Financial services – INSURTECH

Our client is an Insurtech which provides advance flood risk management, assists in disaster response and can expedite claims payments, which has led to a long-term strategic partnership with a large insurance business.  The organisation is currently rolling this and other solutions out to the broader insurance sector.

Sheffield Haworth were initially introduced to our client through a spacetech investor and we have delivered 11 strategic hires for the business.  The company has now raised over $150 million, and we have supported their transition from a satellite manufacturer to a data and insights sales provider through the hire of a VP, Analytics.  Searches delivered have included: VP, People; VP, Software Engineering; VP Space Mission; VP, Sales and VP, Analytics.

Our client provides a data analytics solution which uses information gathered from multi-source satellite imagery to provide customers in the Oil & Gas, Insurance, Utility and Intelligence & Defence sectors with key insights about their assets. The platform combines advanced machine learning algorithms, elastic cloud infrastructure and multi-source satellite sensors to ensure customers have actionable insights that allow more effective management of assets at global and regional scales.

Despite having a unique patented technology the business had failed to develop a mature product/market fit and had a small cash run way.  We partnered with the investor to bring in a new CEO that could quickly focus the business within Insurance and had experience of fundraising.  The new CEO has now completed another raise.  As well as successfully delivering a search to identify the CEO we have worked with the business to structure a focus group looking at a niche line of business. Attendees include CEOs, MDs and Heads of, across the UK and US.  Through our network we were able to introduce the client to one of the leading global insurers and a pilot is now in discussion.

The client needed a specialist to design and deploy a Spend Optimisation programme to reduce costs by 10% to 20% and delivery of a new company wide TOM with associated Head Count Reduction.  A Director of Performance Improvement Associate Lead ) was selected to deliver a health check/diagnostic. When an approach was agreed and budgets signed off, they were asked to deliver the programme.

Their appointment was closely followed by the need to bolster the procurement function, initially to assist on the negotiation and associated due diligence of a new platform.  Over the following 24 months a team of nine consultants were identified to assist with the delivery of this programme across; procurement, finance, claims and back office operations.  Ongoing support from the Engagement Manager ensured continuity within the team and that all consultants remained for the required tenure, avoiding the delays and potential costs associated with replacements.

Results:

• Full programme structure for Zero based programme deployed in six weeks.
• Design and deployment of Spend Optimisation programme resulting in £6.3m (21% reduction) in year Indirect saves for 2017, a further £8.4m delivered in 2018 contributing to a £12.4m run rate going into 2019.
• Implementation of a significant restructuring and cost reduction programme which reduced group staffing by 65% and run rate costs by 50% through closure of two contact centres and consolidation and automation of back office operations to a dedicated central function.
• Delivering Cultural programme of change to mitigate teams from traditional based thinking to strategic optimisational thinking as appropriate. This is both internal and external supporting key leadership within the Strategic supply base.