Our Case Studies
Insurance product exit to uplift position prior to the Royal Commission.
Our agile change approach allowed our client to meet market demands and present cultural change prior to a public review of product lines.
Situation
A large insurance firm made the decision to exit a product line. This needed to occur quickly for several reasons, impacting renewing customers, internal staff, and external agencies.
Challenge
The need to exit this product line quickly meant that impact assessments, strategy and execution had to occur within a compressed timeframe. People impacts were also front of mind, with a degree of change fatigue already present in the business.
Solution
People Prism led the complex change activities within a tightly compressed timeframe for the exit of the product line, including ongoing stakeholder management with executives, government, and media stakeholders. This included building out a comprehensive plan, leading into accelerated delivery and closeout of the product exit for both staff and customers impacted.
Our Approach
People Prism undertook a detailed analysis of the current state, including interviews with managerial and operational stakeholders. We reviewed existing strategies, plans and trial results, and analysed data. We researched operations in other states and countries and identified current industry trends that were used to bring stakeholders on the journey and buy into the rationale of this exit.
Outcomes
People Prism was able to effectively support the product exit from the business, with a focus on effective strategy and communication enabling the insurer to realise the benefits of exiting this product line and the ROI delivered in risk reduction and mitigation.