Aegon: Saving £4M per Annum in Cost Reduction / Avoidance While Revolutionizing the Client Service Experience
Finding a Platform to Revolutionize the Competitive Playing Field
AEGON’s mission is to be the leader in helping customers secure their financial future. To embark on this ambition, AEGON UK launched a Customer Service Transformation (CST) initiative with the target of reducing operational costs through increased efficiency by 25% while improving staff morale and the customer experience. However, similar to most life insurance carriers AEGON faced a number of challenges such as antiquated back-end systems, manual processes, high reliance on back office functions, and antiquated workflow technology that was not fit for the challenges ahead.
AEGON quickly realized that in order to fulfill their vision they needed to adopt game changing technology that could fulfill a wide set of requirements and radically evolve the service experience for their customers.
- Reduce unit costs
- Improve retention by enhancing customer & distributor services
- Instill process consistency & quality
- Automate non-value add processes
- Replace existing work
- 28% improvement of first contact resolution
- 6% cost avoidance due to front office CRM
- 18% cost reduction due to back office automation
- 40% reduction in manual steps
- 35% reduction in effort to design & build new customer service platform