£100m and Counting: Redesigning the Operating Model of a Major UK Insurer

Camelot Consulting
Apr 12
1 min read

A large UK based insurer sought to identify and scale cost-saving opportunities while executing a strategic cost reduction programme, including designing a Target Operating Model. The goal: to reduce operating expenses by over £100m within 18 months.

To achieve this, the insurer required an expert with deep industry experience to establish an organisation-wide programme rapidly and effectively communicate the vision to senior stakeholders.

Scope

Camelot’s consultant, supported by the ExCo, built a small focused team and took charge of designing and delivering a structured cost-reduction programme. Leveraging deep industry expertise and a holistic business perspective, our expert has helped implement transformative changes across the organisation, including changes to the current business operating model. Key areas of focus included:

Addressing performance issues and managing out long-term underperforming staff
Reducing contractor and consultant dependency
Optimising procurement practices
Improving budgeting processes and establishing financial discipline across departments
Restructuring inefficient organisational frameworks
Dismantling unnecessary and counter-productive departmental silos
Challenging culturally driven decisions to align with customer and stakeholder needs

By applying a data-driven, fact-based approach with clear accountability, robust governance, and executive sponsorship, Camelot’s consultant instilled confidence in leadership teams, empowering them to execute the programme successfully.

Resulting Business Benefits

Within just four months, the team identified over £50m in cost savings, putting the insurer on track to exceed the £100m target well within the original timeframe.

Next Steps

Discover how Camelot’s proven strategies and expertise can help your insurance business achieve transformational results.