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Situation
Russia’s largest (US$2bn), Moscow-based Insurance provider (Life, Motor, Health, Accident) sought to consider entry into the direct (contact centre and Internet-based) insurance market – a new channel versus the existing channel utilising over 50,000 ‘agents’ representing the client throughout the country.
Action
Working with an international firm of actuarial and Insurance experts (as lead), a small team of four was established to develop a full five year business plan for the new proposition, whilst at the same time acting in interim capacities. The specific work we carried out within the team covered a total elapsed time of nine months and included the following:
- Interim Customer Service/Operations and IT Director
- Customer focus groups to determine market opportunities (leading to first recommendation to develop a money supermarket product set (insurance and banking) as a clear market demand existed
- A complete review of the existing contact centre operations and evaluation of suitability to embody any new business
- Evaluation of existing IT infrastructure (applications, servers, security, data centre, networking, VoIP contact centre requirements, etc) and recommendation to proceed using specific aspects and developing others specifically for the new business in isolation
- Involvement with the corporate IT function in workshops to determine revised business processes and systems (unrelated to the new ‘direct’ business proposition.
- Definition of CRM/contact management requirements and processes for the new business
- Professional recommendation for purchase of a new VoIP Telephony solution
- Complete end-to-end design and iteration of a full business model covering investment and ROI/P&L based on a comprehensively designed product portfolio and incremental product penetration over the business plan lifecycle. This model included full volumetric forecasts of each product from a service perspective, headcount requirements and costs (operational and capital).
- An extensive 300+ page report covering the recommendations of the team
- A comprehensive presentation to the Board
Result
- The initial business recommendation was presented and subsequently modified to present an initial downscaling of resource requirements and investment
- The revised business recommendations focused on Insurance as the main products and a revised model reflected this change
- Following the appointment of a new CEO, the business placed the plans on hold but extended our work to focus on the development of the existing contact centre and how this could be extended across other locations within Russia (a huge country with considerable technical infrastructure challenges and disproportionate costs)
- Towards completion of activities to re-focus the contact centre operations, world economic circumstances changed and the project was placed on hold for an indefinite period.
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