Financial Services Company in Australia and New Zealand

Customers with Life Insurance Products can sometimes request a transfer of ownership of their policy because they want the policy to be owned by another individual/entity or due to the death of the policy owner. The transfer of ownership process was not delivering timeliness outcomes and therefore reducing customer satisfaction.

At a glance

The Client

Our client is a financial services company in Australia and New Zealand providing superannuation and investment products, insurance, financial advice and banking products including home loans and savings accounts


Life Insurance

Business need

Driving timeliness thereby improving retention of customers


Using Open Orbit’s guidance, the team was able to identify 27% reduction in cycle time of the ‘transfer of ownership’ process. This was due to identification and removal of single point dependencies.


The process had excessive end to end cycle time, low customer satisfaction and a very low process maturity score.

The process was encumbered by legal obligations – for example, the services team had to contact newspapers and place advertisements for lost policy documents if the customer could not produce their original policy documents.

Analysing processes of this kind usually takes 6-8 weeks to study documents, conduct meetings to understand each stakeholder’s view and brainstorm potential changes. Finding the problem and agreeing on a solution can takes weeks and months.

How we helped

The simplicity of the Open Orbit diagnostic map meant that the team were able to map out the end to end process and were able to identify improvements. The suggestions provided by the system meant the right questions were directed to the SMEs that eased the data gathering process. This was done without getting lost in process complexities and maintaining focus on overall customer impact.

The analysis was completed in a couple of weeks instead of months, meaning the team could rapidly identify the key improvements needed to achieve timeliness outcomes.

Steps within the process that were thought to have been a legislative obligation were questioned. The compliance department subsequently confirmed that these steps could be removed as there was no obligation to complete them.

Operational teams were upskilled and shared across locations, reducing single point dependency.

Plans have been put in place to improve forms and letters relating to the process so that only the required information is requested from the customer and to reduce need for manual recording keeping.

The solution action plan and executive summary provide Management with a tool for ongoing tracking of actions. Management could log into the system to see progress without requiring weekly/monthly progress reports.

Business Impact Delivered

Timelines and Outcomes

27% reduction in cycle time through the identification and removal of single point dependencies

Speed and Execution

Analysis was completed within weeks rather than months, with solutions suggested by the system tracked through to completion


This project can be used as a template reviewing other operations-based processes. Improvements can be implemented across multiple processes and products.

The project is stored within Open Orbit and can be utilised as a base for reducing the time and effort required for future improvements.