CASE STUDY: Strategy Formulation
Context
A leading global reinsurer was in the process of crafting a new digital strategy. In their pursuit, they sought expertise from various avenues, including the Camelot network.
Initially, the client attended a 2-hour workshop led by Camelot experts. In this session, 12 of Camelot's specialists offered feedback on elements they believed were crucial for a successful strategy.
Subsequent to this, the client engaged a team of three Camelot experts to further their digital strategy's development.
Problem Statement
The client had devised a draft strategy, which they wished to "test" and refine before presenting to their Board. They were keen on an external viewpoint from experts who had not only conceptualised but also implemented digital strategies both within and outside the insurance sector.
What we did
The project's commencement with the client involved a thorough examination of previous efforts, elucidation of objectives and timelines, and understanding the positions of diverse stakeholders – this includes the core team, other influencers, and key decision-makers. Given that the project unfolded during the global pandemic, a flexible and remote working approach became imperative.
From the outset, while primarily serving as facilitators, the Camelot experts, who provided invaluable content and played the role of a "critical friend", were assimilated into the client team.
The team orchestrated a series of virtual workshops, employing a suite of collaborative tools to bridge the geographical gap amongst team members, both during and in-between sessions.
These sessions were thoughtfully designed, granting the client ample preparation time for each successive "chapter of work" and reflection on the preceding discussions. The collaborative tools in use enabled real-time oversight on interaction frequency and content, allowing for necessary modifications.
In addition to aiding in strategy formulation, the team seized the opportunity to elevate the client team's viewpoints, enhance their skills, and bolster their confidence in both formulating and advocating their strategy.
Frequent review sessions became an integral part of the workshop, ensuring alignment with project objectives and facilitating any required amendments in content and approach. These sessions also served as a crucial platform to address concerns, answer questions, and ensure all voices were acknowledged. Crafting a potent strategy mandates rigorous introspection and continuous self-evaluation.
Resulting Business Benefits
Despite challenging circumstances, the digital strategy project was seamlessly executed, adhering to stipulated timelines and budgetary constraints.
The client not only formulated but also secured approval for its digital strategy.
Supporting this strategy was a plethora of resources, addressing implementation, monitoring, and management strategies. This ensured a harmonious equilibrium between deriving value in the present and futureproofing for both ongoing and prospective business endeavours.
The client expressed immense satisfaction with the process and outcome, remarking that it offered tremendous value at a fraction of their customary expenses.
