Lbot Executive Summary the Revolution

LBOT Executive Summary

The revolution occurring in financial services towards putting the customers' needs at the center of policy capture, policy management and services puts Long Beach Mortgage in the unique position of needing to serve existing clients more effectively, and win new clients through a variety of strategies not used before. The Long Beach Front Office Tool (BFOT) has specifically been designed to accomplish these two strategic goals.

Critical to both the retaining existing clients and attracting new ones, the BFOT's it architecture includes integration with all other systems of record including pricing, risk analysis, order and policy capture, policy management, contract management, services, and third party broker support. The combining of these applications on a single platform makes it possible for agents, brokers, and service representatives to both serve existing clients and increase their loyalty in addition to winning new business with prospects. This level of integration also includes all customer-facing selling strategies as well, ensuring that any potential client or customer shopping for a financial service with Long Beach Mortgage gets the same response to their questions. The BFOT then provides a consistent message to the prospective and current client, regardless of the method they choose to communicate with the company.

To make the BFOT suite of applications work however there is significant change required within the organization. Processes that have long been known to slow down responses to existing customers and make it more problematic to win new ones need to be re-defined. It is recommended that a thorough approach to business process management and specifically business process re-engineering be used to re-orient the customer-facing processes of Long Beach Mortgage to the objectives of being more efficient in the service of prospects and customers. This includes changing the daily activities and approaches marketing, sales, service, pricing, and administrative management rely on when doing their daily jobs. Changing these patterns of work will take much education and commitment from senior management if the BFOT is to be fully relied on and used. Agility, responsiveness, and staying customer-centric while relying on the processes necessary for Long Beach Mortgage to grow profitability is the balance that needs to be maintained within this implementation. The BFOT suite of applications need to be positioned and launched to the employees, suppliers, and third party resellers of Long Beach Mortgage services as a series of tools to make them more agile, responsive, and effective in serving clients.

Conclusions