Digitally-Led Turnaround – Financial Services

iPrism logo

“DWG quickly delivered clarity in our strategic planning and resolution roadmap. Their help in changing our technology function has also been a critical factor in our success.”

CEO, iPrism

iPrism is an innovative insurtech business, with solutions aimed at the smaller broker on the high street, giving them access to a marketplace of insurance providers who provide specialist cover for tradespeople and other niche groups. A compelling offering in an underserved market it quickly scaled, but over several years, circumstances led to a decline in financial performance.

Lonsdale Partners acquired the business, and they quickly appointed a new CEO and senior team, which in turn engaged DWG to assist in a ‘digitally-led turnaround’ of the business.

The core requirement was to stop the rapid decline of the business by making the most of its strong proposition, customer network and operations; while reversing issues in customer-experience, go-to-market, suppliers, technical-base and financial health.

Our initial step was to conduct a rapid audit over two weeks across two areas of the business:

  • 1. The customer and commercial experience. To identify issues affecting the customer base, the go-to-market approach and their impacts on the business model.

  • 2. The technical environment. To identify reasons behind issues with availability, high costs of operation and low team morale.

In parallel, with the CEO and CFO, a new vision for the company was developed to meet customer needs and deal with competitive impacts through effective proposition positioning.

Using these two insight sources, digital solutions and other actions were identified across the business, and a practical 18-month turnaround plan was created, aimed at quickly fixing the performance issues of the business while ensuring compliance to future state.

In turn, this was supported by rapid financial modelling to inform on the investment required and the likely benefits. Once signed-off, the execution phase was supported by interim resources who delivered solutions to the technology functions issues.

A clear strategic plan, turnaround roadmap, and investment case were delivered over a six-week period. With interim CTO and delivery resources producing successful resolutions to issues in availability, costs and human capital; while re-building the platform to enable the development of new propositions and capabilities that have contributed to a significant improvement in business performance and value over the last 12 months.

“DWG was instrumental in helping the business reverse its fortunes.”

CEO, iPrism

Service

Digital Turnaround

Team

Will Barribal

Senior Partner,
Strategy, Leadership & Innovation

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