Operational Excellence is a philosophy of organisational leadership which promotes continuous improvement by focusing on the needs of the customer, empowering employees, and optimising existing activities in the process.
It is well documented how the Operational Excellence approach has revolutionised the manufacturing sector and the realisation of the value to be achieved from adopting this philosophy in the Financial Services sector is already taking hold. This approach has removed significant waste from operations by streamlining processes and freeing up valuable resources to focus on delivering real value to internal and external customers.
Efficient processes are key to optimal implementation of Solvency II. The regulation requires organisations to do more work, in more detail and report in shorter timeframes than before. Efficient processes are paramount in meeting these rigorous requirements.
The Global Actuarial Operational Excellence team, equipped with Lean and Six Sigma training, and backed by actuarial experience and in-depth knowledge of the Financial Services industry, can help companies attain efficient and optimal future state processes. The overarching goal of Global Actuarial is to deliver meaningful, long lasting and embedded practices that add real value to the business.
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"Eighty-five percent of the reasons for failure to meet customer expectations are related to deficiencies in systems and process…rather than the employee... The role of management is to change the process rather than badgering individuals to do better.” - Dr W. Edwards Deming1
1 William Edwards Deming (October 14, 1900 – December 20, 1993) was an American statistician, professor, author, lecturer and consultant. He is perhaps best known for his work in Japan. There, from 1950 onward, he taught top management how to improve design (and thus service), product quality, testing, and sales.