example of Impact - STRATEGY, DIGITAL & INNOVATION
Reinventing a business being DIVESTEDdetails
Client background and situation:
Division of an insurance company
Division of an insurance company
Was being divested and the new management team needed to be prepared for the purchase and decide how to position the strategy and approach
Was being divested and the new management team needed to be prepared for the purchase and decide how to position the strategy and approach
THe past
Prior approach & challenges:
Unclear how the new company would operate on its own without the parent and what it needed to be successful
Little time had been spent detailing any new product offerings
Unclear how the new company would operate on its own without the parent and what it needed to be successful
Little time had been spent detailing any new product offerings
solutions
Coppertree Partners approach:
crafted strategic plan
Led strategy and development of value proposition to customers and employees with rationale that the company on its own would be more successful than being part of a parent where it didn’t fit into the core business and couldn’t receive the proper amount of focus and resources
led workshops and design process
Led initiative to attract new segments of customers especially those that are younger which led to two new product offerings
designed innovative new functions
Did a complete end-to-end analysis of the new functions that would have to be built for the company and designed them completely with the people, processes and technology required; benchmarked similar firms to get a sense of target headcount and capabilities
prepared management team
Held mock sessions with senior leaders to ensure they were ready for customer and employee questions
Impact:
- Successful transition of division into new standalone company
- 18% revenue increase due to the new products that were designed
Additional insights and takeaways
It was significantly more complicated than anticipated for the division to operate as a standalone company. There was a heavy reliance on the parent for tasks that would now have to be done solely by the company. However this also brought incredible opportunities to innovate and market to customers in a way that wasn’t possible in the previous structure.
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