Merger and Acquisition of the Two Insurance Companies
One of the insurance companies has acquired another one. They aligned their product service offering.
Even though the insurance products were aligned, there was a significant duplication among business processes and technology platforms.
In addition to fragmentation, there was a substantial issue with the legacy applications that have outlived their useful life long while ago.
Since then, as no suitable replacement was found – they had to continue to be operational.
Our Solution and Result
To arrive at the desired outcome, we leveraged both the top-down and bottom-up approaches.
We identified key stakeholder groups across the whole company and performed deep-dive sessions with them to gauge the current state and gather their ideas about the target state. We have also gathered all executives and facilitated corporate strategy definition and consensus-building sessions.
Using findings from both of these methods, we captured the current state, defined a target state, and reflected the changes needed as 18 business and technology projects. For all of the projects, prerequisites, dependencies, and estimates were established.
Based on these projects, the Business Transformation portfolio was established to oversee their delivery.
Also, for each of the projects, we defined mini-terms of reference to outline the vision and expected project outcomes.
As a result, the client had a clear and actionable approach to transform their business.
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