Our client, a house-hold general insurer, had reviewed the competitiveness of their financial and operational performance (specifically the cost base) and through detailed benchmarking, identified a circa £150m cost gap which they needed to address to remain competitive.
The client identified savings to address approximately half of the gap, but needed to make some transformative changes in order to address the remainder.The initiatives identified included simplification across the management structure, and refinement of certain processes, products and the IT platform, all to be delivered over a multi-year horizon.
PEN was requested to provide additional capacity and capability to deliver the transformation augmenting and providing mentorship to the existing teams.
Initially, we worked with the UK ExCo to manage and oversee the quality and delivery of the benchmarking study. From there PEN mobilized the next phase of the multi-year transformation programme by leading and shaping the programme and developing a single view of the target operating model.
We engaged with the business-as-usual functions to manage the change and implemented a project management office to oversee the governance and change control.
The UK ExCo stated that PEN had been critical to successfully activating the change initiatives on a path to benefits realization and achieving early-stage milestones.
As a result PEN was engaged to continue on this multi-year programme.