Strategy Execution – Case
A medium sized insurance company faces the industry’s challenges of a mature market, low interest rates and rising costs due to regulation, all putting pressure on profitability. It needed to launch a companywide program to boost growth.
Through a structured Strategy Execution process, 5 strategic axes were identified through a series of workshops with some 20 senior managers.
These 5 axes were further detailed into 15 projects wherein project teams involving more than 60 managers and employees detailed the strategy into operational plans.
This one year process resulted in a coordinated strategy execution plan covering all necessary aspects of the organization: sales and marketing, product definition, processes and systems and management practices.
The Strategy Execution process yielded a plan to grow the top line by some 25% over a period of 5 years, double the estimated market growth. In addition, the required operational improvements will strengthen the company’s position in its core markets.
The operational plans are now being executed in a Transformation Management approach.
Various new or upgraded systems are being implemented in a coordinated mode according to the priorities set by the Strategy Execution process.
Management practices towards a goal oriented approach of the markets and customers are being introduced.