One of the Nordic region’s leading insurers

Background

The Insurance Company had expanded over several years through mergers and acquisitions as well as organically. In the early 2000s, the company suffered from poor management and became the subject of one of Sweden’s biggest scandals. Meanwhile, insurance brokers such as Söderberg & Partners and Max Matthiessen advanced their positions, with the result that the Insurance Company finds itself in the following situation:

  • Has fallen ever lower down the value chain and thus become further removed from the customers (in the meantime the insurance brokers have climbed up to HR Director level)
  • Has gone from “value” to being a product supplier
  • Weak growth, and just one of several players
  • Weak confidence among employees and a high degree of reactivity

A major management consulting firm was engaged and drew up a new strategy, but nothing happened in practice.

Reforce’s value contribution

Reforce was selected to accelerate and execute the strategy, i.e. to realise the strategy in practice and ensure that the desired change in behaviour takes place. The centre of attention was on the Insurance Company’s Swedish business. As a first step, the focus was on HOW to succeed, on Acceleration KPIs and a new way of controlling and measuring proactivity. A differentiated position based on the new strategy also introduced – strategic health partner.

After this, efforts were made to increased proactivity, improved acceleration and increased sales, as well as more efficient delivery. Instead of addressing the HR Director, the journey began by selling the concept directly to the CEO. Before Reforce was engaged, the Insurance Company’s sales staff (or external firms which booked meetings) had met up with HR staff in functional roles to arrange meetings to selling insurance policies.

The collaboration took the form a RaaS agreement which implemented over three and a half years, despite three changes of CEO at the customer.

Results

The Insurance Company went from no. 4 in the market to no. 1 during the period and had retained its innovative and leading position. Proactivity increased sharply, and the delivery became more efficient compared with competitors and the former organisation’s progress.

Facts

  • The average acceleration was +38% for the agreed Acceleration KPIs
  • Revenue increased by SEK 840 million in the agreed focus areas
  • The average sales cost was reduced by 32% (increased efficiency)

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