Partnering with a large Dutch insurer to become a market leader
IG&H supported the insurer with its business strategy, commercial due diligence and various strategic decisions
The insurer gained a far-reaching yet detailed overview by combining internal data with fine-grained market insights and public information, facilitated through the creation of a dashboarding tool
Account management was trained in a new way of working to harness the potential of close monitoring
At a glance:
Our client is a large Dutch insurer, focusing on becoming the largest and most valued insurer. IG&H supported the insurer along its journey through a long-term partnership. This involved helping shape the broader strategy, proposition development, benchmarking and dashboarding. Furthermore, we supported the insurer on a business level, with a focus on business lines and distribution. IG&H helped the company to position itself as a leader in distribution by improving its operations and services, leading to increased satisfaction of intermediaries.
Intelligence and insights with close monitoring
To further cement its leading position in the market, the insurer needed a 360-degree overview. Therefore, monitoring was set up with the insurer’s specialists who collaborated with IG&H to gain access to the correct external and internal data sources and data quality. We set up a close monitoring methodology. Through the dashboarding tool, we were able to signal leading and lagging accounts, resulting in direct, Next Best Actions for account managers at their intermediaries.
The dashboards combine internal data, for instance on total premium or production, together with external data. We supply market intelligence in the form of the IG&H Distribution Monitor, showcasing each insurer’s share of wallet at which advisor, along with the option to set segmentation targets per sub-market. These two information streams are further enriched with public information to create a comprehensive overview. These dashboards support (account) management in their daily decision-making, turning information into insights. Finally, this tooling serves as the basis for a data-driven performance dialogue.
Commercial due diligence and exploring opportunities
On a strategic level, various scenarios were set up to evaluate the insurer’s opportunities. IG&H conducted commercial due diligence to help determine targets on the market. Advice on strategic acquisitions in the distribution domain was also provided to the insurer. For close monitoring, a continuous performance dialogue on C-level was held to support the long-term partnership and to increase the impact of each subsequent project or market insight.
IG&H supported the client with varying project teams and markets. Project teams consisted of strategy consultants, sector experts and data analysts. With a new way of working emerging, Transformation specialists from IG&H re-skilled account managers, who learned to actively work with the data.