Our client (a top-tier UK Life & Pensions provider) was seeking substantial Operational Efficiency improvements for its DC Pensions operations, which were having to support a doubling of business every 3-5 years.
In early 2015, PEN undertook an initial review of the operations to identify, size, and prioritise potential improvements to free up capacity and make significant cost savings.
PEN defined, managed and led the review of the client’s operating model and key processes, mapping these to best practice. We provided:
- Subject Matter Expertise – both operational efficiency consultants and DC Pensions operations experts.
- Methodology & Management– introduction of the PEN OE methodology and strong project management to drive a combined client/PEN team.
- Business line engagement – to obtain buy-in to the findings and recommended initiatives.
- Momentum: the ability to get the review completed within 6 weeks, to minimise impact on the business
- Current State challenges – identification of inefficiencies within the current operations and organisation.
- Operating Model and Process improvements, including use of systems.
- Recommended list of initiatives, assessed and prioritised by the client to identify those with greatest improvement potential and easiest implementation.
- Implementation Roadmap – setting out the recommended approach for implementing the initiatives.
The client moved immediately into implementation of the top priority initiatives. PEN has been asked to assist with the implementation of several of these, particularly those requiring organisational restructuring.