- Business Process Transformation
The client’s business grew rapidly through acquisition, having doubled its commercial and specialty insurance business with the purchase of a competitor, then acquiring three specialist insurers covering six new markets in the US.
The priority at board level was to integrate the new acquisitions into the group processes and systems, while leveraging the new skills and products across markets. The growing pains for the new group were significant and across the complete lifecycle of insurance services.
Specifically, the board of directors was concerned with missed proposal opportunities due to bottlenecks in the underwriting teams, inconsistency in the quality of service to insurance agents, duplicate functions across the group, backlog in actuarial services preventing the board from understanding the full exposure to risk, and poor discipline with account reconciliations and collections impacting cash flow.
The client’s priority was a transformation, prioritizing on supporting growth, refocusing staff, and eliminating waste in their business processes.