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Insurance Sector Shared Services
COMPANY
A leading London based insurance company operating in the London marketCHALLENGE
Having grown rapidly through a strategy of acquisition, the client wanted to explore the development of a shared services strategy. The existing discrete operating companies had very disparate processes, systems and cultures. Our approach was based upon:- Close cooperation between Group and business unit management.
- A defined map of key services and processes.
- A rapidly created inventory of technology and suppliers across the Group.
- A clear understanding of the Group’s market positioning and aspirations.
- Establishing the business benefits of shared services within the client organization.
WHY ABEAM?
Proven experience supporting financial services organizations on the synergies and savings possible from developing a shared services operating modelSOLUTION
ABeam worked with the client to:- Map the key services and processes that the Insurance Group required.
- Implement the future state operating model in conjunction with the client.
- Identify a range of options for shared services which were presented to the Executive Committee with commercial considerations and recommendations.
- Define with business unit operations and IT heads the implications for both the Group and the individual business units; the benefits and the restrictions of the proposed shared services model.
REAL BENEFITS
- Immediate benefits from organizations working together to eliminate duplication and share best practice.
- A shared IT Utility was put in place which resulted in multi-million dollars in cost savings, increased productivity and the ability for the discrete operating companies to innovate more rapidly through the use of best in class systems.
- Articulated a business vision for the UK, establishing the business and organization structure going forward, and establishing a common approach to underwriting across the businesses.
How can ABeam be your Real Partner?
