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Case Studies

Case Studies

Business Diagnostic Audit

Situation: Management at a large direct-to-consumer insurance company saw the need to shift the organization to a customer or segment driven culture. The challenge was to introduce change without jeopardizing the core business. This had to be achieved by not compromising current year results, avoiding taxing internal resources, developing a mechanism to quickly establish business-wide visibility and support, and achieving quick wins while developing the platform for long-term strategic goals.

Solution: Convergence Group conducted a Business Diagnostic Audit which focused on database management and marketing along with a comprehensive business review designed to assess the ability of the organization to execute on recommendations. Key audit areas included marketing, product management, brand management, research, analytics, operations, call centers, risk management, IT/systems, pricing, governance, finance and actuarial.

Result: Convergence Group identified 115 fail points and was subsequently retained to implement 136 recommended quick wins. A substantial portion of our fees was put at risk in return for a greater upside based on performance. Our initiatives generated a substantial return and the full results were achieved a year before the expected target date.