LV= is one of the United Kingdom’s largest insurance companies with over five million customers. It offers a range of insurance and retirement products.
Objective
Support the Board and LV=’s Executive Committee with delivery of Investment Management and Investment Accounting capabilities that enable achievement of the organisation’s business plan and development of its flagship Smooth Managed Fund proposition..
Resources
24 months, £10m
I worked closely with the Chief Investment Officer to design the Investments Target Operating Model and mobilised several projects as part of the Programme, which will conclude in H2 2024. This necessitated frequent engagement with most of the Executive Team, the Investment Committee and the Board.
The most significant of these projects was the selection of a new Investment Manager (BlackRock), announced in April 2023. The other major project within this programme introduces a new Fund Administration and Investment Accounting solution. This will allow Fund Administration services (currently outsourced to a third party specialist) to be delivered in-house, leveraging a fit for purpose, commercial off-the-shelf technology platform (‘Invest|Pro’).
The introduction of the Invest|Pro platform materially reduced operational risks whilst delivering significant cost benefits. This project alone reduced operating costs by ~£1m p.a. The overall programme will cost ~£10m over its 24-month lifetime, with 1.5 x ROI achieved by the end of 2024.
Result
Capitalisation benefits in excess of £100m delivered by the end of 2023. Liquidity benefits exceed £15m p.a. from FY24 onwards..
Recognition
Adam Ruddle, Chief Investment Officer, commented: “Mark led the change/project effort as part of our recent re-tender of our asset management services. In this role he supported many work streams including risk, regulatory, finance operational, marketing and specialist investment areas. Mark is focused on delivery reassuring and managing several stakeholders (internal and external) whilst managing risk considerations. This was a high profile project within the organisation and Mark frequently had to interact and liaise with senior leaders such as Managing Director and Chief Risk Officer. He was strongly commended for driving the retender to a timely and efficient conclusion.”
Corporate information about LV= can be found on their website.
Programme Leadership
I helped LV= bring their Investment Strategy and de-risk their Investment Accounting operations. I will de-risk and assure your change and transformation outcomes.