Major realignment needed after two reinsurance firms merge
Having previously supported clients, including reinsurance firms, with large-scale organisational change, we know how the benefits of a merger can be hampered by internal inefficiencies. Our priority was to drive change as quickly as possible by finding synergies across their processes, and systems that could easily access and extract their data.
How we did it
Over 12 months we worked across departments to understand their needs, develop the right solution, and help their people to adopt the change.
By taking the time to understand the issues they were experiencing, together we shaped a solution that supported their business objectives. Three strategy workshops with 25 senior stakeholders, five focus groups with the senior team, plus a company-wide survey, created a baseline of understanding. Reviewing their operational processes also uncovered more opportunities for alignment.
Every business need was considered, from corporate goals, IT functionality and communication, to training, upskilling and coaching.
Having taken stock and projected where the organisation wanted to be, we supported them to reorganise their suite of technology to bridge the gap. SAP software was implemented to streamline their operations and provide the data reporting they desperately needed. With our guidance, they were able to confidently transition from multiple legacy technology platforms to one integrated system.
The new SaaS system would affect 2,500 employees across the US and Europe, so it needed to be appropriate and handled carefully. To make sure they got the most out of the new technology and processes, we developed training materials and supported the organisation with their stakeholder management, engagement and communication. By helping the company to communicate their vision and the potential business outcomes, the wider organisation embraced the change.
“We believe a partnership approach with our clients is essential to delivering outcomes.”
The result
Using the baseline to assess progress, we continuously tweaked our approach according to internal feedback. As a result, the new system and revised reinsurance processes were implemented to time and budget. Our partnership approach helped to build stakeholders’ confidence and engage them in adopting the new system.
Today, these new processes allow them to work efficiently as one organisation, and make better management decisions based on easy-to-access and meaningful data.