Business insurance

Business insurance

Define

After completing a strategic review, a business insurance provider proceeded with a strategic transformation programme which covered nine workstreams and touched virtually every part of their business.

Under direction of a new COO, they conducted a SWOT analysis across underwriting, claims, IT and operations to understand where they could improve process engineering, target operating models and process design.

Historically our client had been handled as an internal division, rather than a standalone organisation with its own identity, brand and foothold in the market.

Design

We conducted a thorough review of each area of the business and designed a project plan that addressed each area in order of priority. The proposed solution needed to reduce costs in IT and operations, while improving sales in underwriting and mitigating losses in claims. ‚Äč

Definia captured analysis and identified key areas for change. On completion of this milestone, we prioritised change projects and agreed timeframes for delivery of each project within the wider transformation programme, in agreement with the key stakeholders. Our team consisted of a PMO, programme managers and business analysts.

The solution
The Outcome

Deliver

Our client achieved the goals set at the start of the programme, including:

  • Significant improvement in the efficiency of claims processes.
  • Creation of a centre of excellence, identifying business processes that require improvement.
  • Transitioning away from the global model and towards value chain.