Successful Independent Consulting

SEPTEMBER 16, 2017

It’s a matter of what they’re used to and their operating margins. Grocery vs biotech — Some industries have notoriously low or high operating margins, so the money they have to reinvest back into the business will vary along with their price sensitivity. Factor in the client’s size and industry.

Consulting 236

Consulting Real Estate Policies Operations 236

Brimstone Consulting

JUNE 25, 2021

This was advice from my dad right out of college when I joined a leadership development program at an insurance company. Claims (Operations) is perceived as lower value because it is where money leaves the company. Even if you are hyper-efficient at claims/operations, it’s typically undervalued.

Operations 52

Operations Insurance Insurance Leadership 52

LSA Global

SEPTEMBER 7, 2020

The article goes on to describe the connection at USAA, the insurance and financial services firm, between their brand and their culture. Front-line employees learn from the get-go what pressures their customers face and how to serve their emotional needs with efficiency and caring. A Prime Example. The Bottom Line.

Culture 36

Culture Company Efficiency Insurance 36

Clarity Consultants

SEPTEMBER 18, 2017

Many companies are already operating with lean staff, due to high attrition rates and not replacing staff, not to mention downsizing as a result of a difficult economy. In this kind of environment, focusing on worker retention and cross training to make existing workers more efficient makes a lot of sense.

Training 59

Training Training Examples Boston Consulting Group 59

Tom Spencer

NOVEMBER 2, 2019

RPA, which stands for ‘ robotic process automation ’, is a technology that consists of software robots ( bots ) that can mimic a human worker performing operations on their laptops. It is ideal for operations that involve rule based repetitive tasks to be done in large volumes. Use case: HR Bot.

Software 74

Software Data Engineering Operations 74

Tom Spencer

JANUARY 6, 2018

Whether I was talking to graduates, MBAs or experienced professionals, as a consulting club president at business school, I was frequently asked the same question, “What is the most efficient and quickest way to transform into a consultant?”. Honestly, this could be one of the toughest questions one can ever answer.

Industry 79

Industry Consulting Oliver Wyman McKinsey 79

Harvard Business

NOVEMBER 6, 2018

Many have received unpleasant surprises, such as a medical bill they expected to be covered by their health insurance or an unexpectedly expensive bill for a simple service. Our estimates found health insurers and employers spend $26 more on administration fees for every consumer with low health system literacy. health care system.

System 36

System Insurance Insurance Education 36

Consultant Ninja

JULY 27, 2009

Structural Driver: The organizations in the health care system operate inefficient operational structures. I fail to see the logic that the government will be more efficient at building operational structures than the private sector. the ability for insurers to deny insured individuals healthcare).

Consulting 113

Consulting Insurance Insurance Oliver Wyman 113

Harvard Business

OCTOBER 19, 2017

Southwest Airlines, for example, has figured out how to do well the two operational things that matter most: Keep more planes in the sky more often, and fill each of them up more, and more often, than anyone else. First, hospital operations are in many ways like airline and airport operations and transportation services.

Data 28

Data Airlines Transportation Operations 28

Management Consulted

AUGUST 1, 2013

Now a subsidiary of Marsh & McLennan, Oliver Wyman is known to give MMC its strong reputation as experts over other insurance providers because of the firm’s focus on strategy. Burrows, Marsh & McLennan began in Chicago in 1905 and became the world’s largest insurance agency. Oliver Wyman became own firm again.

Oliver Wyman 201

Oliver Wyman Interviews Mercer NERA Economic Consulting 201

Harvard Business

DECEMBER 14, 2018

These relationships can create efficient new sales channels and powerful feedback mechanisms or unlock entirely new business models. Your chosen Porsche is delivered to your house with insurance and maintenance as well as unlimited miles and flips to other models included. Three Images/Getty Images.

Strategy 38

Strategy Strategy Strategy& Insurance 38

Harvard Business

AUGUST 22, 2016

Investors are genuinely concerned that regulators are incapable of making sure that published financial statements of companies in their exchanges accurately reflect the true operating positions of the firms. Regulators must innovate and create structures that correct inherent flaws which continue to stymie market efficiencies.

Insurance 28

Insurance Insurance Financial System 28

1 to 1

MAY 26, 2022

For instance, by providing faster, more accurate reporting and analysis, a BI tool could identify bottlenecks in a contact center and help refine operational processes to improve customer support. An outlier model can also be used to predict fraud by highlighting outliers in financial transactions or insurance claims.

Data 26

Data Tools Sales ROI 26

Harvard Business

JANUARY 31, 2017

While some have invested significantly in technology, operational, and cultural changes, others are lagging behind. Other financial and operating indicators showed similar disparities. The broad deployment of digital technology requires rethinking both business and operating models. for leaders and 3.2% for laggards.

Company 28

Company Operations Data Benchmarking 28

Tom Spencer

DECEMBER 1, 2018

Changes to insurance reimbursement policies over the last five years have also emphasized the need for hospitals to provide high quality care at an affordable price. For healthcare executives it is therefore imperative that they develop a strategy that provides convenient and cost-efficient ambulatory care to their communities.

Healthcare 60

Healthcare Wireless Survey System 60

Harvard Business

OCTOBER 11, 2018

If the Affordable Care Act unravels in the near term, the number of insured could creep back up to 50 million, the level in 2009. These numbers exclude the millions more who are under insured — people with high deductibles, high copays, and benefit caps that leave them very exposed if they fall seriously ill and are hospitalized.

Nonprofit 28

Nonprofit Insurance Insurance Operations 28

Harvard Business

JULY 19, 2017

Without building on the basis of a digital operating model, there is no way to ensure alignment among a company’s digital initiatives. Operational excellence, customer intimacy, or product leadership — successful companies excel in one dimension and perform well in the others. Digital transformation requires new strengths.

Enterprise 28

Enterprise Insurance Insurance Agile 28

Harvard Business

NOVEMBER 22, 2017

Why is one insurance company deep into an agile transformation while another is experimenting with it only at the edges of its business? For every company wrestling with evolutions in its strategy, success depends as much on matching the operating model to those evolutions as it does on the soundness of the strategy itself.

Strategy 28

Strategy Strategy Strategy& Company 28

Harvard Business

JULY 19, 2017

IT has long played a critical role in helping organizations deliver better products and services, improve operations, better manage risks, and develop new business models to stay relevant. Zurich Insurance Group Takes Its IT Infrastructure to the Agile Cloud. That’s still true. How to Become a Digital Enterprise.

Enterprise 28

Enterprise Insurance Insurance Data 28

Tom Spencer

OCTOBER 10, 2020

In contrast, a digital currency can operate on a peer-to-peer network that allows a buyer to settle a transaction directly with a seller without a financial intermediary. Each nation will have a CBDC, and each nation’s central bank will provide a reliable, fast, and efficient centralized ledger for settling transactions.

Banking 120

Banking Financial Government Retail 120

SkillQuo

OCTOBER 10, 2018

One of the ways the government, insurance carriers, and employers hope to bring down costs is by making consumers better at shopping for their healthcare. With this acquisition, it has the financial incentive to do so by being their insurer as well. To encourage this, they have pushed people into more high deductible health plans.

Healthcare 53

Healthcare Insurance Insurance Retail 53

Tom Spencer

OCTOBER 20, 2018

Insurance industry observers, for their part, believe that the innovative distributed ledger could introduce a variety of improvements and efficiencies to the insurance landscape, and have the following four applications: Fraud detection. Peer-to-peer insurance. Peer-to-Peer Insurance. Identity management.

Insurance 60

Insurance Insurance Financial Efficiency 60

Harvard Business

OCTOBER 13, 2016

Creating a virtual workforce of software robots can help companies streamline operational processes as well as increase the quality and cost-effectiveness of shared services. Take, for example, the car insurance industry. Insight Center. The Automation Age. Sponsored by KPMG. How robotics and machine learning are changing business.

Insurance 28

Insurance Insurance Efficiency System 28

Harvard Business

OCTOBER 18, 2016

With this model, an investment can be defined as strategic, key operational, support, or high potential. Key operational investments sustain existing business operations, helping to avoid any disadvantage. They are about achieving cost reduction and efficiency improvements through automation or meeting government requirements.

Tools 28

Tools Operations System Software 28

BCG

SEPTEMBER 26, 2016

Service companies lag far behind industrial companies in applying technology to improve their operational efficiency and to enhance customer satisfaction. We have observed similar levels and patterns of waste in other service industries, including energy, banking, and insurance. Telecommunications is a case in point.

Telecommunications 40

Telecommunications Banking Industry Insurance 40

Harvard Business

NOVEMBER 22, 2017

Our research involved a detailed cross-case analysis of five major corporations operating in Australia over 10 years, from 2005 to 2015. As one senior manager in a major insurance company acknowledged, ‘Look, that was all a nice thing to have in good times but now we’re in hard times. We get back to core stuff.”

Energy 28

Energy Case Interview Insurance Insurance 28

Harvard Business

APRIL 6, 2016

In many industries, the capital required to build an asset of minimum efficient scale is growing. The latest nuclear reactor designs, promising higher safety, longer operating life, and lower operating costs, cost up to $25 billion after factoring in the huge budget overruns. Model 1: Virtual operator.

Operations 28

Operations Examples Insurance Insurance 28

Harvard Business

MAY 16, 2017

This was Sasha’s summary: Department Administrator – Efficiency Expert – Staff Manager - Crisis Handler. Initiated contact with Director, staff, students, and faculty to minimize disruption of department’s operations. Equally adept at managing people and operations. Expand from U.S.

Transportation 48

Transportation Real Estate Financial Operations 48

Harvard Business

NOVEMBER 29, 2018

At Salt Lake City-based Intermountain Healthcare , ensuring the alignment of all these things to provide extraordinary care requires a constant regimented focus across our 23 hospitals, 170 clinics, and 850,000-member health insurance plan. On the business side, the escalation process has provided improved visibility into operations.

System 39

System Healthcare Metrics Operations 39

Harvard Business

APRIL 5, 2017

While a laudable effort in principle, measuring a company’s tendency to make myopic operating and investing decisions is fiendishly complex. But the other indicators probably pick up legitimate differences in how companies in the sample operate, as opposed to whether they are myopic.

Metrics 31

Metrics Study Cash Flow McKinsey 31

MishTalk

DECEMBER 26, 2013

The certificates of deposits will push banks closer to an operating environment in which rates are deregulated and are also aimed at improving the circulation of cash in the country’s interbank market. At any rate the new regulations certainly do represent another step in the slow process of dismantling interest rate controls.

Balance Sheet 67

Balance Sheet Marketing Banking Financial 67

1 to 1

JUNE 1, 2021

It streamlines operations and frees customer-facing employees up to focus on more meaningful interactions with customers. Streamlining Efficiency. Industries that can particularly benefit from automation run the gamut: retail, healthcare, automotive, government, communications, travel and hospitality, financial services, and insurance.

Software 26

Software Turnaround Automotive ROI 26

Harvard Business

OCTOBER 22, 2018

María Luisa: Our businesses were able to operate immediately after Maria because we planned for redundancy — generators, diesel, tech infrastructure. In terms of the media company, we needed to revise processes and look for efficiencies. We didn’t know if we had enough diesel to operate.

Media 36

Media Company Real Estate Advertising 36

Harvard Business

NOVEMBER 7, 2017

In the health care arena, horizontal mergers seem to have run their course: The proposed mergers of insurers Aetna and Humana, and of Cigna and Anthem, were challenged by the DOJ and withdrawn , as was Walgreens’s proposed acquisition of Rite Aid. Among hospitals, too, consolidation may have peaked.

Insurance 28

Insurance Insurance B2B Pharmaceuticals 28

Harvard Business

JULY 19, 2016

These include improving data-mining operations, helping with training, and making structured, repeatable tasks and processes far more efficient and less costly. Enter ABIe (shorthand for the Allstate Business Insurance Expert), which my firm helped develop. The cost of simply expanding the call centers was prohibitive.

Company 28

Company Knowledge Base Insurance Insurance 28

Harvard Business

OCTOBER 19, 2018

With this information, clinicians learn how to make more efficient use of high-cost resources, leading to lower total costs while achieving the same or better patient outcomes. However if one could predict a patient does not need such care, this could save the system, as well as payers, a lot of money.

Resources 28

Resources Efficiency Operations Insurance 28

Harvard Business

APRIL 12, 2016

product pricing, operational efficiency, customer service, etc.). Another tried generating operational efficiencies through a different supply chain control tower process. Someone else designed an experiment to get a plant operation down to zero accidents.

Development 28

Development Leadership Operations Efficiency 28