Client
A Property & Casualty Specialty Insurer
The Opportunity
The company had transformed dramatically as a result of the divestiture of their Personal Lines and Commercial Lines businesses. Its new focus on Specialty Lines represented an opportunity to take a bold new look at the company – its strategy, structure, systems, skills, staff, style, and shared values.
The Challenge
The path forward was clearly focused on Specialty Lines – but what did this mean for the business and technology? Given the magnitude of these business changes, management recognized that they needed to crystallize their business & technology planning efforts before making additional systems investments or changes going forward
Our Role
- Capture and validate the enterprise business strategy with the executive leadership team – using high level management sessions to draw out the objectives, strategies, and tactics of the new enterprise
- Develop the business / technology road-map and tactical initiatives to achieve the strategic business intent of the new company
Our Approach
- Work closely with the senior leadership team to capture and document the vision for the new enterprise
- Define and codify key objectives for enterprise focus, line of business strategies and thrusts; target markets and products; growth targets; role of technology; role of operations/billing; role of claims
- Leverage high intensity workshops with key business and technology managers to map the executive vision to business strategies and tactical action plans for the next 3-5 years
- Develop comprehensive strategy mapping which links vision and objectives to tactics
- Reach Executive validation with participating lines of business, operations / billing, claims, and technology
- Leverage the results of the management vision and business strategy mapping to lay out the process, organization, and technology views
- Define critical capabilities which will be needed to achieve the stated business objectives for the firm
- Perform gap analysis of target versus current state processes and technologies to determine where actions are needed to bridge critical gaps or deliver needed business capabilities
- Map out transition strategy for moving from the current state to the target vision
- Lay out detailed multi-generation programs and initiatives which are designed to drive to the target state
- Include tangible cost-benefit analysis to validate and prioritize recommended initiatives with the senior leadership team
Bottom Line
The newly focused enterprise was prepared to forge ahead with clarity about its systems investments and business changes going forward.