Client

A large mid-west health insurer with approximately 4MM members.

Challenge

  • Improve outdated processes and financial reporting
  • Increase performance and productivity of existing staff
  • Achieve this goal on-time and on-budget

Background

Our client was experiencing heavy cost pressure. Based on previous analysis, our client developed a set of initiatives and roadmap to achieve significant cost savings. Implementing these solutions required enhanced cost management from finance and strong program management.

Benefits

  • Higher cost control measures throughout the organization
  • Enhanced financial reporting enabling increased business proactivity and early detection of risk
  • Re-usable processes and tools to enable continuous and robust cost management

Results 

  • 15% administrative cost savings
  • $300M in targeted cost savings within 3 years — with $200MM already identified

EXL Solution

EXL helped drive change throughout the organization through process and team design, as well as implementation specialists to help with transition:

  • Robust cost analysis, benchmarking, budgeting and targeting for each unit
  • Enhanced cost reporting to control financial performance versus budget; proactive reporting allowing for rapid business reaction
  • Program management of change throughout the organization including:
    • Stakeholder alignment and objective setting
    • Continuous monitoring and reporting on progress
    • Prioritization of initiatives and deep dives as necessary
    • Enhanced management of project costs

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