Turnaround Management
A Case Study of Business Turnaround at Cigna Thailand
In the fast-paced world of business, staying afloat amidst challenges can be a daunting task. Cigna Thailand found itself in turbulent waters, operating for four years without seeing a profit. The impact was palpable - a stagnant sales momentum, a disheartened workforce, and a staggering 30% monthly staff turnover. Something had to change.
Enter GWD Associates, a seasoned leaders with a reputation for transforming businesses from the ground up. Armed with a strategic vision and unwavering determination, they set out to orchestrate a remarkable turnaround.
Strategy: Devise a comprehensive three-year strategic roadmap aimed at steering Cigna Thailand towards success.
Key Actions:
Out with the old: Non-performing senior management were swiftly replaced with highly motivated individuals eager to drive change.
Hands-on leadership: GWD Associates took a personal approach, providing coaching and mentorship to the team, instilling confidence, and direction.
Revamping the value proposition: Introducing data analytics and establishing a competitive edge became paramount.
Putting people first: An employee engagement survey was introduced, leading to actionable changes that fostered a positive work environment.
Taking charge: GWD Associates spearheaded business development and account relationship management, leading by example.
Innovating for success: New products and supplemental enhancements were introduced to enhance competitiveness.
Expanding horizons: New call centres, sales channels, DRTV, and online platforms were embraced to reach a wider audience.
Outcome:
Within five years, Cigna Thailand surged to a USD 4.5 million profit.
A staggering 700% revenue growth and a remarkable 54% sales compound annual growth rate (CAGR) were achieved.
Cigna Thailand soared to become the second-best performing entity within the Cigna Corporation globally.
Embracing customer-centricity: Cigna Thailand led the charge in implementing strategies to prioritise customer satisfaction.
Empowering the workforce: Employee engagement soared, and staff turnover plummeted to less than 8% per month, fostering a culture of loyalty and dedication.
Conclusion:
The story of Cigna Thailand's transformation is a testament to the power of strategic vision, decisive action, and unwavering leadership. Under GWD Associates’ guidance, what seemed like an insurmountable challenge became a remarkable success story, inspiring businesses worldwide to embrace change and thrive in the face of adversity.