THE OPPORTUNITY
In 2011, a leading South African Insurer partnered with CatalytIQ to create a programme that would support the business in understanding the impact of the impending Treating Customers Fairly legislation on the business and initiate and run a programme that would support the business by driving an appropriate response.
Through an initial investigation of the landscape, collaborative framing of the business benefits and objectives and creation of a target business blueprint, CatalytIQ initiated a business transformation structured over 3 implementation phases.
CatalytIQ initiated a business transformation structured over 3 phases – impact assessment, first response cycle, operationalization & supporting the policy owner’s office.
OUR APPROACH
FOCUS:
- Working in the capacity of programme management, with direct access to top executives and operational leadership we used FSB guidance to craft various frameworks to support a rigorous guided business self assessment process.
- Drive a process that ensured alignment of interpretation across business areas and using the engagement process and a customised maturity model to deliver an aligned view of the target state (vision over immediate, 3 year and 5 year timescales).
- Manage key stakeholders across the organisation from the Board level down to ensure buy-in, support and continued traction.
TOOLS & TECHNIQUES
- Using the FSB self-assessment guide as a basis – develop a rigorous framework for collating functional assessments, identifying proposed focus areas realisation along the way.
- Develop mechanisms for prioritizing focus areas and responses.
- Creating consensus views of proposed focus areas – guide thinking ito spectrum of response, trade-offs.
- Support the business in defining guiding practices.
- Create an Evidencing framework and guide development of formal dashboard.
- Develop operational monitoring and control environment and develop appropriate Board reporting mechanisms.
STYLE
- Set up a cross functional team and work across Business Units to manage the priorities, responses, decision making & to track progress.
- Remain objective and serve as an independent sense check ito the appropriateness of responses proposed in the business and the interpretation of the legislative impact in each area.
- Immerse into the organisation and work as part of the team.
- Support the policy owner in Board level reporting that reflected progress, risks and proposed focus areas.
PROGRESS
- The programme drove initial impact assessment, Board support for approach, impact and proposed focus areas and then the first year of execution against these plans. At the end of the two year period the programme was operationalized under a policy owner. CatalytIQ continued for two subsequent years in providing policy owner support ito Board level reporting and independent sense checking of business as usual responses. The methodologies and frameworks put in place as well as the reporting frameworks are still in use today.