income

Renewal Income Over-achieved

Performance sustained (Latest Update): As on 31st Aug’15 YoY RI has been reported to grow @ 10% (actual 1951 crs Vs planned 1766 crs)

Conservation Ratio (CR)

81% 81% 82%

84% 85%

78%

80%

82%

84%

86%

FY'11 FY'12 FY'13 FY'14 FY'15

Conservation Ratio (YoY Trend)

CR jumped-up to 85%

sustaining upward trend

4.3.2 What additional benefits were realized from the project? ( 1/3) Contd…..

4.3.2 What additional benefits?

Improvement seen in customer experience, reduction in cost spent for the function

Customer Experience

Cost Saving

Cost Saving of 1.2 cr against 44 lacs previous

year

16.34 17.25

15.9 16.08

12

14

16

18

FY'14 FY'15

Overall Cost Save

Budget Actual Spent

62%

4%

73%

3%

0%

20%

40%

60%

80%

Top 2 Box Bottom 2 Box

FY'14 FY'15

Top-2 boxes rating drastically improved to 73%

4.3.2 What additional benefits were realized from the project? ( 1/3) Contd…..

4.3.2 What additional benefits?

80

Section # 5

Preservation and Stakeholder Communication

80

21

81

5.1.1 What was done to make sure the process or system changes made during the implementation (Item 4.2.1) continued to be followed? (1/2)

Monitoring the Process Control Systems

Governance on minimum 85% Retention Rate

Mystery Audits Conducted to Identify Gaps in implementation

180 day collection targets embedded in the goal sheet of Operations &

Agency Collections

Launched Reward & Recognition for Process

Adherence

Cross Functional Reviews & Huddles..Goal Setting for

income opportunity

Governance & Rigor through process control

plan

Daily Dashboards

Governance Lead Management

Systems Enhancements & Automations through

POKA YOKE

Implementation Plan Process Control Plan Process Control System Poka Yoke

5.1.1 Q1/2 What was done

5.1.1 Q2/2 How was done?

5.1.1 What evidence showed that this became part of the organization’s culture /operating strategy ? (2/2)

82

It became organization’s culture 5.1.1 Q2/2 What evidence showed that this became the part of operating strategy?

How it became the organization's culture?

• Sachchi Advice (Right advice) adopted as the governing philosophy by Max Life • Service Excellence promoted as the way of life while dealing with external & internal customers • Compliance adherence being done with zero tolerance

5.1.2

83

What was done to make sure the benefits obtained from the implementation (Item 4.2.1) were maintained?(1/2)

Governance reviews

Goals/KRA

ISO Process Maps

Dashboards

Process score cards

Process control plan

Organization Culture OC

O

C

O

C

O

C

O

C

O

C

O

C

Dashboards

How we measured and monitored results 5.1.2 Q1/2 What was done to make sure that benefits obtained from implementation were maintained?

84

5.1.2 What evidence showed that this became part of the organization’s culture Operating strategy?(2/2)

Leadership

Strategy

Controls

Recruitment & Training

Reward

84

Customer Retention became one of the 6 Priorities for Operations at Max Life

22

5.2.1 How did the team communicate the results to the various stakeholder group? (1/2)

85

Steering Team Core Team Cross functional team Program Team • Board meetings • Quarterly business update • Monthly project update • Other periodic reviews • Dashboards and MIS

• Monthly business review • Steering team review • Training • Weekly dashboards • News letter • Fortnightly concalls

• Monthly business review • Quarterly business update • Monthly ZBR meeting • Other periodic reviews • Dashboards &MIS

• Program team meeting • Monthly business review • Business quality councils • Dashboards &MIS • Project tracker update

86

Project won “Best Black Belt of the year award at Max & Life & Also named as “League of Honor” @ Founders Day

87

Appreciations received from Max Life Management - CEO, COO & CFO

Thank you