"Six Sigma" is a term used widely in manufacturing, but little known in the insurance industry. Industries such as medical devices and cellular telephones approach the management of quality—using Six Sigma as a tool—with intensity and focus to drive down error rates and increase operational excellence.
What about the insurance industry? Shouldn't the insurance industry be focused on quality and operational excellence, too?
My business partner, Harsha Chaturvedi, likes to say: "Ask someone in the insurance industry about error rates and they might say: 'Oh … It's about 3 to 4%.'" That's a very high number, indicating a massive opportunity for improvement in quality.
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