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Context and objectives
  • A major Group Benefits insurer, with strong growth over the past 10 years, with limited room for future growth in its target niche
  • Unclear positioning in the market: limited differentiation beyond price
  • Lack of shared vision, conflicting priorities and lack of top team alignment
  • Recognizing the strong achievements and potential pitfalls of the business, the newly nominated CEO wanted a comprehensive assessment of the business in order to define the strategic roadmap for the next phase of the evolution of the business
Approach
  • Working with the top team, identified some of the key strengths and weaknesses in the strategy and operating model of the company
  • Redefined customer segmentation based on specific customer needs
  • Conducted an assessment of the competitive positioning of the company based on in-depth customer/broker interviews: Identified current positioning of the company as compared to requirements of different customer segments
  • Developed and evaluated different strategic options for the Company based on market opportunities and constraints
  • Defined an aggressive growth strategy and strategic roadmap involving major capability building in all areas of the company
Results
  • Repositioning of the company’s profile with target customers and brokers
  • Board approval and funding for a 7 year transformation plan for the business
  • Development of key change initiatives and milestones
  • Implementation of Transformation Office to drive implementation