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Operartions in financial services: Synopsis Group 5: Manzana Insurance: Fruitvale branch (Abridged) 12020741011 Ashish Aggarwal 12020741024 Madhusudhan

Tamraparni 12020741048 Rakesh Dinkar Kadam 12020741077 Mohan Kumar S

Problem Statement: Bill Pippin is a Asst. Manager at Manzana Insurance,Fruitvale Branch and has to tackle with the bad performance of his company. They are lacking behind their competitor Golden gate and their performance is degrading especially in Endorsements, Renewals and Turnaround time. The branch profit has decreased and started giving losses mainly due to increase in salaries, plus program and bonuses. The turnaround time is increasing consistently, the requests in progress are increasing due to increase in late processing. Expected turnaround time this quarter is coming out to be 8.2 days as compared to 6.2 days last quarter. So, the conditions are worsening and need to be tackled with. Causes of problem: Instead of following the FIFO procedure the employees are sorting out the requests according to their own convenience RUNRAPRAINRERUN. This is because RUNs and RAPs are considered to be more profitable than RAIN and RERUN. The commission and bonus received on new policies were more than those received on renewals. The number of RERUNs lying at every operating step is way more than the other 3 causing delays in policy renewals. Action Plan: Following steps need to be taken: 1) Balancing the flow of orders(Line balancing) and eliminating the bottleneck operation(Underwriting presently) 2) Reframing the commission, bonus and incentive policies 3) Refraining employees from sorting the requests and strictly follow the FIFO policy. 4) Shuffling of employees in different operations

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