Our IT Director helped this insurance provider in creating a new global technology function that gave them a new product, and the possibility for increased revenue.
A pioneering insurance entity offering insurtechs and digital distributors an all-encompassing, go-to-market partnership, underpinned by a robust global technology function.
To establish and bring to life a global technology function within this agile organization. Recognizing the potential to fortify its market stance, the organisation envisioned a global technology function. This would empower them to craft solutions tailored for both internal and external clientele, amplify internal efficiency, and drive revenue generation.
- Formation of an integrated global technology function and team.
- Articulation of a forward-thinking technology strategy.
- Design and roll-out of an 18-month implementation blueprint.
- Development of revenue-generating and efficiency-enhancing software products.
What the Associate Did
Stepping into the shoes of the CIO, the IT Director spearheaded the creation of a technology function from the ground up. The initial pivotal task involved recruiting a streamlined technology team encompassing product, engineering, infrastructure, and information security realms. This also entailed choosing and overseeing a third-party outsourced engineering collaborator. A diverse team of 9 internal hires and 10 third-party engineers were seamlessly integrated within a span of 5 months, spanning multiple global time zones.
Definition of Required IT Strategy
To carve out a coherent IT strategy that resonated with the broader business vision, the Associate invested significant effort in forging transparent relationships with every business leader. This facilitated a deeper understanding of their aspirations and challenges. Orchestrating a collaborative dialogue among these pivotal stakeholders, we reached a consensus on shared objectives and priorities. Tech team leaders enriched the resultant strategy with insights, ensuring it aligned with the organisation’s global technology function goals and was feasible.
The Associate was instrumental in fostering a culture that proactively addressed daily challenges, celebrated successes, and seized opportunities. They sculpted a team equipped with the expertise, resources, mandate, and infrastructure to champion the agreed-upon direction. The introduction of the Objectives and Key Results (OKRs) framework streamlined performance and workflow management. Furthermore, the standardisation of management tools and IT infrastructure was prioritised.
A crowning achievement of the team was the successful launch of three tailor-made software products under the Associate’s meticulous guidance, all within a span of roughly 10 months. This was actualized by embracing an agile product development ethos, emphasizing swift MVP feature roll-outs followed by iterative enhancements. The primary objective was to introduce functionalities that maximized value within the global technology function.
- The implementation of the technology function led to; significant improvement in efficiency and automation across the business and enabled the company to offer new technology products to its clients
- Implementation of a global state-of-the-art, API-driven data ingestion solution differentiated the organisation from other insurance carriers and enabled significant improvements in analytics and profitability management ultimately reducing loss ratios by over 25% within 1 year of operation. It was also used by other internal clients for a fee and generated revenue for the business.
- In the US, a Title insurance policy administration and automated underwriting platform had an MVP launch in just under 9 months. It was the first of its kind platform to exist in the Title insurance industry, reducing operating expenses by 60%.