Selling "Insurance" To An Insurance Company

Selling "Insurance" to an Insurance Company

The Situation
  • Following the development of a comprehensive 3-year strategic roadmap for a leading insurer, Stax was re-engaged to facilitate & manage the execution of the key strategic initiatives.

  • The proposed roadmap involved transforming the organization into a purpose-driven, insights based, digitally enabled, partner focused entity, while re-organizing the operating structure & driving a mindset shift on risk management.

The Assignment
  • We set up a project management office (PMO) with mini teams to focus on each objective and a guidebook was created explaining each step for these initiatives along with KPI’s.

  • The PMO created a detailed balanced scorecard showcasing how each strategic objective trickles down to activities and sub activities to be performed by different stakeholders and introduced a cloud-based project management tool to monitor and track these activities.

  • The PMO installed a comprehensive governance mechanism while conducting periodic meetings to update stakeholders on progress and resolve implementation issues.

  • The PMO also introduced a project management tool in order automate the tracking and monitoring process, while creating board-level implementation dashboards.

  • Quality assurance programme on completed activities against predetermined achievements and change management initiatives were conducted for hassle free execution.

The Benefits
  • The client achieved a successful execution, hassle free implementation, and on time delivery of the key objectives set.

  • Through the PMO, the client transformed their organization into a Purpose driven one, streamlined internal processes through business automation, enhanced decision making through data mining, & leveraged strategic partnerships to enhance reach.