Consultancy and BPO Case Studies
Below we have included a variety of consultancy and BPO case studies which will outline areas addressed, the solution implemented, the result and the economic outcome each client experienced.
- FTSE 250 UK Insurance Company
- FTSE 100 UK Insurance Company
- FTSE 100 UK Bank
- UK Motor Insurer
- London Market Insurance Company
- Lloyds Syndicate
Our client recently had a number of compliance projects in the specific areas of Broker Risk Reviews, Data Entry and Data Cleaning functions, with a number of the projects having deadlines dictated by the regulators. The projects were scoped, and the offshore resources trained and the services delivered within 3 weeks with in excess of a 99% accuracy level. Concurrently, our client was implementing a new CRM System and the result is that onshore resources were freed up to meet other important deadlines without the need for employing temporary staff, missing deadlines or having a severe knock-on effect for other departments.
Our client wanted to outsource a number of their back-office support functions and this was the UK’s 1st Third Party Offshore Outsourcing Agreement within the UK Financial Services sector. The processes were outsourced to a provider in India and also Beijing in China. These initial projects yielded in excess of £5 million annualised savings for our client. The processes currently outsourced under this programme include:
- Accounts Payable
- Treasury
- Accounts Receivable
- Bank Reconciliation
- HR / Payroll Top
Since July 2002, we have been assisting a Leading UK High Street Bank to outsource its back-office function to Chennai, a city in the Indian sub-continent. We implemented the initial pilot process and then went on to define the pipeline of opportunities across the bank as a whole. We supported both UK Operations and the third party supplier operations in India across the outsourcing programme in addition to accepting defined implementation responsibility for a number of discrete projects which were implemented on time and budget and yielded in excess of £10 m annualised savings.
A series of outsourcing opportunities were considered by the bank as part of a strategy to reduce cost whilst maintaining and improving quality e.g. centralisation of activity to improve efficiency and maintain consistent quality.
The processes currently outsourced under this programme include:
- Lending activities
- Know your customer: a project initiated to comply with FSA requirements.
- Date entry of Accounting Information.
- Pre-Payment processing of International & Domestic payment requests.
- Production and publication of sales and performance management Information.
- Audit Letter requests Account Opening requests
- Call Centre Operations
- End to End Debt Factoring process Top
Magellan are working with a personal lines motor insurer to identify whether offshore outsourcing is the right for their organisation. So far this has entailed facilitating a visit to India for a number of their key UK executives, to assist them in assessing the scale of the opportunities available to them.
London Market Insurance Company
Magellan defined a number of the HR processes for a London Market insurance company to comply with the Sarbanes Oxley regulations. An initial feasibility study was then undertaken to assess the viability of outsourcing these processes.
Magellan are helping a Lloyds Syndicate to develop and an e-trading platform. In addition, we are helping them to sanitise their UK IT infrastructure and decide whether any development can happen from an off-shore perspective.
Magellan Partners
