Industry:
Insurance

Global General Insurer – performance improvement

Situation and Challenge

  • Identifying solvency and performance improvement strategies then putting plans in place to deliver across two recently merged businesses
  • Move from two headed company to one mission and strategy
  • Review and consider out sourcing overseas, middle and back office processes [first UK large corporate to do so]
  • Establish minimum liquidity position and make proposals to improve

Approach

  • Working across multi disciplines with other sector heads and external advisors, bring together all current in flight projects and re evaluate those benefits
  • Identify short term and long term performance improvements and evaluate opposite current market conditions
  • Set out a new 5 year performance improvement plan for the business [discrete from the 5 year budget] to be tracked and managed separately
  • Consolidated like functions in order to “ring-fence” non core/customer facing processes which could be effected elsewhere
  • Reviewed tax / vat implications in advance

Method

  • Set in train UK wide performance improvement plan and benefits realization tracking process
  • Prioritise the centralisation and off shoring of non core functions [all delivered]
  • Effect more complex liquidity improvement actions with specialist advisors [ delivered]
  • Working closely with a global IT provider , design and deliver cost saving outsource [UK and overseas] – within a VAT efficient framework
  • Effect centralization and agglomeration of like/back/middle office functions

Outcomes

  • Minimum solvency significantly improved by accurate and precise interpretation of evaluation rules, banking restructuring and changes to internal data gathering processes
  • Delivered first major off shore middle and back office function of a UK FTSE 100 company
  • Developed and secured approval for a ground breaking VAT treatment which ensured outsourcing of the Desktop, middle and mainframe functions did not damage value in a no vat recoverable environment
  • Assisted with the improvement in yield in this large organization by being part of the global turnaround team and delivered the above to the UK arm.
Back to top