In the previous blog post, we have read what Six Sigma is and how it can help the insurance industries in aiming for Operational Excellence.
“Harsha, I hear you and understand the value in six sigma. But how do I implement it in my organization?”
The way to implement Six Sigma is simple.
1. Just ensure that every process records every error that occurs in the system.
2. Then, make sure that the performance of your people are measured by using these errors as a basis.
3.Then, calculate the Six Sigma rating for each process . Use these Six Sigma numbers as a judgment mechanism for each process.
4. Talk, track and teach about the value of these numbers to the entire organization.
One key change the industry must make is its mindset. It’s time for leaders of insurance operations to realize that the manufacturing of insurance products can and should be managed more closely using Six Sigma.
“Great! But how am I gonna to able to track all these processes and ensure proper communication?”
We track all our processes through our Club VA product. Club VA helps achieve Operational Excellence by tracking, monitoring and learning through Six Sigma measures.
At Club VA, our results for clients are tracked and are consistently in the range of:
- 5.4 sigma for accuracy
- 6.0 sigma for timeliness
Over the last three years, we have processed over 5 million transactions.
In the next article, we will talk about how you can improve operational efficiency by implementing Six Sigma.