Market Growth through a New Offering in Non-Life Insurance

Situation

A prominent non-life insurance provider faced the challenge of defending its position as a profitable leader in motor insurance amidst a rapidly evolving automotive landscape. The industry was undergoing transformative shifts, including electrification, the emergence of autonomous vehicles, and changing customer behaviors that profoundly impacted business models and motor insurance premiums. Additionally, adapting to new regulatory changes, such as the Insurance Distribution Directive, posed hurdles in designing a fresh offering, distribution strategy, and operational framework.

Solution

Avanti's expert team led the client through the development and execution of a dynamic distribution strategy. Our role extended to comprehensive program management, covering three out of nine subprojects, with the collective efforts of over 100 employees and consultants. The solution included:

  • Robust program management that emphasized stakeholder engagement, aligning the business model, and fostering effective work methodologies.

  • Strategic and operational support spanning nine months, focusing on deal shaping.

  • Rigorous business case development and scenario analysis.

  • The seamless design and implementation of a new operating model.

  • Effective project management for eight agile system development teams.

  • Ongoing management support post-implementation.

Result

The outcomes were both remarkable and impactful, including:

  • The establishment of a brand insurance agreement with a leading car manufacturer, culminating in a long-term contract valued at over 1 billion SEK.

  • The successful introduction of a new brand insurance product offering and CRM tools.

  • The development and deployment of eight innovative insurance products through intricate agile system development.

  • The design and implementation of a novel business model, supported by an efficient operating model.

This case study exemplifies Avanti's ability to drive market growth within the non-life insurance sector by navigating complex industry shifts and delivering tangible results.