Case Study
Data strategy for a global reinsurance business
Strategy & Data | Insurers & Growth Companies | London
The Background
- A global reinsurance business had grown significantly over the past 5 years and it was planning to grow further over the next few years
- The organisation had recently launched a multi-year
transformation programme to support the future growth
- Data processing, reporting and analytics were particularly important to this organisation due to the nature of the business
- NextWave was engaged to develop the data strategy. This was one of the first major pieces of work carried out as part of the transformation programme
The Challenge
- Many of the existing processes relating to data were very manual and therefore would have become increasingly expensive as the business continued to grow
- The organisation had experienced some significant issues with its technology platforms and whilst it had stabilised its systems, it hadn’t invested significantly in new technologies or tools
- The organisation structure was still evolving. Greater clarity was required around the roles and responsibilities within different parts of the business
The Approach
- Meetings with the COO, CIO and Heads of Functions to understand the business objectives and current challenges
- Documentation of the data capabilities which the organisation needed to deliver its data strategy
- Target state design for key areas of the operating model
- A summary of the gaps between the target and current state
- A roadmap for the implementation of the data strategy
- A review and assessment of the business case
The Impact
- Two months to analyse the business problems, prepare the data strategy document and socialise the recommendations with key stakeholders
- A set of key decisions which senior management needed to take to accelerate the data strategy
- Positive feedback from stakeholders on the recommendations including new insights which key stakeholders were not previously aware of
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