Retearn Group

Convex Insurance - Procurement Transformation

Convex partnered with Retearn to augment the capabilities of the in-house team and develop a customer-centric Procurement capability, with the agility to operate in a startup style environment whilst managing annual third party spend of c. $100m. Within less than a year, the team had delivered the following results:

•Cumulative cost savings of $6.5m ($1m target) •Improved EBITDA by reducing overheads by 3% on the annual addressable expenditure •Implementation of a best-in-class Source to Pay (S2P) Procurement system •Roll out of category management •Delivery of 165 sourcing projects between 3.5 FTEs whilst maintaining high levels of customer satisfaction