We worked with an Insurtech company who have exciting ambitions to grow exponentially taking advantage of the Market’s desire to digitise using their cutting edge technology.
We delivered a lean HR function to create a modern, competitive and innovative HR proposition. A structure that will facilitate the ongoing delivery of their strategy.
We Created a Global Talent Programme (GTP) for a leading global (Re) Insurance company. We developed a multi-jurisdictional proposal that gained the commitment of the Board.
The programme identified and developed ‘Hi Potential’ individuals preparing them for C Suite roles. This was part of a robust succession planning philosophy.
We worked with our client, a Lloyd’s Underwriter to facilitate a move to a more flexible working model. This realised significant real estate savings of c£5m. We engaged fully with all employees whose aspirations included more flexibility and then developed processes and guidance that embraced the empowerment of local leadership to manage the changes. We monitored the programme throughout and beyond to measure progress and successes on a qualitative and quantitive basis.
We worked with our client leading on all HR issues (planning, communication and delivery) relating to the closure of three overseas offices. Following a deep strategic review of the global footprint the decision to close three overseas offices and rationalise a fourth resulted in refocussing of product delivery, annual cost savings of c$10m and greater efficiencies, all delivering significant commercial benefits for an international Lloyd’s Underwriter.
Working with our client, a Lloyd’s Syndicate, we delivered a cultural change programme. The purpose was to reposition the organisation for the future. We identified the skills and attributes required, engaged with all employees throughout the process, developed and delivered leadership training to embed the changes and implemented a revised competency framework.
As part of the team setting up a new syndicate, we undertook a significant recruitment exercise to identify and recruit a number of overseas producers quickly, developing bespoke compensation structures aligned to performance, and efficient onboarding processes to ensure revenue was maximised early on.
Following a review of all employment contracts, these were redrafted to ensure they were legally compliant, best practice and consistent across the organisation, creating one version for all employees. In order to make the changes necessary we undertook a collective consultation exercise resulting in the successful implementation of the redrafted and agreed contracts for all employees.
In order to ensure compensation structures were more closely aligned to organisational, team and individual performance, we redesigned the short term incentive (bonus) and long term incentive (equity based) plans for all employees. This also involved an individual consultation exercise to move a few senior producers from a contractual bonus arrangement to a discretionary one. A tough ask but after some negotiation and many discussions, all those we consulted with agreed to move to the new plans.
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