Procurement consultants Efficio have won a major industry award for their pioneering work with Danish insurance company Tryg.
The London-based specialists came top in the Best Procurement Consultancy Project of the Year category in the CIPS Supply Management Awards 2013.
The award was presented at a ceremony in London held by the organisers, the Chartered Institute of Purchasing and Supply and Supply Management, the leading professional magazine and website for procurement professionals.
The event was attended by senior executives from global companies across several sectors.
The project with Tryg, the second largest general insurance provider in the Nordic region covering Denmark, Norway and Sweden, was aimed at restoring the company to financial health after it faced increased competition.
Efficio worked with the company to identify savings of £57m (DKK 500m) from £1.5 billion (DKK 15.5 billion) of claims expenditure in its motor, buildings, contents, health and travel areas and the programme is continuing to deliver as expected.
Major reforms included setting up a new car repair network, negotiating a deal on materials in the construction industry and improving claims processes.
The project involved extensive upskilling of staff. Efficio developed and delivered nine specialised courses for more than 200 people in procurement, claims departments and other corporate functions.
Claims are now dealt with faster and there is evidence that claimants are enjoying improved services. Morale among Tryg staff has risen.
As a result of the project Tryg has dramatically improved its financial health and expects to stabilise its costs-income ratio at a level regarded as extremely competitive within the industry.
The judges commented: “This was a transformational project that delivered tangible results in a short time scale, where the CEO acknowledged the benefit to the company.”
Efficio CEO Jens Pedersen said: "We are very proud to have won this prestigious award which recognises our extremely successful project with Tryg. This demonstrates what procurement can achieve in supporting a major change programme."
Efficio Vice President Jesper Schade said: “We enjoyed working with Tryg and all the team involved in the transformation. This project was so successful because of the excellent collaboration that enabled us to jointly find solutions to difficult challenges. Strong communication channels allowed us to challenge existing ways and forge a positive ‘can do’ company culture.”
Tryg CEO Morten Hübbe said: "Efficio demonstrated great leadership throughout the programme, managing different languages and cultures, dealing with highly complex technical demands and taking on board management views and concerns through the reporting structure. I was impressed by Efficio’s focus on delivery, their ability to lead a challenging programme and their technical knowledge. As the results show, the programme is successful and we have a lot to thank Efficio for.”
Notes to editors
Chartered Institute of Purchasing and Supply, and Supply Management (CIPS): www.cips.org
Supply Management: www.supplymanagement.com
Efficio is a results-focused procurement consultancy with a track record of helping leading organisations achieve more value from their procurement. It is headquartered in London, UK, and has offices in Denmark, France, Germany, Switzerland and the US.
Efficio combines the credentials of a top tier firm with the depth of expertise of a flexible niche player. Clients include 3i, AstraZeneca, Barclays, BAT, Biffa, British Gas, Ford, Scandic Hotels, HSBC, KKR, Nokia, National Grid, O2, Tryg and Thames Water among others.
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