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General Insurance – Pricing Strategy Program

Frazer Walker were engaged by IAG to set up and deliver the Transformation Program to implement their ambitious strategy to become world best practice in both technical and commercial pricing for personal lines

The Challenge

To create and run this large ($50m+) program of work  to deliver the new Pricing Strategy and achieve the benefits from a best practice pricing capability. With consequent changes on how prices were taken to market, the organisational structure, roles, skills, processes and technology needed to enable the changed capability

Our Work

Frazer Walker had a track record with the Executive Team for successfully running large multi-stakeholder programs of work. We were recognised as having a strategic understanding of insurance and the ability to apply best practice program management methods (MSP) in a pragmatic way to deliver change and realise benefits

Frazer Walker led the program by taking on the role of Program Director, reporting to the Pricing Program Board and the Sponsoring Group (the CEO and Executive Team)

The Outcome

Based on the strategy, a program level benefits map was produced that showed the inter-relationship between the 20+ initiatives and projects identified in the strategy. This enabled the program to be broken up into tranches over a 3-year period with benefits being delivered from each tranche of change

The various projects and organisational business change initiatives needed to deliver the first tranche of change were defined, resourced and executed. Whilst the program governance structure was extended to set responsibilities for ongoing benefits realisation and benefits tracking

Frazer Walker led the program through the first two tranches of the program over an 18 month period delivering changes in:

  • Organisation structure and operational roles within the Technical Pricing and Commercial Pricing functions
  • Governance for the introduction of pricing changes to market
  • Capabilities (people, process and new technology – such as
  • GeoCoding for Technical Pricing)
  • Capabilities (people, process and new technology – such as Optimisation for Commercial Pricing)
  • Product design (new products and features in market)

Contact

For more information please contact Nick Careless, Phone: +61 410 640 993, Email: nick.careless@frazerwalker.com