Business Integration after an acquisition
SMS leads the integration and client migration of an acquired General Insurer into a Client Insurance Group
Client Problem
Our client is a leading Australian banking and insurance group specialising in business and personal products and services. The insurance division had acquired a regional general insurance group and required the integration of their operations and client base into their own systems and products.
The integration activities involved utilising the business-as usual resources of both businesses with minimal dedicated personnel. Specialist subject matter expert and stakeholder groups were assembled and utilised as required. The integration timeframe was limited to nine months.
SMS Approach
In order to integrate the acquired group’s operations, governance processes, products and clients within the requirements provided by the client, a Program Methodology was implemented and comprised of a series work streams addressing:
- Governance and Compliance
- Finance and Corporate Services
- Human Resource Management and Communications
- Technology
- Claims Management
- Customer Migration & Marketing.
- A Customer Migration Strategy to transition the existing customers to the integrated entity was also designed and implemented.
Recommendation
In order to achieve the outcomes required by the client in the limited timeframe provided, SMS made the following
recommendations:
- A program methodology be employed with the creation of a series of distinct work streams operating concurrently
- The program employed a full-time and dedicated Program Manager, Change Manager and Business Analyst to support the business-as-usual resources to achieve their integration objectives in addition to their ongoing responsibilities
- Change Management practices be rigorously employed to facilitate the smooth transition to the integrated entity
- All relevant stakeholders be identified early in the program and proactively engaged to facilitate the success of the integration program
- A Customer Migration Strategy, Stakeholder Management Plan and Communications Strategy be developed, implemented and tracked to facilitate the successful integration of the existing personnel and customers of both organisations
By planning and implementing these early in the integration it ensured that the maximum benefit of these activities were obtained later in the program.Outcome
The integration occurred successfully within the required timeframe with minimal impact on the business-as-usual activities of each the organisations.
The existing customers were migrated to the new integrated entity with minimal problems whilst maintaining maximum customer retention.