Challenge/Opportunity
Faced with limited knowledge of the International
Insurance business, the Company sought to address competitive issues in
the marketplace and certain cultural sensitivities in the JV relationship.
Consulting
Engagement
Provide guidance and direction re market opportunities
and distribution challenges, and high-level advice on strategy issues,
operational challenges and the JV situation.
Consulting Process
Initially, conduct a one-week on-site survey
to provide feedback to Senior Management on both structure and operational
matters. Consultation with other industry contacts and regulators. Then,
continued oversight of the local operation (with periodic on-site visits)
and regular counsel to management to address operational issues. Finally,
rebuild relationships with the JV partner; provide hands-on guidance and
development of key staff and a new local management team.
Results
Improved financial results. Restructure of the JV company. Built
a new Business Plan and framework for launching a new distribution system.
Implanted an effective Senior Management team in the local operation.
Expanded the infrastructure and support unit in the U.S. Headquarters.
A Joint Venture in Search of Direction Challenge: |
