Financial Services Company Eliminates Data Errors, Cuts Staff Needs in Half and Reduces Postage Costs by 50% with CCM Software
Streamlining Processes to Produce Timely, Compliant Customer Correspondence
The client, a Fortune 500 Financial Services company that provides insurance, financial planning and advisory services, is required to send periodic communications such as fee disclosures to their plan participants. One of the critical elements pertaining to this process is timeliness; for this industry, missing delivery deadlines is especially problematic and can lead to significant penalties.
The window of time during which these plan participant communications are produced and delivered is narrow. Steps include waiting to receive information from the federal government, receiving the most up to date plan participant data from the company’s client, and then acquiring their final approval.
What’s more, the production of such time-sensitive customer communications is complex, time-consuming and resource-intensive. It involves massive amounts of data and multiple steps, and requires great precision and oversight to ensure accuracy. If processes are not tightly defined and locked down, the chance of errors and not delivering on time increases – a risk no business can afford to take.
In order to operate within the tight timelines and properly navigate the complexities of the project, the company always has to ramp up in staff and production during each peak period. Then, in the midst of one period, they found they were facing a 300% increase in volume and, simultaneously, the vendor supporting the project notified them during their end-of-year communications that it would be unable to handle the job.
As a long term partner of the financial services company, Strata was able to quickly step in to handle the job. During execution, we identified that a much more streamlined approach would resolve nearly all of the challenges, plus measurably reduce the associated additional costs and stress during these peak periods.
With an extensive background in business process improvement, workflow automation, data management and technology, Strata understood well the issues (and extent of them) that the client was facing, and immediately got started on mapping out a path to resolve them.
We presented a concept for a custom, cloud-based document processing portal in which they would be able to streamline and automate their entire customer communications operation well beyond the end-of-year blitz.
Some key features of the system include:
- Data processing with instantaneous error checking
- Inline data proofing and order editing
- Project tracking and reporting
- In-system approvals route orders directly to a print queue
- Variable data print (VDP) capabilities
- Automated output identifies postage savings opportunities
One of the benefits of having a custom-built system is that the portal is inherently personalized and flexible, aligning to the particularities of their business. The correspondence management system will easily scale with the business over time.
With the implementation of a Customer Communication Management (CCM) software solution, the client has reported a number of positive impacts. By fully automating what was previously an inefficient and laborious process, they have been able to meet their deadlines with ease, and eliminate the potential for error and their reliance on temporary help.
Many of the benefits were realized either immediately or soon after the system launched:
- Turnaround time was compressed by an average of ten business days
- Half of the personnel are now needed to produce the same amount of work
- Days have been saved in the review process
- Postage cost was reduced by about 50%
- Maintaining regulatory compliance with delivery deadlines is ensured
A project tracking feature, which syncs the client’s tasks with the back-end printing and fulfillment being performed by Strata Company, has helped drive efficiency and offers transparency into the program. In addition, the client noted that our print and mail expertise and dedicated account representatives have offered another level to their satisfaction with the project. The solution exemplifies how technology and consultative partnerships can combine to deliver quantitative and qualitative benefits that enable businesses to solidify their prosperity and ability to compete effectively into the future.
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