£4.5m Efficiency Boost – In Just 3 Months

The Challenge

A Tier 1 insurer, under the leadership of a newly appointed CEO, sought an independent and comprehensive review of its insurance operations.  Recognising Camelot’s expertise, an executive at the insurer - also an active Camelot member - recommended engaging their services to address key operational challenges.

With a tight three-month timeframe, the goal was to deliver actionable insights and strategic recommendations. The review focused on: 

• Current business practices and trading methods

• Identifying operational challenges

• Highlighting opportunities for process optimisation

• Pinpointing necessary organisational changes

Camelot’s industry experts were ready to deliver, providing a seasoned professional capable of conducting a high-quality review and presenting practical, results-driven solutions within the required timeframe.

Scope

Over three months, the Camelot expert undertook an intensive analysis, including:

• Visiting 5 global sites to gather in-depth operational insights

• Conducting 150 stakeholder interviews

• Facilitating multiple forums and consultancy discussions

• Performing a comprehensive review of every department

By benchmarking the insurer’s model against best practices from the top 25% of the industry, the expert identified key issues, including silos, unnecessary complexity, and the lack of efficiencies across the business.

The Findings

The final report, presented to the Board, outlined critical insights and recommendations across multiple domains:

• Organisational design adjustments to improve efficiency

• A review of digital capabilities with a focus on technology driven solutions

• Proposals for technical system enhancements

• Evaluation of operational and leadership capabilities

• Strategies to enhance customer experience

• Solutions to address offshoring challenges

• Improved matrix engagement approaches

The expert estimated potential benefits exceeding £4.5 million within a three-month period.

Outcome

The Board and CEO were impressed by the thoroughness and strategic insights of the review. This led to a contract extension, allowing the expert to implement the recommended changes delivering £5 million worth of savings over the 3 month period.  Additionally, longer term initiatives were mapped out for phased implementation over an extended time.