Our Partnership with Chaucer

THE ISSUE

Procurement functions are increasingly expected to deliver value beyond cost control, supporting resilience, innovation, and strategic decision making. However, many teams remain constrained by transactional operating models that limit their influence and impact.

THE COMPANY

Chaucer is part of a global insurance group operating in a complex, highly regulated environment. During the period of engagement, the organisation was navigating multiple operating model changes across CIO and COO functions, alongside the start of a new five-year planning cycle. This created pressure on stakeholder capacity and highlighted the need for procurement to operate as a value-focused business partner rather than a purely transactional function.

THE CHALLENGE

Chaucer’s procurement team was operating in a highly reactive, transactional environment while simultaneously navigating change across CIO and COO functions. Although procurement policy compliance was strong, supplier management and consistent ways of working were underdeveloped.

At the same time, the organisation was entering a new five year planning cycle, limiting stakeholder availability and increasing the need for a focused, high impact approach. The challenge was to engage a stretched team, build capability quickly, and embed new ways of working without disrupting day to day delivery.

High performing procurement functions create value by strengthening capability, improving stakeholder alignment, and collaborating more effectively with suppliers.

OUR APPROACH

Procurement Heads, through PSquared, worked in close partnership with Chaucer to design and deliver a structured transformation programme focused on pace, ownership and practical impact.

Our approach centred on:

• Conducting a detailed procurement maturity assessment to benchmark current capability and future ambition
• Developing a clear target operating model aligned to Chaucer’s business priorities
• Co-creating a shared mission, vision and value framework to align procurement with the wider organisation
• Embedding business partnering and supplier collaboration frameworks to drive early engagement and measurable value
• Supporting leadership and the wider team through skills transfer and hands-on delivery

With all ‘must-have’ recommendations delivered, Chaucer’s procurement team is on track to achieve ambitious targets for spend influence, engagement and long-term value creation.

THE OUTCOME

The transformation programme delivered a clear and practical roadmap for procurement, underpinned by a strong operating model and value framework.

As a result:

• Procurement shifted from a primarily cost-focused function to a value-led, business partnering model
• The team strengthened relationships with senior stakeholders and gained increased executive sponsorship
• Supplier collaboration became more structured, with a clear focus on strategic suppliers and early wins
• The procurement function grew in confidence, capability and scale, reflecting its enhanced strategic position within the organisation

With all ‘must-have’ recommendations delivered, Chaucer’s procurement team is on track to achieve ambitious targets for spend influence, engagement and long-term value creation.

Working with PSquared gave us the opportunity to augment our team and pull together a central vision and operating model, fast-track development and land a clear mission and future roadmap. Their approach fostered strong engagement across the team and secured senior buy-in for additional investment and strategic positioning.