LV = achieving business turn-around through employee engagement

Fletcher, L and Truss, C (2013) LV = achieving business turn-around through employee engagement. Other. European Case Clearing House, Canterbury.

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Abstract

In the summer of 2006, the General Insurance (GI) division of Liverpool Victoria Mutual Insurance Association was in crisis, with financial losses of £22 million a year, customer attrition running at a rate of 10,000 a month and staff turnover as high as 60% in some areas. A radical transformation was needed to prevent the GI business from total collapse. This case study charts the transformation of this loss-making organization between 2006 and 2012 into a highly profitable, multi-award winning insurance division through the development and implementation of a radical new employee engagement strategy. Drawing on interviews with key senior managers and focus groups with frontline staff, this case study shows how the new senior management team worked with staff to develop new and more effective ways of working that radically improved customer service, employee morale, profitability and efficiency so that, by 2011, the division was returning profits of £72 million, had reduced average customer query resolution time from 48 hours to 3.5 minutes, and had risen to fourth ranked motor insurer in the UK.

Item Type: Reports and working papers (Other)
Keywords: Employee engagement; Human resource management; Strategy implementation; Insurance; Change management; Communication
Schools and Departments: School of Business, Management and Economics > Business and Management
Subjects: H Social Sciences > H Social Sciences (General)
Depositing User: Joy Blake
Date Deposited: 20 Feb 2013 11:36
Last Modified: 31 Mar 2014 13:12
URI: http://sro.sussex.ac.uk/id/eprint/47908
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