Delivering transformation: Helping a major life company transition into the workplace savings market.
A leading UK-based life insurer with £246 billion in assets under management, operating primarily in the UK, Europe, North America and Asia.
Given the threats to its traditional intermediated business model created by the Retail Distribution Review, our client wanted to secure a greater presence in the UK workplace savings market.
Its chosen strategy was to retain existing pension assets by delivering a competitive offering for existing DC pension schemes and attract new assets by delivering a new workplace platform proposition targeted at larger corporate pension schemes.
Having mobilised a large-scale programme, it turned to KPMG for platform development and delivery expertise to drive the project forward.
We brought together a programme director and platform and workplace pension experts, plus workstream and project management specialists, to work with the client.
Over a period of 9 months, we were able to help deliver: full development of the workplace proposition; design of a business and systems solution and its delivery roadmap; scoping for supplier due diligence and contracting; a business case for the programme to implement the proposition; plus a programme plan for future phases.
The client requested a second phase of support for implementation of the new workplace proposition, including additional business architecture, regulatory assurance, governance design, supplier management and delivery expertise.
With our input, the client was able to achieve many of its goals, including define a best-in-class operating model; align multiple stakeholders and suppliers to agree to a single business and systems solution; redefine the programme structure to optimise resources, whilst ensuring robust governance and timely decision-making.
Through this process, the client team was able to secure the board's buy-in to the business case for the workplace proposition and the roadmap for delivering it.
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