Redesigning insurance broking operations from the ground up.
A large insurance broker wanted to reinvigorate their strategic transformation programme. This was expanded shortly after its start when the organisation merged with another global leader.
Gobeyond Partners was appointed to support the delivery of this global programme, with the aim of delivering increased shareholder value through aligning the business operating model and offering across the entire group.
The first territory to embark on this transformation was chosen due to competition in the area placing increasing pressure on margins.
As such, significant changes to the existing operating model were required in order to achieve continued growth:
Planning & implementation
We worked with the senior team to identify a number of changes to transform the business in this territory, delivering a $6m benefit over 3 years.
We implemented four workstreams to unlock these benefits:
1. We facilitated the location strategy development for all operational activity, successfully relocating work.
2. We built a new operations function tailored specifically to the new operating model; ensuring seamless cross-functional working.
3. The work was organised in support of the new model. Each client segment now had a dedicated team, ensuring a consistent client experience, but maintaining flexibility for seasonal demand fluctuations.
4. To ensure the teams were upskilled and the change sustainable, we rolled out tailored Institute of Leadership and Management (ILM) accredited Operations Management training for managers and leaders, reinforced by a comprehensive coaching programme.
10% cost reduction: The decrease in operating costs led to an increase in earnings before interest and taxes by 5%.
Customer experience: Standardisation reduced internal variability by 80% – hugely reducing variation in the client journey.
Sustained change: Around 95% of leaders were trained in our intensive Operations Development Programme (ODP), and have now achieved ILM accreditation through our coaching.
This project has become a case study example for other territories to replicate; laying the foundations for delivery of the promised value to the markets and shareholders.