New proposition for employers based on developments and core competences

By Casestudys

What they wanted
A major pension player aimed to renew its proposition for employers.

What we did
Together with the client, we formed a core team and developed a new proposition, which was based on market and sector developments as well as the client’s core competences. Initial improvements were immediately implemented in current operations. Furthermore, the new proposition was validated with employers using a prototype.

What we achieved
The new proposition is broadly supported by the organization, as it is based on developments and existing core competences. Moreover, we developed the proposition in collaboration with the client. In addition, decision-making regarding fundamental innovations has been accelerated because we developed a prototype (demo), which we validated with employers step by step. They are very enthusiastic about it now.

What they said
“IG&H understands our business issues like no other and has helped us realize our challenges through implementation power and a pleasant hands-on mentality.”

Major pension fund opts for pension administrator’s new online pension preparation environment

By Casestudys

What they wanted
A major pension administrator sought to serve new funds through a brand-new online pension preparation environment, which needed to be operational in 9 months.

What we did
The effective decision-making phase comprised a thorough selection process and a proof of concept of the pension package. Subsequently, a quick implementation was realized because of the Agile way of working and the compact team. Simultaneously, we defined the new organization and started setting it up.

What we achieved
We realized the first release on time and accomplished its intended goal, keeping costs significantly lower than originally estimated. This contributed to the organization recruiting a major new pension customer.

What they said
“IG&H keeps its promises. That has given us peace of mind!”

ROBO ADVISORS: ‘BUBBLE’ OR ‘BREAKTHROUGH’?

By News

With the individualization of the pension market, the need for many Dutch residents to take action regarding their retirement income is becoming more and more urgent. As pensions sector-insiders at IG&H we see many parties taking on this ‘retail pensions’ challenge. For instance by giving the costumer personal insight in their future earnings. One of the ways to do so is by robo-advice.

 In a series of blog posts about robo-advice, we will investigate this phenomenon, we will discuss supply and demand and we’ll give you our view on this market. Although robo-advice can be used for different goals, in these blogs we will focus on the financial advice about income after retirement.

Episode 1 – Is the market ready for robo-advice and what determines the quality of the advice?
An increasing number of financial service providers are committing themselves to robo-advice. From start-ups to retail banks and insurers. Anyone who is still questioning the rise of robo-advice, only has to look at the actual search trends in Google (see figure 1). Currently, the focus of this development seems to lay on investment advice. In the United States alone, the estimate is that by 2020 2200 billion in assets will be managed through robo-advisors; that is over 5% of the total invested capital in the US. All in all, robo-advice seems to be ‘the next big thing’ in the financial sector; but is it really? And what will be the benchmark for comparing the robo-advisors?


Figure 1: popularity of search term ‘robo advisor’ on a scale of 0 to 100 for the last five years (Source: Google Trends)

Robo-advice on the rise
The growing international interest in robo-advice stems from developments in four areas: consumer, provider, technology and regulations.
First of all, there is the costumer need. Because of the increasing individualization, e.g. through gradual dismantling of the welfare state, consumers are more and more on their own with regard to their financial security. With this responsibility come complex choices, and the customer will need help.  In a world where the smartphone is used for nearly everything, digital and easily accessible support for tough financial choices is a necessity. Many consumers find the traditional financial advisor too expensive after all.

Secondly, financial service providers themselves are looking for new ways to generate value for their customers and – not least – for themselves. They are part of a mature, low-interest market where it is ever more difficult to distinguish themselves from competitors because of increasing transparency. Margin erosion poses a serious threat. In the struggle to bind customers and to lower acquisition costs, many financial service providers are discovering the possibilities of forward integration, towards digital financial advice.

Thirdly, technological developments, for instance in the fields of artificial intelligence, predictive analytics and the decreasing costs of computing power, have accelerated. This lets financial service providers develop valuable digital applications sooner and better. Furthermore, a number of ‘off the shelf’ robo-advice technologies have entered the market, such as WealthObjects, Advizr, Schantz en Pefin, putting the realization of robo-advice services within reach for many financials.

Finally, new legislation is giving an impulse to the availability of consumer data. Under PSD 2, providers are required to share the customer data when asked to do so by this customer. This means that the completeness of the data on which the advice is based will increase, further increasing the value of the advice itself. This is an extra trigger for many financial service providers to jump on the band wagon.

Three factors determine the quality of the advice
Robo-advice offers potential for different financial issues, for example mortgage advice, investment advice or integrated financial advice (financial planning). What these different types of robo-advice have in common is their intended purpose; helping customers solve a complex financial question. How do I make sure I have enough income after retirement? Which mortgage suits my personal situation the best? Etcetera. However, the added value of many current ‘robo’ advisory solutions in the market is still limited. Based on different questions, they give the consumer an overview of and insight in their financial situation, but usually do not give advice. Moreover: what actually constitutes high-quality robo-advice?

As far as we are concerned, there is only one benchmark for quality, and that is the customer value of the actual advice. This customer value is influenced by three factors:

  • Ease: how much effort (e.g. time, money, thinking) does it take the customer to get his or her advice?
  • Personalization: to what extent does the digital advice fit the unique personal situation of the customer?
  • Direction: Is the advice unambiguous, specific and clear about what action the user should take next

These three factors should be seen as the legs of a stool; when one of the three is not on level, the stool is crooked and will serve its purpose. This level is influenced by properties of the tooling that is used, such as the interaction design, the (data) input for the advice, the business rules and the used technology. Furthermore, there are a few preconditions for success that strongly depend on the provider; the trust that the public has in the provider, the reach and user volume that the provider can generate and the consumer data that the provider can tap into. If a provider does not score well on these preconditions, its tooling will never fully gain traction, no matter how good it is. After all, a stool will still not be very comfortable, if it is has three strong legs set on an uneven floor.

The practice proves difficult
The pros and cons are a daily struggle for our customers. How do I create accessible, easy-to-use tooling, that still gives thorough advice? Do we choose ready-to-use business rule technology, or do we investigate the possibilities of AI? And how do we make sure that the tooling we create now is also future-proof? These considerations are often further complicated by a complex legal framework, that is still strongly founded on human forms of advice. Just recently this was supported by the Dutch Authority of Financial Markets (AFM): digital advisory tooling should not get too much room to grow, because they are hardly ever truly objective and comprehensive  in their advice, which can be harmful to costumers.

To investigate this claim further, we will dedicate the next blog post to the lessons that we learned about robo-advice tooling and we will review the current market offering on the basis of the three-legged stool. Until that time, we are curious to hear from you, which parties you think excel when it comes to ease of use, personalization and direction? Who do you believe are the current winners of the robo-advice market, and why?

If you sen one of us an email, you will receive the next blog post straight into your e-mail box.

Julia Nowee, Consultant Financial Services
Frank Rutgers, Director Financial Services
Bas van Donselaar, Managing Consultant Financial Services

This is a blog post by IG&H in the topic ‘retail pension’. Intensive specialisation in the bankinginsurancepensionshealthcare and retail sectors is what makes IG&H a genuine sector insider. We regularly apply knowledge and concepts from one sector to another. And this is precisely where our strength lies. Specifically for the pension sector, we help our customers with strategy, design and implementation in the area of ​​retail pension, distribution and PenTech. Contact us for questions, or look for more information here on this website. 

Brand and format repositioning of an international +€3 bn buying group

By Casestudys

What they wanted
Joining forces: that was the goal of this buying group. It would allow them to align the brand and format positioning across countries. This, in turn, could lead them to increase consumer relevance by identifying successful formats and growing these at an international level. Moreover, they wanted to define a common brand vision around strong consumer themes. Another objective was to formulate a brand proposition for key suppliers and consumers, subsequently translating it into brand guidelines, organizational requirements, and a roadmap.

What we did
First, we mapped the current brand and format positioning across countries and vis-à-vis the competition. Then, we identified the commonality in brand positioning. We also determined which formats to grow at an international level through a fact-based showing of the delta in performance amongst formats. Finally, we created a detailed planning – including roles and responsibilities across countries – to realize the new brand positioning.

What we achieved
There is now a strong brand awareness, both online and offline. The international brand proposition delivers a sales value of +€32 million. Furthermore, we have created a plan to realize a full (co-)branding of all stores by displaying organizational and member impact. It includes a member buy-in plan and delivers a sales value of +€29 million. Overall, we have jointly established a future-proof buying group that provides fresh and modern formats. These are tuned to local needs and offer a customer-friendly store layout. Lastly, the global business intelligence feature created – which builds on POS and consumer data – has yielded the necessary analytical insights.

UMC: performance-driven care administration

By Clientcases, Healthcare

What they wanted
Solid business operations start with a well-performing care administration. Like many healthcare institutions, the UMC struggled with burdens: there were many correcting tasks for the care administration, registration tasks for specialists, control tasks required by the insurer, and change implementation tasks imposed by the government. To depart from all this, the care administration had to switch from stopgap solutions to improvement. The goal: timely, correct, and complete registration at the source. This would allow the institution to get in control and lay a foundation for horizontal monitoring, which means that the insurer performs checks beforehand instead of afterwards.

What we did
Together, we conducted a data analysis to identify the main sore points. Subsequently, we set up an audit program for improvement projects, which we rolled out to the departments. Then, we created a process design – new in terms of content – and set up the Lines of Defense model. Management information was organized using correct and supported performance indicators. Finally, we established a program organization with stand-up and day start meetings, as well as training courses.

What we achieved
With our help, the UMC has taken a major step towards departing from correcting tasks and creating an optimal chain of registration. We created a supported Lines of Defense model and ensured commitment to registration securities. Furthermore, we introduced a new way of working, tightening priorities, project activities, and the allocation of tasks. Also, the focus has shifted to transparent communications on processes and substantive matters. Moreover, openness and feedback have improved collaboration.

What they said
The Ministry of Health, Welfare, and Sport has made this project an exemplary case for other care administrations. At the Congres Horizontaal Toezicht Zorg (congress for horizontal monitoring in healthcare), the case was highlighted as an example of success. The client’s feedback: “In terms of quality, IG&H has done an excellent job providing methods that we can apply in practice. IG&H made a difference. It has been tangible in the solution they offered, but also in its reception and the way it works in practice. The organization has noticed a positive energy boost.”

Mark Boerekamp: new Digital Technology Partner at IG&H

By News

As of November 1, Mark Boerekamp has joined IG&H Consulting & Interim as a partner. Boerekamp will focus on further expanding our firm’s digital practice. 

Previously, Boerekamp (47) was a COO in APG’s board of administrators, a position he held for over 5 years. Prior to that, he worked for Accenture for twelve years, where he was responsible for the financial sector, among other things. Boerekamp studied Agricultural Economics in Wageningen. Subsequently, he passed the ‘doctoraal’ examination in Business Economics and completed the post-graduate program in Registered Accountancy at the Tilburg University.

Switch
Mark Boerekamp: “At IG&H, I can combine my passion for innovation, new technologies, and digital issues with my entrepreneurship dream. The balance between ambition, attention to people, deep-seated client relationships, and the quality of people and services comprises my reason for choosing IG&H in particular. I look forward to reinforcing and expanding IG&H’s position and further supporting our clients in the challenges posed by this day and age, together with my new co-workers.

Asset
Jan van Hasenbroek, managing partner at IG&H, says, “We are very pleased to welcome Mark to our firm. Our vision is that business and technology should be dealt with in an integrated manner to instantly make corporate strategies viable for achieving tangible results. Given his broad knowledge and his powerful personality, Mark is the go-to person who can realize the connections and acceleration required.”

Successful implementation of experiments into business

By Clientcases, Organizational transformation

What they wanted
This organization needed experiments to be successfully implemented into the business.

What we did
We introduced an Agile way of working. In addition, we provided coaches with training and guidance, teaching them and the teams a range of skills. Moreover, the standard innovation process was upgraded using clear steps for each stage.

What we achieved
The experiment teams’ delivery has become more predictable. Their ability to think ahead has improved, and they highlight complexity. Furthermore, both the business and partners come on board sooner and in a better way to prepare a smooth implementation stage.

What they said
Some client quotes: “I have become a more effective coach.” “We reflect on future important matters to a greater extent.” “IG&H left us with something truly valuable. This place is better than it was several months ago.”

UMC: setting up an Integrated Practice Unit

By Casestudys, Clientcases

What they wanted
In the UMC, a variety of specialties work on the locomotor system, both in terms of providing care and performing research. The university hospital wanted to unite several specialties, centering them around the patient. The goal was to develop and apply innovative treatments for complex knee problems.

What we did
Together with the specialists involved, management, support staff, and paramedical employees, we created the proposition and the organizational model. We used this to connect various specialties and interests. Moreover, we drew up a convincing business case. With this solid foundation, we quickly started ‘Launch & Learn,’ the first multidisciplinary pilot in the outpatient department.

What we achieved
Within three months, the pilot has been scaled up to a mature, busy, and leading practice. Internally, the department has become exemplary for multidisciplinary collaboration on care, research, and innovation. It is also one of the most cited best practices in the hospital. Additionally, patient numbers and patient satisfaction have increased significantly.

What they said
“Adopting this way of working was a long-cherished wish and ambition of us. We had made drafts and explored the possibilities before – also with the support of other agencies. But without IG&H, we never would have been able to actually realize our plans.”

UMC: healthy financial function for performance management

By Clientcases

What they wanted
The UMC required a good instrument and policy to connect cost and revenue to performances. Moreover, it needed an improved financial function with reliable management information.

What we did
Through an Agile way of working, we provided the design, decision-making, and realization for a suitable management model. We also created a policy for performance-based funding. To support it, we realized a performance-based funding system including an adjustment to the planning and control cycle. In the process, critical performance indicators were set up at the departmental level.

What we achieved
The organization’s business operations have been strengthened, both in terms of instruments and behavior. The purpose: increasing the value of care.

What they said
“The people working at IG&H are inspired professionals who help their client reinforce itself.”

Large Dutch bank digitalizes mortgage processes

By Banking, Casestudys, Clientcases

What they wanted
“Consumers demand speed and convenience when applying for or modifying a mortgage. Having insight into and control over the mortgage process is increasingly important in this regard. To remain competitive, we must respond to these needs. At the same time, we are faced with the challenge of complying with the ever-tightening (European) regulations. What we want is to be ready for a mortgage market that will change radically as a result of digital developments!”

What we did
As a forerunner in innovation, we use our proven approach to set organizations and the mortgage sector into motion. For this bank, we translated the view on source data usage into a new service provision concept and a setup of underlying processes. Then, we accelerated the implementation using our toolset, which we have started to build since the launch of our initiative ‘Handig!’ (Handy!). In addition, we ensured that the organization was on board by working in an Agile manner.

What we achieved
With our help, the organization has adopted a data-driven way of working. To better serve customers, it now uses data from reliable sources instead of paper documents. Moreover, consumers enjoy more speed and convenience. Submitting an application is simple, and they get a definite answer within one day 80% of the time. As a result, the decision on buying a house is an easy and fast one to make, which has led to an increase in revenue. Moreover, focus has been placed on efficiency and customer-orientation. Mortgage applications have increased by 20% in three months, while cost has decreased by more than 50%. In addition, acceptance has become much more reliable: the risk of fraud has reduced significantly.

What they said
“IG&H had the vision, knowledge, and experience to help our organization digitalize the mortgage process. We are now a frontrunner in a radically changing mortgage market, and we increased our market share by 10%!”