Munich RE

The Challenge

This business had been acquired by Munich RE and needed to develop a business strategy which retained what was great about the company, but also enabled it to be fully integrated within the Munich RE group, capitalising on potential synergies and ensuring alignment. There was also a need to establish more of a growth mindset across the business.

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What We Did

We worked alongside internal experts and other partners to create a series of workshops, which provided the structure for the Executive Team to develop its strategy and encouraged team members to operate at a more strategic level. The workshops were based on robust research. Key people were interviewed in depth to help understand the current picture. This research went beyond the Executive Team itself, and incorporated views from key stakeholders across the Group. The information was used to ensure that everyone understood others’ perspectives and help accelerate progress at the workshops themselves. Specific implementation plans were developed to make sure that leaders were held to account. Building a growth mindset was a fundamental component of this programme – not only on the part of the Executive Team, but also for others across the business. So, plans were created to roll this philosophy out to the wider organisation.

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The Change Experience

The change experience was participative, engaging and practical. It was not superficial, however Executive Team members were encouraged to dig deep to understand what might prevent them from raising their game, being more strategic and adopting a growth mindset – in all aspects of their working lives. When progress didn’t happen as fast as Executives would like, the Executive Team were fully accountable and prepared to examine barriers to progress, and course correct. The experience was a real blend of business and psychology.

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Business Results

The strategy is in place and accepted by the wider group of Munich RE stakeholders – a vital win. The growth mindset has been adopted throughout and deemed such a success that it is being rolled out to other parts of the Group.