Insurance Sector Organization Transformation

COMPANY

US-based insurance group who markets and underwrites specialized insurance products to a broad range of niche markets

CHALLENGE

Following the acquisition, the UK group suffered large personnel losses due to a restructuring which resulted in layoffs and the closure of some divisions. The newly-appointed CEO needed to build an effective management team, bring the UK group back into profitability and establish a successful business model for the future.

WHY ABEAM?

Outstanding reputation and experience resolving the types of Post Acquisition Integration issues this client faced.

SOLUTION

ABeam retained to:

• Interview key staff throughout the business to identify the main issues and barriers to change.
• Draw on our experience of managing successful change and post-acquisition integration to identify the immediate short term areas to be addressed and the longer term issues.
• Prepare a road map for change, with input from the CEO and US management team.
• Articulate a business vision for the UK unit, establishing the business and organization structure going forward, and establishing a common approach to underwriting across the businesses.
• Coach the CEO to articulate his future vision for the UK group, and to begin enrolling the management team in the plan. This was key in addressing employee uncertainty, and enabling the CEO to build his team.
• Help the Director of Underwriting to build a set of underwriting principles for all the businesses using a team drawn from across the organization
• Program-manage the move to the new business structure.

REAL BENEFITS

• The company achieved the new business structure in time for the new underwriting year .
• It has been turned around, and is making an underwriting profit, using underwriting principles acceptable to the US parent.
• The CEO has publicly stated that they could not have achieved what they have without our help.