INSURANCE PRODUCT LAUNCH

What the client said.

“The Project Manager from Pinnacle played a key role in this programme. From start to finish she inspired, motivated and led. We had difficulties up front identifying the solution. It's hard to believe that, less than 12 months after we identified the solution, we are live and handling Premier Portfolio New Business with speed and efficiency.”

- LizAnn Doyle, Head of Business Change, Norwich Union International Limited.

Product Launch - Insurance: Norwich Union International Ltd.

Background
Norwich Union International Limited (NUIL) decided to launch a new open architecture offshore investment bond that would provide investors with access to thousands of funds from the world’s leading investment managers. This was the first product of its kind for NUIL. The project encompassed the selection of a supplier to provide the investment software through to the launch of the new product.

The Team
A multi-disciplined programme team was established. The team consisted of members of the senior management team within NUIL including the Finance Director, Head of Actuarial and Director of Operations.

Pinnacle Role
NUIL appointed a Pinnacle Senior Manager as the Project Manager for the duration of the programme from selection of supplier through to the launch of the new product

The Work Content
Major elements of the programme included:

Developing detailed requirements for the new product from operations to marketing to legal
Managing the third party provider selection process from development of RFP, short listing contract negotiations and contract signing
Developing and agreeing a project plan with the third party provider, NUIL IT and the key business users
Managing the development of the detailed business requirements for the new system including the development of the marketing material and the web site update
Managing the third party provider and internal NUIL IT to complete the development work as per the agreed specifications and plan
Managing the User testing phases of the new system including the introduction of a new test phase for NUIL called Integration Testing
Setting up a new operational team to manage the business operation for the new product and handing over from the project to the new business operation
Managing the launch to the market of the new product including ensuring the product was available on appropriate panels and that marketing collateral was available prior to the launch.

The Results
The following results were achieved:

The product was launched on target and within budget
The business operation was up and running in time to support a soft pilot with a number of advisers
An improved new product launch process was developed following the successful launch of the new product using the lessons learnt