Company Overview:
A provider of back office services to the property and casualty insurance industry with a focus on business process and information technology outsourcing, the company struggled with mismanagement. It also was faced with a failing technology platform with over $17M invested. Faced with significant current debt obligations, the company was insolvent. This case study represents a full spectrum VEER Group + The Stage Fund reconstruction.

Numerous challenges and poor decisions force company into foreclosure

Although once successful, little or no executive direction, excess spending, lackadaisical monitoring and lack of attention to the sales process and pipeline quickly led to financial trouble.

Current clients were unhappy and the company had not landed a sale in over 18 months, most employees had no idea the company was failing. This was intentional, management hid from the truth and ignored reality while protecting their salaries and transactional payout in the event of a sale. In these situations, management’s tendency is to hunker down, and make decisions based on maintaining their salary, not what’s in the best interest of the stakeholders and company.

The company was unable to improve liquidity through short and long term bank borrowings and could not meet short-term cash needs including lender and vendor commitments. The bank, unable to collect the committed funds, sent the notice of default and disposition of collateral.

Our Role: Control Costs, Breathe New Life into Company

VEER Group was engaged by the bank and equity investors to perform an organizational assessment and produce a turnaround plan. Our turnaround plan included cost-saving, revenue generation and restructuring measures to maximize profitability and resolve operational inefficiencies. Impressed with the plan, the investors immediately hired VEER Group to provide interim management support and breathe life back into this failing company. We implemented a data-driven, fact based approach and focused on the following:

Optimize the organizational structure

  • Structure organization to effectively meet customer needs and deliver products and services
  • Reduce layer to ensure an agile and responsive organization

Install Accountability

  • Install metrics, measurement, and accountability and develop dashboards to provide visibility into performance
  • Align incentives with strategic and operational goals

 Optimize Operations

  • Assess people, process and technology across the organization
  • Eliminate redundant and non-value added activity

Sales Improvement

  • Redesigned the sales organization by analyzing sales operations effectiveness and improving workflows
  • Ensured the sales funnel accurately reflects the quality and probability of opportunities
  • Improve account and opportunity management process and tools


  • Employ constant and consistent communication and manage the complex relations with stakeholders including executive management, boards, lenders, and investors
  • Provide real-time information and performance to all stakeholders

Outcome: Lower Costs, Increase Efficiencies and Focus on Sales

The VEER-Group Consulting team managed the restructuring process with dedication, strategic insight and operational expertise. This team drew from their collective analytical depth, and sound business judgment to quickly turn-around the company.” – Square One Bank – Senior Vice President, Special Assets

In the initial 8 months, the VEER-Group found $2,800,000 in sustainable annual savings by reducing real-estate costs and reorganizing the management team and staff adding talent with industry knowledge and experience. We outsourced all non-core functions such as printing, distribution and the call center to best-in-class service providers saving $430,000.

We focused on the improving the outdated technology moving the company from manual systems to automated systems manual work and fixes to automation and saving hundreds of people-hours.

The sales pipeline was taken from a state of inexactness to a healthy and valid funnel of prospective clients. With the addition of new services, our target market has grown from traditional insurance carriers to now include broker/agents within the space. This robust pipeline has allowed our new sales and marketing team to partner with those clients who wish to reduce their overall cost of their back office services.

The implementation of the new technology and systems, formalized procedures, and a new culture of quality and accountability helped create an environment in which client issues are resolved efficiently building trust and loyalty, vendors and suppliers and managed effectively and sales are $7,200,000.