INDUSTRY SPOTLIGHT – INSURANCE (Part 1)
We pride ourselves on supporting clients across a wide range of industries. Recently members of our team completed an engagement with a large national insurance provider supporting multiple strategic initiatives. Below is an industry spotlight, highlighting the type of impact we make in the insurance industry — featuring the work of TGG’s Maddie Barbera and Daemon Heydon.
Can you give us an overview of the situation and scope of the client engagement?
Maddie: Our client partner was looking to streamline their organizational teams in order to better handle strategic actuarial modeling work across their product lines. Accomplishing this would also allow specific actuaries to focus on responsibilities that drive high level strategy and are more transformational to the business.
Originally the project sponsors thought they could have internal conservations and build everything out themselves but they realized there was more depth, detail, and complexity than they anticipated, so they requested additional support and expertise.
Daemon: The client identified that actuarial teams were each doing modeling, but the process being used in order to map out the modeling was being done differently by each team. Each of the models was also highly complicated in its own right and as a result of these two dynamics the client needed a language and continuity that wasn’t there at the time. We were focused on creating a bridge to span all the modeling teams so that anyone from any team could look at a process map and understand its various elements and information. Essentially creating a language for the organization that wasn’t there before.
What was the nature of the work that took place during the engagement?
Maddie: We started with an in-depth review of the current process map for actuarial modeling and templates, which was supported by a series of interviews and multiple meetings for each process map model within the organization. We were at the table working with highly talented professionals to help articulate their work and process in a way that other members of the organization could understand. And then taking it a step further by creating documentation for different groups if the needed documentation didn’t already exist.
Daemon: In a very consistent manner we were gathering data – inputs, process steps, outputs, and bringing to life a clear description of what team members were doing at each step in the different processes. We also wanted to help position leadership to be able to answer the broader question, “How can we continue to use this information to make strategic decisions in the long run?”
What was the outcome? How is the end result helping the organization now? In the future?
Maddie: During the engagement we collected and aggregated all the information the client needed in order to support their upcoming organizational redesign efforts. Furthermore, we summarized all the different documentation sources and created an easily accessible universal catalog source to centrally house necessary documents and process information for a variety of groups within the organization. These completed work streams will help position the organization to successfully undertake and execute their broader organizational redesign effort.
What did you enjoy about the work?
Maddie: I enjoyed working with the large cross section of actuaries and how it gave our team insight into different insurance product lines. It was great to be able to work with so many different members/groups of the client team and learn about their roles and responsibilities and how they impacted the organization as a whole.
Daemon: I definitely agree with Maddie and I’d also say it was really fun and rewarding to have other groups in the organization hear about the process modeling work we were doing and then want to see if it could apply to their specific area.
Were there any personal takeaways or highlights?
Maddie: I think a big highlight was getting deep into a multi-layered process within an organization and gaining and building trust with the client partner.
Daemon: Yes, and also being able to deliver something that will provide tangible benefit to the future of the organization was certainly a highlight as well. It’s always fun when clients immediately want to build off of a completed project.
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Our team at The Gunter Group has significant and strategic experience supporting insurance industry clients as they navigate transformational change. If your organization is interested in driving meaningful change in the insurance industry and beyond, we’re ready to help.