Designing a cost cutting transformation programme

We helped our client sharpen their competitiveness by finding and implementing significant cost reductions.

The Challenge

Our client was a household general insurer which had highlighted, through detailed benchmarking, that their costs were around £156m higher than some competitors.

They identified savings to bridge approximately half of this and asked PEN for a transformation programme to address the remainder.

Our Approach

Initially, we worked with the UK leadership team to ensure quality and delivery of the benchmarking study and subsequently mobilised the next phase of the multi-year transformation.

We provided programme leadership to shape the overall project and governance. We thoroughly defined and planned the project including detailing the benefits, costs, prioritisation, resourcing and timelines involved in the change process.

We led all senior and business unit engagement, ensuring the right links between each area and change initiative were there.

We developed the target operating model and oversaw change control from old to new. And we put in place and ran the project management office.

The Outcome

Our client’s UK executive committee told us that our team had been critical to successfully activating the change initiatives.

The programme has already achieved multiple early-stage milestones and our client is on track to realising the benefits of this transformation.