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Supporting an Insurance with project rescue of an innovation project
In a prominent German composite insurance company, there was a critical juncture in an innovation project. Failure to achieve these goals would have resulted in the absence of a viable solution and substantial sunk costs.
At A Glance
LKPU achieved a successful project turnaround within the initial three-month period
Developed and delivered a new, revised concept based on comprehensive project review, accomplished within the first six weeks
Successfully launched the telematic service product in the Chinese market
The Story
The strategic innovation project for launching a telematic service product by a leading German insurance company was initiated with significant planning and investment. Despite consuming the majority of its budget and two-thirds of its allotted time, the project had not progressed towards a go-live stage. Consequently, the senior management made a decisive move to appoint an external senior program manager. This appointment aimed to conduct a thorough program review, establish mitigating strategies, revamp the program plan and governance, and assume leadership of the project.
Our team successfully assumed the program leadership, refined the product and technical solutions, and achieved a turnaround within the first three months. We ensured a successful go-live by developing and executing a revised and realistic overall plan, encompassing budget, timeline, and resource management.
The LKPU program lead was instrumental in the successful introduction of this product. Key responsibilities included:
- Conducting a comprehensive program review and leadership, encompassing stakeholder management and reporting to the steering committee.
- Effectuating the project turnaround.
- Managing teams across multiple European countries and China, which involved organizing on-site meetings.
- Analyzing the product solution and implementing necessary adjustments to guarantee a successful Go-Live.
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