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Each unique scenario involved different states of origin, to determine if the company had market rating challenges in a specific state.Results The insurer reports increased premium and net income, as well as improved employee effectiveness as a result of engaging Weiser Mazars.
Solutions Weiser Mazars facilitated identification of operational strengths and weaknesses, obtained and analyzed competitor data and developed a strategic plan to accomplish their corporate vision of increased efficiency. KILL A COMPETITOR One strategic planning session involved a Weiser Mazars‐ developed scenario in which a larger company with more capital and resources expands into the client’s marketplace.
In planning their response to this development, our client identified their key strength of superior consumer relations along with a problematic weakness in operating efficiencies.
While internal IT had begun the process of implementing a long‐term solution, the company needed to address pressing short and mid‐term regulatory and management requirements.
The Weiser Mazars consulting team was able to identify the various FASB, regulatory, geographic and product line analysis requirements, and develop and implement a prompt and cost‐effective interim solution to satisfy them.
Sales and Marketing also obtained significant tools to sell through competitive obstacles on a deal by deal basis.
Financial Consolidation and Reporting Business Challenges The IT department of an international multi‐line property and casualty insurance company was charged with updating their financial analysis capabilities to meet regulatory and management requirements.Results As a result of their work with Weiser Mazars, the Board of Directors and executive management were able to better align as a team and accelerate the company’s operating efficiency goals.In addition, management was able to reassess their current project plans with increased clarity and to determine which projects would best help the company to meet strategic business goals.Going forward, they also provide for management teams to independently meet their own analysis requirements, without involving corporate finance or IT resources.CASE STUDY III Strategic Plan Implementation A national professional liability insurance company needed assistance with implementing a strategic business plan for company operations.Business Challenges The company was operating without a clear strategic business plan for future operations and was, therefore, unable to maximize growth opportunities.They required a road map and a prioritization process to manage their limited budget and growing list of pending projects.They have also experienced substantially improved communications between the marketing department and product managers, including significant company‐wide improvement in understanding their products’ positions in the marketplace compared to their competitors.Additionally, the tools Weiser Mazars developed have provided the insurer with a competitive advantage in pricing their products by geography.Conditions in the 2013 Insurance industry are significantly changed from those of the past.Existing companies are adding geographies and deploying innovative products, new companies are entering the market, regulation is increasing, and shareholders want larger top‐line growth with lower expense ratios.