TrygVesta CEO on Leading Change

TrygVesta CEO on Leading Change

24 May 2005

Stine Bosse, CEO of TrygVesta Group, shared with MBA students as well as corporate contacts at CopenhagenBusinessSchool on her experience in leading the strategic transformation as part of the CBS Executive leadership speaker series. TrygVesta was founded in 2002 out of the acquisition by Tryg I Danmark smba of Nordea?s general insurance activities.  Bosse brought the Group from loss in 2002 to profitability in 2003. In the first quarter of 2005, TrygVesta reported strong earnings and one of their best interim results. According to Bosse, leading change involves innovation, accepting and exploring diversity, focusing on values and pursuing goals.

Transformation at TrygVesta

Bosse elaborated that the turnaround at TrygVesta has to do with strategic and organization change as well as culture and values transformation. Working cross-borders, cultural differences, creating synergies among the different organizations and different legislations were cited as challenges when the organization was formed in 2002. But Bosse also emphasized the opportunities created in terms of having bigger buying power, IT synergy and innovation around customer systems. ?Consolidate on our own merits? is a mantra at the organization.

Direction and speed is highly important during a strategic transformation. It is a controlled and involving process where the resources are aligned and corporate portfolio optimized. According to Bosse, by mid-2004, the management started to step back and reflect on the changes that have been implemented. Bosse mentioned that turnaround competence is like a ?scout camp?.

Importance of Communication during Change Process

Communication is still cited as key to the change management process. In addition to media relations, internal and external communication; communication plays a major role in building relationship with customers, investors as well as employees.  Change management is brought about through story telling. Efforts are made to create a common identity and shared values in the new organization. The business at TrygVesta is defined as ?supplier of peace of mind? and the balance scorecard model helps to drive the organizational transformation.

About TrygVesta

TrygVesta is the second-largest insurer in the Nordic region. The Group comprises Tryg, Denmark?s largest general insurer with a market share of just over 22%; Vesta, Norway?s third largest insurer with a market share of around 19%; Norwegian Enter and Danish guarantee insurer Dansk Kaution. TrygVesta also has a fast-growing branch in Finland. The Group has some 3800 employees and two million customers.