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Pages:
2 pages/β‰ˆ550 words
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No Sources
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
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MS Word
Date:
Total cost:
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Topic:

Analysis of Upper Canada's Bank Life Insurance Approval Process

Essay Instructions:

After having reviewed the Little's Law material under modules, apply those learnings and formulas to the Life Insurance at Upper Canada's bank.
Tasks
Draw the approval process, can you spot sources of inefficiencies or backlogs? Explain
Based on the data given in the problem and based on Little's Law formula, how long should the process take? how long is taking right now?
Thinking of maximizing throughput and reducing wastage, how many people does this process require to work efficiently?
No grace period for A3 assessments
The A3 formative assessments are required preparation to be completed BEFORE the start of the session.
Since we will be discussing the cases and often sharing files with solutions when we meet in class.
There is no 48-hour grace period for any of the A3 assessments. Failure to submit by the deadline will lead to an "F" in that assignment.

Essay Sample Content Preview:


Analysis of Upper Canada's Bank Life Insurance Approval Process
Name
Institution
Course
Instructor
Date
Analysis of Upper Canada's Bank Life Insurance Approval Process
1. Approval Process Visualization and Identification of Inefficiencies
The approval process at Upper Canada's Bank Life Insurance involves multiple stages initial application with a Life Insurance Advisor (LIA), electronic submission, processing in India, medical information collection, underwriting, and final decision-making. The process map reveals bottlenecks delays in scheduling applicant phone interviews and medical/lab work, lengthy data transfer times, and a lack of streamlined communication channels. These inefficiencies contribute to a high wastage rate, particularly due to applicant abandonment.
2. Calculation of Process Time using Little's Law
Little's Law (L=λ∗W) allows us to assess the process. The arrival rate (λ) 

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