ABOUT THE CUSTOMER
A workers’ compensation specialty carrier
THE CHALLENGE
The client underwrote a select set of property and casualty products, including workers’ compensation, in a select set of states. To achieve long-term growth, the carrier sought to expand into new lines of business and diversify geographically with new products and channels. Throughout this journey, the client recognized it needed to maintain a strong balance sheet while delivering a superior customer experience.
THE SOLUTION
ReSource Pro Consulting challenged the traditional approach, providing market and competitor insights. The team updated the client’s analysis of strengths, weaknesses, opportunities, and threats, and assessed their IT resources and strategy. Our consulting team created a framework that considered market potential and the client’s capabilities against risk and difficulty level.
The team then conducted workshops with the client to develop a wide funnel of growth options and led the client through a prioritization exercise to optimize risk, reward, and speed. Finally, we delivered a sequenced, strategic roadmap to guide the client’s investments over the next five years to achieve its goals.
IMPACT AND RESULTS
ReSource Pro Consulting helped the client create a strategic business growth strategy and optimize investments as both product set and footprint expand. With the roadmap in hand, the client was able to recruit for two leadership positions that helped drive innovation and growth in select market segments. Additionally, the client realized the need to increase IT resources and spending to support the launch of new verticals or strategic business units.
As a result of the effort, the client has doubled the size of its business while diversifying its product and geographic footprint. Not only is this strategy helping the client reach new levels of growth, but it’s helping to protect shareholders and customers. This growth strategy will help to ensure sustainable success for years to come.
Is your organization seeking strategic clarity? Learn how we can help by visiting our Carrier Consulting page.
