Insurance specialist strategy revamp

Challenge

This specialist mutual insurance carrier felt, at Board level, that it was lacking a clear sense of direction, was losing out to the competition and was not serving its members as well as it should be. We were asked to work with the Board and senior management to set a new course that would revitalize the organization, grow membership and enhance bottom-line results.

Approach

• Analysis: Analyzed market trends, competitor strategies and results, internal resource deployment and carrier performance.
• Options: Developed growth options with differing emphasis and aggressiveness.
• Workshop: Conducted a Board/Senior management offsite session to align on challenges and options, and to debate the relative merits of alternative courses of action.
• Recommendations: Provided clear definition of the adopted strategy and an action plan to realize the projected benefits.

Results

• The company implemented our recommendations as planned.
• Excellent results were achieved, with growing membership and improved financial results.
• Our client continues to prosper, based on the strategic re-set put in place years ago.