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Full Credential Description
A global life insurance company with over $4 billion in annual revenue faced significant challenges as it sought to spin off its US life insurance and annuity business. The company aimed to create a new entity, referred to as NewCo, that would redefine the insurance industry by simplifying the insurance landscape and adopting a "cloud-first" mindset. The existing organization was burdened by complexity across processes, technology, and personnel, prompting the need for a comprehensive enterprise strategy and implementation plan to transform its operations and enhance customer experience. To address these challenges, EY engaged with the client over a year prior to the spin-off, focusing on designing a future state strategy that emphasized simplicity, transparency, and trust. The EY team served as both strategic advisors and tactical leaders, overseeing the separation of essential systems and business operations from the parent company to NewCo. This involved over 100 projects aimed at reengineering the organization function by function, from front office to back office, to align with the company's goal of becoming a low-cost insurance provider. The transformation plan included a detailed approach to technology and operational strategy, prioritizing cloud transformation projects and developing a future state roadmap. Key components of the plan involved engaging stakeholders, creating a dashboard for executive reporting, and leveraging digital enablers such as advanced analytics, cyber risk management, and intelligent automation. As a result of these efforts, the client is projected to save $150 million in annual expenses, with at least $46 million of those savings directly attributed to technology improvements. The company is actively executing its transformational plan to migrate all IT applications and to the cloud, which includes policy administration, underwriting, and customer distribution, utilizing a mix of SaaS and third-party providers. This strategic shift not only enhances operational efficiency but also positions the new entity for sustainable growth in a competitive market.
Measurable Results
Successfully completed $4B transaction
Qualifications & Expertise
Leading international law firm with verified case studies