In October 2016, Wilf Blackburn, the CEO of Prudential Assurance Company Singapore (PACS) started an organisational transformation journey to reposition PACS as the number one insurance company in Singapore. Earlier that year, PACS’ market share had fallen from 22 per cent in the previous year to 17 percent, pushing the company to the number two position. But plummeting market share was not the only reason for concern. There was brimming dissatisfaction amongst employees within the organisation over long work hours, a hierarchical work culture and dwindling bonuses.
PACS was a subsidiary of Prudential plc (Prudential), and had a long successful history in Singapore. It had been the performance powerhouse of the Prudential Corporation Asia (PCA), but in 2015, the company lost two key bancassurance partnerships. As a result, PAC’s annual new business premiums dropped by US$ 82.7 million, and its market share slipped by almost five percentage points. The following year, PACS lost a long-standing high performing agency to its competitor.
Once, considered the fortress of Prudential’s business in Asia, PACS had many challenges to overcome. The company hardly relied on its regional office (PCA) due to its previous stellar performance, and, there was undoubtedly little trust between the regional office and Singapore office. Internally, there was discord between departments, and each unit preferred to work in silo. Hierarchy was pervasive and performance was sales driven; targets set were not aligned to expectations. Moreover, PACS had seen five CEO appointments over a span of 10 years. Each CEO had his own unique, quite contrasting style of leadership, and this quick succession of changes yielded different business strategies, with many not seen through their full completion.
As the incoming CEO of a troubled first world business, what approach could Blackburn take to turn around the organisation?
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