In the mid-1980s, Prudential completely dominated in the UK insurance market. Fifteen years later, she was in serious danger of losing its relevance, and then things got worse with the collapse of the post 9/11 and the subsequent stock market fall in staple ("with profit" insurance). Led by the CEO of the new, Mark Wood, Prudential UK management team started four recovery journey. The company has been fragmented and lost its direction. Range of products and distribution channels need to be reviewed, as well as customer service systems and philosophies. The company had zero partnership. And corporate culture resembled "Country Club." However, being in the insurance sector, the company had to continue designing reassuring image. This severely limited the possibility of creating in case of change. However, for four years, Mark Wood and his team re-focused company, regained their pride and took it to the number of applicants. It originated with the hard assets - excellent service, genuine innovation, the means to grow and improve relations with customers, and the MPC controller. He created for himself options. Learning objectives: The case focuses on the management and leadership aspects of a major restructuring. It offers classic aspects of turnover, as well as some unusual: 1) rotating destination "quartermaster" to manage the performance of each quarter, 2) leadership story that projects employees forward 1000 days and 3) regular periods of time, as a reflection of team 4 ) developing internal capabilities of business transformation, which involved up to 15 percent of the labor force works independently to change the project full time. The case also raises questions related to the change of institutionalization. "Hide
by Jean-Francois Manzoni, Jean-Louis Barsoux Source: IMD 27 pages. Publication Date: 02 Oct 2006. Prod. #: IMD320-PDF-ENG
Related Case Solutions & Analyses:
Merrill Lynchs Asset Write-Down
Introductory Note on Managing People in Organizations
Target Stores: Strategic Brand Alliance Exercise
BPs Office of the Chief Technology Officer: Driving Open Innovation through an Advocate Team
An ERP Story: Background (A)
Cisco Systems: Developing a Human Capital Strategy
Introduction to the Management Control Process
BuildingBlocks International
Singapore Airlines: Global Challenges
Kermels MBO–April 2002
