Challenge
A mid-market U.S. insurance broker set an aggressive goal — to grow its revenue multiple times in the next three years. The company saw a white space in its market, and it made an acquisition that could open the door for growth. But, the growth required aggregated and timely data. The company needed to better manage and analyze its customer leads and other data across disconnected systems. In fact, it needed a technology strategy that empowered its enterprise operating model.
The company needed to align, automate and innovate its technology to move toward its goal. At the center, it needed to improve how it managed and analyzed large amounts of data.
Solution
The company asked Grant Thornton to help put its technology strategy on the right track. The Grant Thornton team began by discussing and analyzing the company’s current technology and operating model. Next, the team looked for places to improve alignment or incorporate new technology to modernize and scale business capabilities. Then, the team outlined the company’s business components, identified differentiators, designed a future state architecture and IT operating model, and created an 18-month roadmap with estimated ROI. Finally, the team executed the roadmap, implementing high-impact wins like process automation, cloud computing and consolidated reporting, while maintaining data integrity and achieving the promised ROI as company leaders expected.
Results
The company’s project roadmap showed that a $25M technology investment would take its revenue from $120M to $300M in 18 months. That’s a significant return on investment; it indicates a big jump in market share, and it’s precisely what the project achieved.
The team helped select, design and implement technologies to improve customer experiences, system integrations, process automation and business growth. The work fundamentally changed how IT delivered services and helped the company transform into a digital and technology-focused enterprise. Process automation reduced repetitive and manual tasks so that employees could focus on higher-value tasks and take on postponed initiatives. Consolidated reports helped executives quickly understand revenue forecasts and guide funds based on close ratios and ROI.
The company now has technology that is aligned with business, automated for efficiency and innovating new capabilities. Early returns have proven that the new IT model, business insights and ROI projections are on track for continued growth.
Sound advice
Advisory Services Managing Director Nauman Afzal and Senior Manager Supreet Singh discussed how Grant Thornton helped clarify the company’s tech transformation.
“We were able to look at revenue engines to get to large revenue amounts quicker, so it was a tailored solution for their agency management system… It’s the solution, but it’s also the partnership.”
Listen in as Afzal and Singh recount the thinking behind the team’s approach:
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