Voya Financial IPO - Engages Cognizant to Run Insurance Operations

Objectives:

Carve out  ING Group's U.S.-based retirement, investment, and insurance businesses and IPO as a stand-alone company.  Reduce operational per policy cost to help build case for IPO.   Transfer Processes, People, Assets and gain 0% operational efficiencies. 

Role We Played: Led critical BPO and efficiency initiatives which was key to achieving Voya Financials IPO targets.

• Developed end-to-end business case and approval (ING’s executive committee).  Headed re-badging of 1000+ ING personnel and sale of $15mm in assets.   $100mm in dollar saves with no layoffs involved 

• Ran and negotiated key terms with short-listed global delivery providers and closed 8 year contract with legal

• Transtioned over 18 months, 128 voice and data business processes in Life, Annuity, Employee Beneifits, Retirement Services and Distributor Service Operations offshore. Instituted new change management & governance controls.  Daily operations management of 175 service levels across participating businesses

• Continued to right-size a budget of $500mm in vendor services and relationships.  Automated SLA/PMO metrics to track vendor performance and support audits and disputes.

• Implemented several business continuity events to support downed offshore services

• Oversaw & approved at operating level, “to the dollar” over $400mm+ in BPO spend.  Reporting included:  P/L explanation, soft-dollar allocation, saves and volume forecasts and financial impact

Lead: Albert Eng