Market positioning strategy review

The board felt that there was an opportunity to harness the group’s mutual status in order to attract and retain more business We provided an objectives assessment of the board’s aims along with recommendations for realising these.

Their challenges

A flattening of new business triggered the board to consider Royal London’s relationship with its traditional, core markets. During this time Royal London was already focusing on several strategic change initiatives and required additional expertise to consult on using the concept of ‘mutuality’ to increase sales and loyalty.

Our approach

Our initial brief was to determine how best to bring mutuality to life for prospective customers, policyholders and staff. The first step on this process was to determine, precisely, what the term ‘mutuality’ meant to each board director and what vision they had for its application. The analysis revealed quite divergent thinking across the board.  Our approach so we set about creating scenarios to demonstrate how mutuality could be implemented for best return.

Project outputs

• Analysis of directors’ requirements
• Customer insights and data modelling
• Target operating model
• Actuarial models
• Business case
• Presentation for senior managers

Outcome

We recommended to the board not to proceed with the ‘mutuality’ transformation in the originally conceptualised form as the case for the business benefits was not strong enough.