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RSA is a leading multinational general insurance group. The company has operations in 28 countries and provides its products and services to more than 20 million customers in over 130 countries.
For 2007, the Group reported net written premiums of UK £5.8 billion.
In early 2003, a new Group chief executive officer was appointed by the board with a goal to make RSA a stronger, higher performing business; one that customers and employees could again be proud of and one that delivered to shareholders. Following a comprehensive strategic review, a demanding set of objectives was drawn up aimed at turning the business around. These included strengthening the Group’s capital position, building a new management team, embedding a performance culture and transforming the operational performance of its ongoing business.
The operational transformation had two elements. The first was to restructure and de-risk the ongoing portfolio by focusing on general insurance, and by successfully exiting life and underperforming businesses. The second was a demanding operational improvement program. Two key targets were publicly announced: to cut the expenses of the Group’s ongoing businesses by UK £270 million and to achieve a combined operating ratio of better than 100 percent on average across the insurance cycle for the Group’s ongoing business (combined operating ratio is a measure of industry profitability).
Accenture was appointed to work with RSA as the strategic partner to implement the transformation. This would exploit Accenture’s industry insights, transformation expertise, software assets and outsourcing capabilities. The two companies structured a contract with a risk and reward payment arrangement based on the delivery of the program benefits: within budget and on schedule. Both organizations were aligned to gain by delivering against the five-year plan to transform the insurer.
The comprehensive program included:
AIS implementation has supported RSA in driving forward product and process rationalization. Many manual processes have been eliminated. More than one thousand staff members are using the AIS system to support their work. It gives RSA the system support to reduce underwriting leakage through optimized risk appetite, underwriting excellence and controls. Migration of the legacy book is under way.
RSA is meeting its promise to the analysts of being below 100% combined operating ratio for the cycle.
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