Experience

Global Insurance Organisation

Unlocking Growth and performance

The Challenge

As a top global insurance company, this client manages $430 billion in assets, earns $70 billion in annual revenue, and employs about 1,800 people in the region. They are well-known for their strong brand and have built their strategy on offering affordable and reliable products. Partners choose them for their trustworthy claims process, solid underwriting, and stable global reputation.

The company faces a challenge in finding new ways to grow. Changes in regulations and a quickly evolving competitive landscape have disrupted their once-stable business model. They struggle with setting the right priorities, slow decision making, lack a strong focus on customer needs, and limited innovation.

The company realised it could grow by focusing more on its customers and becoming more agile in its business approach. This would enable them to better meet customer needs, make faster decisions, and adapt more easily to changing market conditions.

Our Approach

  • Introducing a ‘North Star’ and OKR Goal framework to align the organisation’s vision with its strategy.
  • Restructuring lines of business and executive leadership to create a more focused and high-performing team.
  • Adopting a ‘value-centred design’ approach to guide the organisation’s efforts towards the most impactful work.
  • Creating a ‘wayfinder’ strategy using the EPiC Shift Transformation framework to help with planning, setting priorities, and focusing on change activities.
  • Restructuring all business areas into Value Streams and introduced ‘platforms’ to reduce cost and improve flow of value.
  • Implementing and establishing a Quarterly Delivery Cycle (QDC) to improve clarity of alignment between strategy and delivery as well as improving the businesses ability to adapt rapidly.
  • Designing a custom Target Operating Model to improve speed of decisions and efficacy.
  • Developing a strategy canvas to link vision with delivery, enabling better collaboration across leadership.
  • Provided coaching for leaders to navigate and manage transformational change.

Outcomes

    • 4 reduced layers of hierarchy
    • 90% improvement in leadership alignment to strategy
    • Increase in eNPS and speed of decision making
    • 54% improvement in alignment of team activities to strategy
    • c$12m In Operational Savings to date (with 3 more lines of business yet to be implemented)
    • Increased focus on customer and outcomes
    • “We launched a new product in 3 weeks that previously would have taken 6 months”
Achievements
90% improvement in leadership alignment to strategy
There was a significant speed of decision making as a result of closer leadership alignment to the organisation's strategy. What would have taken 6 months to launch a new product, took them three weeks as a result of the changes implemented.
54% improvement in alignment of team activities to strategy
Implementing and establishing a Quarterly Delivery Cycle (QDC) including OKRs, improved clarity of alignment between strategy and delivery as well as enabled the businesses ability to adapt rapidly.
c$12m In Operational Savings to date
With 3 more lines of business yet to be implemented the estimated savings is set to increase as the transformation continues.

If you would like to discuss ideas on how EPiC can help you meet and exceed your business transformation goals, please leave your details.

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