Improve Operational Performance of Financial Claim Process

Nowadays Six Sigma Methods are used widely in industries of varying sizes across multiple industry sectors, which mainly focus on reducing the process variation, elimination of wastes and maximizing the continuous flow in an organization. High number of errors in financial claim process was caused due to the manual intervention. In the current project, The Six Sigma methodology called DMAIC is used effectively. We have defined the project goals and customer requirements to ensure that customer expectations and needs are completely understood. The project progression through the various phases of; problem Definition, quantification by Measurement, statistical Analysis for influential factor determination, experimentation aimed at Improvements and Controlling the goals achieved through process monitoring, forms part of this dissertation. The results obtained from evaluating the effectiveness of the improvements that are implemented in the project shows significant benefits in reducing the error rate by 60% and resulted in more than 1.2 millions of USD savings. The cost savings mainly came from avoiding the duplicate payments in the process.