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Reducing the Risks for an Insurance Company

The client

The Insurance Finance arm of a UK Merchant Bank
Enjoying significant success in a strongly competitive market place

The challenge

The client had commissioned a new IT software and hardware system from a third party supplier to control all operational aspects of their business

They were reliant upon the software provider for project management support as they had no experience of managing major projects

The software supplier was only managing their part of the implementation

The solution

We carried out an immediate review of the project from a business perspective rather than an IT standpoint. It became obvious that there were significant gaps in control and authority, even to the extent that a full funding case had not yet been presented to the parent bank.

We designed and ran a Project Initiation Workshop which included:

Defining project objectives

Agreeing project scope

Creating a resource plan

Creating the timeline

Preparing the funding case

Once funding was agreed we provided the services of a Project Director reporting to the Managing Director to ensure ongoing compliance with the plan. An internal project manager was also coached on the appropriate techniques required for different stages of the project.

Additional support was provided for the Managing Director during final contract negotiations with the suppliers and we provided a specialist systems testing manager for the final stages of implementation.

Benefits at a glance

As a result of our work with them the client gained the following benefits:

  • The funding was secured for all aspects of the £1.7 million project.
  • The initiation process brought the business focus to the fore and enabled all participants to agree the right resources for success
  • When the client staff began to struggle with the final systems testing the risk was identified early and additional resource applied when required
  • A new Financial Director was able to take over project control with no disruption to timescale
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