In the summer of 2006, the General Insurance (GI) division of Liverpool Victoria Mutual Insurance Association was in crisis, with financial losses of £22 million a year, customer attrition running at a rate of 10,000 a month and staff turnover as high as 60% in some areas. A radical transformation was needed to prevent the GI business from total collapse. This case study charts the transformation of this loss-making organization between 2006 and 2012 into a highly profitable, multi-award winning insurance division through the development and implementation of a radical new employee engagement strategy. Drawing on interviews with key senior managers and focus groups with frontline staff, this case study shows how the new senior management team worked with staff to develop new and more effective ways of working that radically improved customer service, employee morale, profitability and efficiency so that, by 2011, the division was returning profits of £72 million, had reduced average customer query resolution time from 48 hours to 3.5 minutes, and had risen to fourth ranked motor insurer in the UK.
|Type||Teaching study materials|
|Media of output||Digital|
|Number of pages||8|
|Volume|| Case - Reference no. 413-008-1|
|Publication status||Published - 2013|
- case study
- organisational change