Customer Success

Insurance

From projects to products: transforming an operating model

Imagine a prestigious insurance company at a crossroads, challenged by the complexity of integrating modern frameworks into its traditional structure. This was the scene at a notable entity within the Lloyd’s of London insurance market, renowned for its robust technology and data delivery systems. Despite its well-established project delivery framework, its newly introduced product framework was causing uncertainty, especially during meetings with senior stakeholders and governance boards.

The Challenge: Continuous change vs discrete change

The firm was grappling with evaluating the progress of initiatives under this new product framework, leaving stakeholders concerned about lack of clarity and understanding of the actual value delivered. It needed an innovative solution to streamline and enhance product development, ensuring that progress could be measured and communicated effectively.

Our Approach

We presented a proposal that reimagined the firm’s product development approach. The plan focussed on conducting a comprehensive review of their Product Framework through the lens of Lean Enterprise and Agile Product Development principles. We provided a fresh perspective that would refine the framework and introduce a set of metrics to offer a clear measure of progress.

Analysis

Our in-depth analysis covered both governance and product in their existing model. We examined the governance structure for inefficiencies and lack of transparency, and reviewed the product delivery approach to make sure it aligned with the agile approaches that best supported continuous improvement and responsiveness to market demands.

Design

The next step was designing a new product operating model and governance metrics for the firm to implement. A significant step in this process was hiring a new Product Coach – a move that signalled the company’s commitment to its new product strategy and its belief in the power of structured yet flexible product management.

Implementation

As these changes took root, they yielded impressive results. There was a notable reduction in operational overhead, which in turn boosted overall efficiency. More importantly, the focus on data and metrics fostered a culture of transparency and accountability. Employee satisfaction increased as team members felt more aligned with the company’s goals and appreciated the clearer communication and direction.

Conclusion

This story of continuous improvement illustrates a journey of strategic adaptation and organisational growth. It highlights how embracing change and investing in effective frameworks can lead not only to better operational efficiency, but also to a more motivated and engaged workforce. For companies facing similar challenges, the firm’s journey demonstrates that, with the right approach, significant improvements are within reach.

Inspired by this story of success and keen to explore how our strategies can transform your organisation? Connect with us to discuss how we can tailor a solution to your unique challenges and objectives.

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