Client Situation
Our client is a leading insurance company in Oman with 42 branches across the country. It is registered as an Omani Public Joint Stock Company. It offers different types of insurance offerings across both retail and corporate insurance. As a country, Oman had the lowest insurance density in the region, thus providing higher growth opportunities. The client was looking to leverage technology to drive business growth and wanted to conduct a diagnostic assessment of the technology applications.
Cedar’s Approach
Cedar was mandated to conduct a quick assessment of the value, effectiveness, and alignment of the technology Portfolio to business objectives.
- Performed a business strategy review based on the business needs and global best practices.
- Reviewed the IT governance structure across resources, application, process, infrastructure, and performance.
- Conducted 15+ interviews to understand the current strategy and the expectation.
- Reviewed the portfolio of 25+ insurance products.
- Performed a current state assessment of all the applications (15+) and surround systems in scope.
- Evaluated each application for a decision (Retain, Upgrade, Replace, Evaluate).
- Identified technology initiatives to be undertaken over the next few years.
- Created a framework for supplier selections for future initiatives.
Outcome
The program resulted in a detailed analysis of the current state across applications, technology governance and organisation initiatives. The results included
- Identified applications that required to be evaluated and upgraded to meet the business needs.
- Developed a to-be functional blueprint architecture for all the capabilities in scope.
- Developed a target network and infrastructure blueprint.
- Designed an entirely new IT organisation structure, roles and services to achieve the strategy for all the initiatives identified.
- Defined roles and responsibilities across multiple functions: Application Lead, Channels lead, infrastructure lead, database lead and network lead.
- Identified 10+ initiatives along with the monetary scale of the initiative.
- Prioritised the initiatives execution period over the next 3 years.
- Created an evaluation framework for supplier selections for all future initiatives.
- We made strategy and innovation work.