Insurers need to become supreme lean thinking machines!

'Lean thinking' remains relevant today to any organisation seeking to improve inefficient processes and increase customer value. And as insurers continue to get squeezed, they could learn a valuable lesson from 'lean thinking', especially as an alternative to outsourcing and channel elimination for cutting costs.

The key principles involved in 'lean thinking' comprise; customer identification and value specification, value stream mapping, waste elimination, response to customer pull, and pursuit of perfection.

By clearly defining what elements of a specific product or service deliver value to the customer, all non-value activities or waste can be targeted and removed.

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