TABLE OF CONTENTS

No # Description Page
- Introduction to chosen organization 3
EXPLORE THE BACKGROUND TO CHANGE AFFECTING THE
Task 1 4
ORGANIZATION.
IDENTIFY A RANGE OF MODELS OF CHANGE MANAGEMENT AND
1-A 5
EXPLAIN THE ANY THREE OF THESE MODELS IN DETAIL.
IDENTIFY AND LIST THE FACTORS THAT ARE DRIVING YOUR CHOSEN
ORGANIZATION TO CHANGE, AND SUGGEST AN APPROPRIATE
1-B 8
MODEL OF CHANGE FOR YOUR CHOSEN ORGANIZAITON WITH
REASONS FOR SUGGESTING THE MODEL.
IDENTIFY THE VALUE OF STRATEGIC INTERVENTION TECHNIQUES
1-C AND WHAT INTERVENTION TECHNIQUES WOULD YOU APPLY IN 9
INTRODUCING CHANGE INTO YOUR CHOSEN ORGANIZATION
UNDERSTAND ISSUSES RELATING TO STRATEGIC CHANGE IN THE
Task 2 11
ORGANIZATION
DISCUSS THE GENERIC BACKGROUND TO CHANGE THAT EXISTS IN
2-A TODAY’S ECONOMY, AND THE SPECIFIC DRIVES THAT MOTIVATED 12
YOUR CHOSEN ORGANIZATION TO CONSIDER CHANGE.
CONSIDER THE IMPLICAITONS IN TERMS OF RESOURCES, FOR YOUR
2-B CHOSEN ORGANIZATION IF IT FAILED TO RESPOND TO THE NEED FOR 14
STRATEGIC CHANGE.
DEVELOP SYSTEMS FOR UNDERSTANDING AND INVOLVING OTHERS
Task 3 15
IN THE PROCESS OF CHANGE
IDENTIFY THE KEY STAKEHOLDERS IN YOUR CHOSEN
3-A ORGANIZATION AND PROPOSE SYSTEMS TO INVOLVE THOSE 16
STAKEHOLDERS IN THE PLANNING OF CHANGE.
ANALYSE AND EVALUATE THE ADVANTAGES AND DISADVANTAGES
3-B 17
OF THESE SYSTEMS.
EXPLAIN HOW WOULD YOU DEVELOP A CHANGE MANAGEMENT
3-C 20
STRATEGY WITH THE KEY STAKEHOLDERS.
WHAT WOULD BE YOUR STRATEGY FOR MANAGING RESISTANCE TO
3-D 21
CHANGE IN THIS ORGANIZATION?
Task 4 PLAN TO IMPLEMENT MODELS FOR ENSURING ONGOING CHANGE 22
IDENTIFY APPROPRIATE MODELS FOR IMPLEMENTING CHANGE THAT
4-A 23
SUITE YOUR CHOSEN ORGANIZAITON
HOW WOULD YOU IMPLEMENT THIS MODEL IN CHOSEN
ORGANIZATION WHAT IMPROVEMENTS DO YOU EXPECT TO ACHIEVE
4-B 24
BY IMPLEMENTING YOUR CHOSEN MODEL AND HOW WOULD YOU
MEASURE THESE
Bibliography 27

INTRODUCTION TO THE CHOOSEN ORGANIZATION:

AEGON Group (AEGON N.V.), an international provider of life insurance, pensions
and other long-term investment products. Based in The Hague, the Netherlands,
AEGON has around 40 million policyholders and approximately 28,000 employees
around the world. It has assets, including all revenue-generating investments, of
€405 billion (£348 billion).* AEGON’s mission is to help customers secure their
long-term financial futures.

AEGON has three main established markets: the United States, the Netherlands
and the United Kingdom. Recently, AEGON has expanded its international
presence, pushing into new growth markets in the Americas, Asia and Central and
Eastern Europe. At present, AEGON has businesses in more than 20 markets
across the globe.

AEGON has a clear, well-defined strategy, aimed at creating long-term value for
all the company’s stakeholders. Committed to its core businesses (life insurance
and pensions), AEGON seeks profitable, sustainable growth and pursues a multi-
channel approach to distribution to give customers access to products and
services in the way that best suits them.

AEGON was created in 1983 – the result of a merger between two Dutch
insurance companies – AGO and Ennia. And many of the companies who form
AEGON have a long history. For example, in the United States, Monumental Life
based in Baltimore has been insuring people since 1858, while in the United
Kingdom, AEGON (a brand name of Scottish Equitable plc) has been in existence
since the early 1830s.

*Source: AEGON N.V. quarterly results, 30 September 2010

 TASK 1;

EXPLORE THE BACKGROUND TO

CHANGE AFFECTING THE
ORGANIZATION.

(A) IDENTIFY A RANGE OF MODELS OF CHANGE

MANAGEMENT AND EXPLAIN THE ANY THREE OF THESE
MODELS IN DETAIL.
McKINSEY 7-S MODEL:

The McKinsey 7-S Model was created by Tom Peters and Robert Waterman whilst
they were working for McKinsey & Company in 1978 (12Manager, 2007. According
to this model there are seven different factors that are a part of the model:

• Shared values
• Strategy
• Structure
• Systems
• Style
• Staff
• Skills

Thomas (1992) Shared values are the centre of the model because it is what the
organization believes in and stands for, such as the mission of the company. Strategy
represents what the company plans to do react to any changes of its external
surroundings (Recklies, 2007). The structure refers to the organizational structure of
the company. Systems are the portion of the model that represents "the procedures,
processes and routines that characterize how the work should be done". Staff is quite
obvious in the fact that it is a proper representation of who is employed by the
organization and what they do within the organization (12Manage, 2007). Style
signifies the organizational culture and management styles that are utilized within the
organization (12Manage, 2007). Skills indicate the abilities and competencies of
either the employees or the organization holistically.

LEWINN’S CHANGE MANAGEMENT MODEL:

This model was developed in early 1950s by Kurt Lewin a psychologiest. Lewin
recognized following three stages of change (Syque, 2007),
 • Unfreeze
• Ttransition
• Refreeze

The majority of people tends to stay within certain safe zones and is hesitant of
change (Syque, 2007). These people tend to become comfortable in this unchanging
environment and become uncomfortable when any change occurs, even if it is a minor
one. In order to overcome this frozen state, we must initiate an unfreeze period, which
is done through motivation (Mind Tools, 2007). Motivation is important in any
organization, even when it is not changing. The transition period is when the change
is occurring, which is a voyage and not a step.. The transition period takes time
because people do not like change. At the end of the transitional voyage, comes the
next stage: refreeze. This is the stage where the company once again becomes stable.

KOTTER'S EIGHT STEP CHANGE MODEL;

According to this model there are eight steps that must be followed for successful
change.

 Step One: Increase urgency for change

 Step Two: Build a team for the change
 Step Three: Construct the vision
 Step Four: Communicate
 Step Five: Empower
 Step Six: Create short term goals
 Step Seven: Be persistent
 Step Eight: Make the change permanent

Christian (2008) The first step is to create urgency for change. This means that we
have to convince the employees that this change is necessary for the company to
survive. This also means that we must communicate that the change is achievable
without any detrimental effects on their jobs. The next step is to build a team for the
change, which has to be of some respected employees within the company. The third
step is to construct the vision, which will show clear direction to how the change will
better the future of the company and their jobs (Rose, 2002). The fourth step is to
communicate this vision. In order for the vision to work it must be fully understand
by the employees, which means that it is necessary for the leaders of the change group
to follow this vision. The fifth step it to empower the employees to execute the
change. It is still important that the management follow the same guidelines as the
employees are too. By creating short term goals, we assist the employees to accept the
change by showing them progress. Rewards are very important at this step also. The
seventh step is about persistence because we should influence more change even after
the short term goals are met or the original plan for change will cease and die (Rose,
2002). The final step is to make the change permanent by moving fitting it into the
company's culture and practices, such as promotion (Chapman, 2006).

(B) IDENTIFY AND LIST THE FACTORS THAT ARE DRIVING

YOUR CHOSEN ORGANIZATION TO CHANGE, AND
SUGGEST AN APPROPRIATE MODEL OF CHANGE FOR
YOUR CHOSEN ORGANIZAITON WITH REASONS FOR
SUGGESTING THE MODEL.
In case of AEGON UK following are the deriving forces for organizational change.

 Financial restructuring in the United Kingdom.

 Growth in population and changes in demographic attributes.
 Cultural diversification in the UK.
 Changes in social dimensions of the United Kingdom.
 Evolution of political orientation and policies.
 Increase in the domestic purchasing power.
 Institutional and policies neglect regarding the financial products.
 High competitiveness and consequent challenges.
 Deficient Management practices.
 Inefficiency in processes.

In the personal opinion of the researcher the best choice of change model that should
be applicable in case of AEGON UK is Kotter’s Eight Step Change Model. The
researcher believes this is the best choice because it is simple mode. Researcher thinks
in this way because it fully prepares the employees of the company before the vision
is even created, which means that the actual transition will be much easier in the long
run. There are fewer disadvantages to this model than others. Overall it is the best fit
for most companies because substantial change is needed for the divisions because it's
history. This will also help ease the transition because the division has quite a history
compared to the rest of the company, so people are not as set in the ways, as they
would be if the division had been around longer.

(C) IDENTIFY THE VALUE OF STRATEGIC INTERVENTION

TECHNIQUES AND WHAT INTERVENTION TECHNIQUES
WOULD YOU APPLY IN INTRODUCING CHANGE INTO YOUR
CHOSEN ORGANIZATION;
Michael (2006) There is no question that some form of strategic planning is key to an
organization’s future performance. However, there are several challenges to
implementing this type of planning in an organization. Large group interventions are
one set of methods for addressing these challenges.

In case of AEGON UK strategic planning implies planning for the long-term. The
time frame associated with this type of planning is from three to five years into the
future. Due to this timeframe, there are several challenges associated with long-range
planning. These include: creating a plan that is breakthrough in its orientation rather
than “more of the same,” getting all stakeholders to commit to the organization’s
strategies and to follow through on implementation of critical activities, and
decreasing cycle time in the planning process.

Karen (2008) In today’s world, organizations cannot afford these challenges. To

survive, they must be able to quickly create, deploy, and implement breakthrough
strategies that help them to continually anticipate and meet current and future
customer requirements. In doing so, they must be able to align all internal and
external resources around the plan. This sort of orientation necessitates approaches to
strategic planning that involve all employees and stakeholders in the planning process
and a planning process that can occur within a shortened time frame.

The researcher will prefer to adopt Large Group Interventions Technique to address
the proposed change in the chosen organization AEGON.

LARGE GROUP INTERVENTIONS:

Shiela (2004) Over the past 20 years, a number of large group intervention techniques
have emerged that more quickly effect large-scale change. As such, they have been
effective tools in dealing with some of the issues associated with strategic planning.
These intervention techniques include: Design, Participative Design, Simu-Real,
Work-outs, and Open Space Technology. As summarized in the book, Large Group
Interventions, by Barbara Benedict Bunker and Billie Alban, these approaches allow
organizations to involve anywhere from 30 to hundreds, if not a few thousand,
individuals in working together to accomplish a common outcome. They may come
together for a single day or multiple days or events. In the process of working
collaboratively, the organization can more quickly achieve what Kathleen
Dannemiller has coined “one heart and one mind”—a key factor in organizational
alignment.

These approaches have several defining characteristics. They are best used when:

 Time is of the essence.

 The issue is complex.
 The purpose of the intervention is clear.
 There is committed and involved leadership.
 Benefits can be reaped from stakeholder involvement and ownership.
 A design team that is representative of the whole is engaged to develop the
content and process pieces of the intervention as well as its follow-up, support,
and communications plan.
 Real work occurs during the event.

Large group interventions have been used successfully in diverse industries hence the
researcher believes this type of strategic intervention technique will be effective for
AEGON UK.
 TASK 2

UNDERSTAND ISSUSES RELATING TO

STRATEGIC CHANGE IN THE
ORGANIZATION

(A) DISCUSS THE GENERIC BACKGROUND TO CHANGE

THAT EXISTS IN TODAY’S ECONOMY, AND THE SPECIFIC
DRIVES THAT MOTIVATED YOUR CHOSEN ORGANIZATION
TO CONSIDER CHANGE.

World appears to be integrating economically, politically and

culturally. Irrespective of the national boundaries huge developments
in information, communication and technology has taken place.
Ownership patters of corporate sector all over the world have become
more complex like joint ventures, cross-border acquisitions etc.
Global strategies have emerged in the production of goods and
services, distribution and management of labour. These have had an
immense impact on business activities. The world economy is now
more closely interlinked and the finance has become a global
resource.

Ricky (2009) In the current economic circumstances organizations are

facing both external and internal forces that ultimately make change
unavoidable. External forces such as new work force demographics;
changing expectations about quality, productivity, and customer
satisfaction; and new technologies are dramatically affecting the
operating environment in organizations globe wise. Internally,
financial limitations, the condition to do more with less, cross-
functional groups, mergers and acquisitions and empowered
employees all influences organizations’ position to compete in the
global marketplace.

James (1957) Outsourcing, automation, best practices, downsizing,

globalization, repositioning, re-engineering, and all other such terms
refer towards change to your work force. It does not matter how do
you define this change the fact is that challenge to the organization is
inevitable; balancing the demands and hopes among the stakeholders
including customer, employees, management and shareholders.
Without balance, an organization risks an anxious work force that may
yield declining output. The magnitude of the success of the
organization depends how an organization decides to motive,
correspond and incorporate change into the work force.
So we can say that change is a process not an event. In the corporate
world, when any or all of the factors such as; environment,
technology, task, structure or people are altered fully or partially, the
phenomenon is called as change.

Dianna (2005) Whenever in the corporate environment deriving forces

and restraining forces are not in equilibrium, there is a need for the
change.

In case of the AEGON UK there were many deriving forces that

caused the background of change in AEGON UK. AEGON UK was
although was bearing international repute but still it didn’t had band
awareness by the name of AEGON in the United Kingdom. The
philosophy of the financial services products that were being sold by
AEGON UK or its competitors were quite difficult to understand by
the potential customers. Life expectancy in the United Kingdom has
increased in the recent years so people can expect to be retired for
longer age and similarly many individual never think it worthy to plan
about their retirement properly, on the other hand there was a derive
from the government to reduce dependency on the state in old age so
there was a need to make a social awareness among the people for the
benefits of having the financial products sold by the AEGON UK to
secure there future because benefit of these investments usually
realised in later years. AEGON was not well recognised in the areas
other than pensions. Above stated reasons are the few of those that
lead management to introduce change in the corporate structure and
strategy of the AEGON UK Limited.

(B) CONSIDER THE IMPLICAITONS IN TERMS OF

RESOURCES, FOR YOUR CHOSEN ORGANIZATION IF IT
FAILED TO RESPOND TO THE NEED FOR STRATEGIC
CHANGE.

Human and other Capacity Requirements – The human capacity and skills required
to implement the strategy, current and potential sources of these resources. Also, other
capacity needs required such as internal systems, management structures, engaged
partners and Network NOs and POs, and a supportive legal framework etc.

Financial Requirements – The funding required implementing the proposed

management strategy, current and potential sources of these funds, and the most
critical resource and funding gaps.

Risk Assessment and Mitigation Strategy – What risks exist and how they can be
addressed.

Estimate of Project Lifespan, Sustainability, and Exit Strategy – How long the
strategy will stand implemented, after how long and why strategy will require
modifications (if feasible to do so), and how it will ensure sustainability of the
corporate objective achievements.

Thomas (1992) ‘Strategic Change Management Plan’ may only be considered

complete when these components have been defined, at least in broad terms. As the
project moves into change implementation, several of these components are then
defined in more detail and tested in reality.
 TASK 3

DEVELOP SYSTEMS FOR

UNDERSTANDING AND INVOLVING
OTHERS IN THE PROCESS OF CHANGE
(A) IDENTIFY THE KEY STAKEHOLDERS IN YOUR CHOSEN
ORGANIZATION AND PROPOSE SYSTEMS TO INVOLVE
THOSE STAKEHOLDERS IN THE PLANNING OF CHANGE.

Karen (2008) Stake holders are the people who are directly affected
by the decisions of an entity. Stake holder may be internal
(management, employees etc.) or external (government, suppliers,
banks, media, shareholders etc). Different stake holders have different
expectations from the organization. In the process of change, stake
holders can be involved in a number of ways suck as;

 Involve them in problem solving.

 Keep them up to date of standing towards corporate objectives?
 Take actions on feedback received by them?
 Mobilize the correct resources at the right moment to recognize
the implementation plan?

In order to involve the stake holders to the process of change the new
chief executive officer of AEGON carried out the following actions;

Simplification of Financial Services; for the purpose of involving

the customers to the process of change the Chief Executive Officer of
AEGON adopted a customer focused approach. The CEO simplified
the ever complex financial services in terms of their understanding
and it was now made very simple to understand. Now the customers
know that what they are investing into and what return their
investment is expected to yield at the end of the contract. Earlier
customers have always been confused between the complex
calculations. Now the customers are happy because they don’t need
any financial interpreter to understand the ins and outs of the products
offered by the AEGON.
Workforce Development; An-other very important stake holder of the
organization is the employees’. Mark (2005) These are actually the
people who are practically responsible for to make the change process
successful or not. Before implementing the change the new CEO took
the employees in confidence and brief them about the fact that what
AEGON stands today and what AEGON wants to stand in the future
and he also address the forces reasoning this change. Next step is to
develop the new skilled required to implement the change, the CEO
introduced job rotation which involves progression from one job to
the other job. Hence it provided individual employees’ with a
coherent career path. CEO also arranged a Management Development
Programme in collaboration with a leading management college for
the training of the workforce.

Creating Distinct Market Place; To refresh the brand identity of

AEGON into the minds of the people the CEO carried out an external
promotional campaign to highlight the relationship between the
locally famous Scottish Equitable and AEGON. Also the CEO spoke to
the media stating the reasons for the change and how the change will
be useful for the stakeholders.
(B) ANALYSE AND EVALUATE THE ADVANTAGES AND
DISADVANTAGES OF THESE SYSTEMS.

The systems stated above in part (A) were used to involve the
different people into the process of change. The need for this change
was actually those external and internal forces that were affecting the
performance of the AEGON. The AEGON business was not going well
due to a number of key issues. Due to those issues the Chief Executive
Officer had to bring some changes into the line of operation and the
way of operations by AEGON.

The Chief Executive Officer related this change programme being

fully customer focused and associated this whole change project with
certain behaviours which are; think customer; embrace change,
encourage excellence, act with integrity, decisive action, work
together, learn and grow & relate and communicate. The employees’
were trained about these behaviours by a leading management
institute.

Another reason for this system of change relating to the problem that
AEGON was facing was that the consumers were not aware about the
products and services provided by AEGON. The customers had always
been confused about understanding their investment policy. They had
never been able to make comparison among the services provided by
AEGON neither about the possible outcome if they invest into them.
As to the reaction of the fact the Chief Executive Officer simplified
the description of the product to the extent that every person could
understand and calculate the financial flows regarding the products
offered by AEGON. This strategy really worked and AEGON have a
very positive response from its customers.

Mark (2005) The other system that the Chief Executive Officer
developed was to train the workforce. First the employees’ were
addressed about the need for the change and the possible proposed
changes and before implementing the change it is very essential that
the workforce is capable enough to perform their duties into the new
environment. For the purpose workforce was developed with rotating
job descriptions and Management Development Programme was
conducted by a leading management college to train the employees
about how to respond to the change.

Finally the Chief Executive Officer had to respond to the most vital
reason for the change that is the fact that AEGON was trading under
many different trade names into the same geographical location. This
was the greatest reason because of which AEGON had not taken a
distinct market place despite of such a historical background and
multinational presence. The CEO for the purpose spoke to the media
and addressed the whole situation, besides that many others measures
were taken to establish a brand position, for instance Scottish
Equitable was changed to AEGON Scottish-Equitable representing the
repute of the local company and the brand of AEGON similarly
external promotional campaign was incorporated into the system.
(C) EXPLAIN HOW WOULD YOU DEVELOP A CHANGE
MANAGEMENT STRATEGY WITH THE KEY
STAKEHOLDERS.

"Stakeholder management is critical to the success of introducing change in the

organization .The more people are being affected by change, the more likely it is that
your actions will impact people who have power and influence over your projects.
These people could be strong supporters of your work – or they could block it.

Harriet (2005) Stakeholder Management Strategy is an important discipline that

successful people use to win support from others. It helps them ensure that their
projects succeed where others fail.

Rob (2008) Stakeholder Analysis is the technique used to identify the key people who
have to be won over. You then use Stakeholder Planning to build the support that
helps you succeed.
The benefits of using a stakeholder-based approach are that:

 The opinions of the most powerful stakeholders to shape change

implementation at an early stage. Not only does this make it more likely that they
will support you, their input can also improve the quality of your project

 Gaining support from powerful stakeholders can help you to win more
resources – this makes it more likely that your projects will be successful

 By communicating with stakeholders early and frequently, you can ensure

that they fully understand what you are doing and understand the benefits of your
project – this means they can support you actively when necessary

 By anticipating what people's reaction to your project may be, and build
into your plan the actions that will win people's support.
(D) WHAT WOULD BE YOUR STRATEGY FOR MANAGING
RESISTANCE TO CHANGE IN THIS ORGANIZATION?

The researcher has developed following strategy for managing resistance to change in
the AEGON.

• There will be a workflow process in order to achieve results for mutual

benefits for employees and organization.

• There will be an Authority Process in order to direct behaviour in the interests

of the organization and its participants.

• There would be a Reward and Penalty Process to induce people to behave in a

way required by the interests of the organization and its participants and / or to
behave in a way making associated activity possible.

• There will be a Perpetuation Process to maintain, replenish, and make

adequate the quantity and quality of social and natural resources utilized by
the organization and its participants.

• There must be an Identification Process to develop a concept of the wholeness,

uniqueness and significance of the organization. This is usually accompanied
by efforts to select and define clearly understood emotionally toned symbols,
concepts, or other such factors which will help individual participants identify
the uniqueness of the organization as a whole, which in turn automatically
helps to define the uniqueness of the organization in the larger environment in
which it is embedded.

• There will be a communication process to provide for the exchange of

information, ideas, feelings and values etc utilized in all activities to the stake
holders.

• There must be an evaluation process which establishes criteria for and defines
levels of utility and value for people, materials, ideas, and activities and which
rates them and allocates them to these levels.
 TASK 4

PLAN TO IMPLEMENT MODELS FOR

ENSURING ONGOING CHANGE
(A) IDENTIFY APPROPRIATE MODELS FOR IMPLEMENTING
CHANGE THAT SUITE YOUR CHOSEN ORGANIZAITON.

Jane (1998) Model for change refers towards the overall strategy to
incorporate change into the organizational environment. A model of
change is usually implemented into the following steps;
 Access the necessity of change
 Forming a powerful alliance
 Creating an idea for change
 Communicate the vision
 Remove barriers
 Incorporate the change into organization

The Chief Executive Officer implemented the same model to

incorporate change into the organization. The CEO realised the need
for the changed and he came to know that company is not doing well
as compared to its competitors, the legislative restriction of price has
decreased the profitability lack of brand awareness getting worst and
difficulty of the customers understanding the soul of the services
offered by the AEGON were the factors that required an immediate
change into the organization at a large scale. It was what AEGON was
at the moment. The CEO conducted a SWOT analysis of the firm.

After getting the situation the CEO decided to develop a new

behavioural framework for the staff which was known as 8 behaviours
framework and also arranged managerial training for the workforce.
The CEO further addressed to the stakeholders of the organization to
communicate his vision to them by simplifying the financial services,
developing a workforce and arranging a brand awareness campaign.
The CEO also spoke to the media about this change process and the
reasons for the change. Hence model implemented by the CEO of
AEGON UK brought about considerable positive change to the
organization and gave it a new line of direction towards the desired
goals and objectives.
(B) HOW WOULD YOU IMPLEMENT THIS MODEL IN
CHOSEN ORGANIZATION WHAT IMPROVEMENTS DO YOU
EXPECT TO ACHIEVE BY IMPLEMENTING YOUR CHOSEN
MODEL AND HOW WOULD YOU MEASURE THESE?

The plan for the change was implemented into the various steps such
as discovery phase to analyze where the AEGON is right now, where
it wants to be and what actions are required to meet the objectives set
by the Chief Executive Officer to become the best long term saving
and protection business into the United Kingdom. Discovery phase
revealed the reasons for changes and weaknesses and strengths of the
organization. After the discovery phase the next step was to involve
the appropriate stake holders into the process of change. The chief
executive officer involved various stakeholders in different effective
manner as discussed previously. The CEO further redeveloped the
organizational behavioural framework and arranged the training of the
staff members.

The outcomes of the efforts made by the CEO were extremely

encouraging and rewarding for the company. Before the change there
was confusion among the people about the recognition of AEGON but
after the heavy promotion of the brand AEGON with Scottish-
Equitable created a more reliable image of the AEGON into the minds
of the people. Further to that the brand carried a new more powerful
and prestigious look as AEGON Scottish-Equitable. The behaviour of
the employees changed altogether, now they behave with more
customer focused approach. Now the employees are concern to
provide useful and relevant services to their existing and potential
customers and the organization is always doing its level best to do
what is really important to their customers. By the change into the
structure of AEGON now the customers are being offered more
choices of services. AEGON launched new and ground-breaking
products like the 5 for Life annuity has facilitated to change the way
in which consumers can look at their retirement income. AEGON
providing the levels of return promised and being responsible for any
risks associated with doing so it provides more certainty about levels
of income for the consumer.

In short as the result of the change implement by the CEO of AEGON

the company rebuilt its brand reputation, became more customer
focused, started to provide more innovative products and became more
popular among the consumers and ultimately the business has grown
to a gigantic extent.

In order to become more customers’ focused the new Chief Executive

Officer decided to develop a new organizational behaviour framework
to support the brand values of AEGON. Behavioural framework is the
structured pre-defined codes of behaviour how the individuals
working within the organization are suppose to behave among
themselves and to the people outside the organization. Presence of the
behavioural framework gives rise to the similar behavioural and
ethical values of all the individuals at all levels with in the
organizational. Behavioural framework developed by the AEGON was
mainly focusing 8 behavioural values which are;

 THINK CUSTOMER;
 EMBRACE CHANGE;
 ENCOURAGE EXCELLENCE;
 ACT WITH INTEGRITY;
 DECISIVE ACTIONS;
 WORK TOGETHER;
 LEARN & GROW;
 RELATE & COMMUNICATE
As the part of their strategy AEGON also undertook an audit to look
at the two aspects which were the internal position of the company
and how AEGON was positioned internally into the market
respectively. The audit revealed that AEGON was firmly positioned
within the market. Its workforce was known for their considerable
expertise, innovation and clarity of communication. The external audit
also helped to determine where AEGON was placed in relation to its
competitors. This audit provided a very important vision to the
decisions that were needed to initiate the change process.
 BIBILOGRAPHY

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day, 2005, pages 286
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205 pages
 Guy St. Clair- Change management in action- 1999- 470 pages
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