Question 9 - Across more than one Learning Outcome (30 marks) You are the Strategy Director for BWG pic, a general insurer. BWG pic is a long-established insurer and offers a wide range of insurance products. As the insurance market has evolved, BWG pic has grown by acquiring other insurers. Many of these insurers continue to trade as independent subsidiary companies. BWG pic's growth strategy has been in place for many years. It now needs to strengthen and simplify its overall portfolio of insurance products. The Board recognises that a revised strategy is needed to address the following issues that exist across BWG pic and its subsidiary companies: -Numerous standard and niche product classes, with a lack of consistent policy wordings and pricing. - Different information technology (IT) including several customer relationship management (CRM) systems, legacy claims platforms and human resources (HR) systems. - Several competing insurance brands, resulting in contradictory marketing campaigns and unaligned sponsorship deals. The overall aim of this revised strategy is to maximise the capabilities of BWG plc and its subsidiary companies. This revised strategy is intended to provide a dynamic approach to the insurance marketplace, with improved efficiency and lower costs. (a) Explain, with justification, three significant challenges for BWG plc in successfully implementing its (9) revised strategy. (b) Discuss how the challenges, you have explained in (a) above, can be mitigated to successfully (12) implement the revised strategy. (9) (c) Explain, with justification, three significant benefits for BWG pic of its revised strategy