Title: Lean Six Sigma in financial services

Authors: Henk De Koning, Ronald J.M.M. Does, Soren Bisgaard

Addresses: Institute for Business and Industrial Statistics, University of Amsterdam, Plantage Muidergracht 24, 1018 TV Amsterdam, The Netherlands. ' Institute for Business and Industrial Statistics, University of Amsterdam, Plantage Muidergracht 24, 1018 TV Amsterdam, The Netherlands. ' The Eugene M. Isenberg School of Management, University of Massachusetts at Amherst, USA; Institute for Business and Industrial Statistics, University of Amsterdam, Plantage Muidergracht 24, 1018 TV Amsterdam, The Netherlands

Abstract: Lean Thinking and Six Sigma are typically considered as separate approaches to process innovation, with complementary strengths. When combined as Lean Six Sigma, this approach provides a unified framework for systematically developing innovations. Lean Six Sigma can also bring about significant results and breakthrough improvements in financial services, as demonstrated with four case studies from Dutch multinational insurance companies. These cases demonstrate the importance of incremental innovations and show that there is room for improvement in the financial services industry. This article takes the integration of Lean Thinking and Six Sigma a step further by providing an integrated framework and a comprehensive roadmap for improvement.

Keywords: cost reduction; efficiency; improvement; incremental innovation; quality management; service operations; lean six sigma; financial services; lean thinking; Dutch insurance companies; multinational corporations; MNCs; The Netherlands.

DOI: 10.1504/IJSSCA.2008.018417

International Journal of Six Sigma and Competitive Advantage, 2008 Vol.4 No.1, pp.1 - 17

Published online: 21 May 2008 *

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