Case Study 03

Major Global Insurer 3

Helping this top insurer with a gross written premium of $1,756.3 develop a new business strategy.


THE BUSINESS CHALLENGE

To win more quality new business from key brokers by focusing on raising performance and changing behaviours consistently across the business.


"…TO GAIN A HOLISTIC UNDERSTANDING OF THE PERCEPTIONS ACROSS THE BUSINESS"


OUR APPROACH

We identified that there was a misalignment in perceptions regarding the insurer’s performance internally and externally. Our approach was to begin by conducting an in-depth ‘Gap Analysis’ contrasting the internal view of the underwriters, with external view of the brokers in order to highlight and address areas for improvement.

Gracechurch conducted ‘discovery workshops’ with the Heads of each underwriting department, and the Head of claims in order to provide context for the external view.

We also developed and administered an online survey to all of their underwriters and claims personnel, in order to gain a holistic understanding of the perceptions across the business.

Gracechurch interviewed over 65 London Market brokers in-depth across placing and claims via focus groups and one-to-one interviews.

From the gap analysis we defined the key areas of opportunity and action. It was essential that these were introduced to the whole business in the most appropriate manner to ensure a clear understanding of the issues and maximise buy-in to the need for change. This was conducted in a three tier set of workshops:

  • Initial debrief with the CEO and CUO

  • One-on-one debriefs with the Heads of each department

  • Workshops with each team


THE RESULTS

As a direct result of this programme of work, the client has developed a number of on-going work streams in order to address the identified core areas for development helping their business to flourish in a challenging market. The results of this work are already starting to show in the Gracechurch London Insurers Report.