Challenge:
- The client was seeking to aggressively grow FUM (funds under management) by adding life insurance products to its service range.
- To achieve this the client acquired an existing life insurance business and therefore, required a well articulated post-acquisition strategic and implementation plan
Approach:
- Quramo Advisory reviewed global best practices in the global life insurance sector
- Based on Quramo Advisory’s review of the local market, we developed a viable strategy and execution plan to transform the business and take advantage of the potential synergies of being a subsidiary of an established asset management brand
Value Provided by Quramo Advisory:
- This work enabled the client to leverage on the dense distribution network of a life insurance company and gain access to a broader market of potential small savers
- The process also enabled the identification of viable market spaces and as such, the development of prototypes of a range of hybrid products
- Facilitated strategy sessions and company-wide retreats to generate awareness, buy-in and consequently rapid execution
Client Benefits:
- Profitability in financial services and indeed asset management is, to a large extent a function of the high volumes of business. The objective of this initiative therefore is to increase the client’s third party funds under management and ultimately achieve scale efficiency