reinventing an insurance company

An insurer took a decision to fundamentally question its relationships with its customers, brokers and competitors. It was prepared to change everything. It created a working party of directors who were to make a recommendation to the board on how to transform the company.

We were asked to help the working group by:

  • challenging them to be creative
  • making sure they imposed no constraints on their thinking
  • ensuring they looked at the business from the outside in
  • guiding them to develop a business model that put customers first

Our role was to create a set of rules and goals for the team and then keep them on course through a series of facilitated workshops. The process that we facilitated had these key stages:

  • agree the goals and rules
  • identify the business ecosystem
  • research the ecosystem
  • evaluate the goals and journeys for each member of the ecosystem
  • define target roles, expectations and journeys for each member of the ecosystem
  • define the required responses from the business
  • define the capabilities required to deliver the responses
  • agree the business design principles
  • define the business model
  • define the operating model

The key outputs of the process were:

  • a redefined range of product types to better meet customer needs
  • a new design for the customer service organisation and processes to be more responsive and provide a more complete set of services
  • a new model for relationships with other insurers to allow more partnerships
  • a plan to centralise many brand functions into shared services to improve efficiency and reduce back office handoffs

The board accepted the recommendations of the working group and kicked off a set of business transformations to implement the new direction over  three year period.