Client onboarding completions
As we strive to realize our vision to be America’s Retirement Company®, Continuous Improvement (CI) is a key driver of our cultural transformation. In a constantly evolving market, CI sets us apart from our competition by empowering our people and enabling us to become more effective, efficient and responsive to the changing needs of our business and, most important, our customers.
Since launching in 2013, CI has empowered employees at all levels to drive improvements in our customer experience. At the end of 2017, the majority of Voya employees identified to undergo the program will have experienced the power of CI, through a formal training program, and a new, better way of working.
The following includes examples of how CI has delivered results:
- Our Employee Benefits Case Installation team is charged with onboarding hundreds of clients each year. As a rule, case implementation can be a timely process. In 2014, prior to introducing CI to the team, it took approximately seven months to implement 306 new cases. Fast forward to 2016, and the same team, now operating under the CI management system, placed 487 cases (a 59 percent increase), the majority of which by the end of first quarter 2016.
- Since adopting CI in early 2017 – the Retirement Recordkeeping Operations team has seen a 20 percent reduction in not-in-good-order (NIGO) applications – there are 41 percent fewer escalations on hardship calls to the contact center, and 54 percent fewer are failing internal quality control checks. For one of our largest-volume customers, NIGO has been reduced from 47 to 23 percent.
- By setting target conditions and using root-cause problem-solving, Voya’s Enterprise Cost Management (ECM) team was able to decrease the cycle time for the annual bottoms-up expense forecast. That additional capacity has since allowed the ECM team to implement a rolling-forecast process aimed at increasing our strategic partnership with our internal customers by providing greater insight into our company’s cost-management decisions.