Life Insurance Business Transformation
Nigeria
Business Case
Our client, a leading financial services group, acquired a Life Insurance company in Nigeria. Our client wanted assistance in developing a retail focussed business strategy, and development of the sales model and operating capabilities. Magi was tasked with developing a 3-year business plan, and supporting the implementation.
Solution Design
Current State Assessment
A detailed review exercise was conducted including sales, IT and operations capabilities, business performance review, financial review, competitive benchmarking and customer research
Go To Strategy
The Go To Strategy for a Retail focussed business including distribution channel design, new products, operational and IT capabilities and people development and training
Implementation
Supported the client team in sales branch network optimisation, launch of new distribution channels, design of new products, operational process redesign and development of IT roadmap
Key Outputs
The initial period saw an agreed business strategy for relaunch of business with a retail focus, developed jointly with the Client leadership team and approved by the Board. During the implementation phase, Magi supported through a combination of a periodic strategic review with the leadership team, and secondment/placement of key CXO level resources to develop internal capabilities and support the implementation plan.