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For more information please contact James Bowen
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Leading Publicly Quoted Irish Insurance Company
Genesis was asked to work with the Group CEO and his team to develop and evaluate a series of initiatives for accelerating the Group’s profitable growth, to understand the implications for the Group’s capital and performance of executing (or not) any of these initiatives, and to design strategy, action
and resource plans for the Group to move forward.

The context for this exercise was a rapidly changing market environment, with ongoing growth in the volume of demand accompanied by a rapid reduction in the pricing of products to consumers. The client’s business and organisational environment was also undergoing rapid evolution, having enjoyed a 100% uplift in sales and fivefold increase in profits over the previous 4 years.

The team’s work included a broad-based review of the industry and its best-performing exemplars to arrive at a long-list of initiatives that could be considered, followed by in-depth study of a chosen shortlist in order to “get under their skins”, and to understand better what they might mean and how they might be made to work for our client in the Irish environment. Finally the team built a financial model to understand the economic consequences (from the perspectives of growth, profit, investment and value) for the Group of different choices.

The team organised the project around a series of four workshops, held approximately monthly – with the Group Executive. Following the last of these we worked with the Group CEO and Finance Director to build a final output detailing key recommendations which the Group CEO presented to the Board.

The final output also included a detailed action plan which is now being implemented. Outside of the recommendations, which are confidential for obvious reasons, key features of our work on this project include -

  • A consistent focus, coming out of each workshop, on identifying what actions we can take now to move forward – i.e. what “quick wins” can we take to address issues or opportunities that emerge from the discussions
  • High standards of economic rigour. Discussions were grounded in a clear understanding of economics, and opportunities and recommendations were framed in the context of their potential to deliver returns on capital that are greater than its cost
  • Genesis playing the role of “agent provocateur” – stimulating debate and stretching thinking among the team, however with our “provocation” developed out of clear logic and solid analysis
  • Visibility, accessibility and flexibility - the spirit of our approach was to “do it with” the client, as opposed to “doing it to” them, and we shaped the scope and objectives as we went along and our understanding of the client’s organisation and business evolved.

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