A fresh new operating model

We proposed a new operating model to address issues raised by the Financial Conduct Authority and ensure compliance in the heavily regulated insurance industry.

The Challenge

Our client was a leading UK insurance provider that had committed to a number of initiatives in response to an assessment letter from the Financial Conduct Authority.

They asked PEN to support them in implementing the promised changes. 

Our Approach

During the three month project, we developed a proposal for a future operating model, addressing each of the commitments.

The proposal included a revised governance structure for all change programmes, recommendations to improve the operating model, creation of a central operations team to manage change and illustrations of optimal customer journeys.

We also made recommendations for a sales model with more focus on customers and that adhered to regulatory requirements.

Finally, we created a detailed timeline spanning three years, to move the team towards their future operating model.

The Outcome

Our recommendations provided a clear path towards an efficient, customer focussed operating model that would remain compliant in a heavily regulated industry. And our client immediately began to implement them as a top priority.

They now have more effective governance, improved ability to manage change, sharper focus on what the customer needs and employees have better career opportunities.