The Challenge
The key shareholder of one of the leading Greek Insurance companies wished to increase pragmatically the value of the company by improving drastically its performance across strategically important business processes of the insurance value chain and requested consulting services to that end.
The Approach
PLANET worked jointly with a leading US based strategy firm with significant experience in the insurance business to study thoroughly the value chain of the insurance company and identify areas and economic size of potential improvement after implementing recommended actions across the company business processes.
Namely, the business processes taken under consideration were the following:
- New Policy Sales
- Underwriting
- Claims Management
- Branch Network Management
- Financial Management
The business scope of the above included both Life and Property & Casualty (General) insurance.
Our team created process blueprints of the as-is situation, took into consideration best international practices mostly from the US and Western Europe and proposed to-be processes that would remedy issues identified from the as-is analysis and align the company operating model with relevant best practices.
In addition, we proposed the road map of actions that needed to be taken to achieve the to-be state and assessed the economic impact in company valuation in terms of EBITDA improvement, as a result of these changes.
Results & Impact
Creating economic value by improving critical business processes
The recommendations were undertaken and gradually implemented by the company which was later acquired by a European insurance group establishing as such a strong foothold in the Greek insurance market.
