The benefits management methodology emerges as a complementary analysis technic to the traditional project management practices. It intends to evaluate the benefits associated with the implementation of IS, from its planning to the monitoring during and after the implementation, in a dynamic way. This paper presents a case study of the application of the Cranfield School of Management benefits management technique, applied to an insurance company. The underlying benefits of IS implementation, organizational and structural changes, and alignment with the organization's strategy were identified and quantified. The data was collected through analysis of secondary documents and through interviews with insurance company employees. The main contribution of this paper was to demonstrate the versatility of the Cranfield School of Management technique during the study of IS projects, allowing a graphical visualization of the dependencies between all elements of the network.