February 2021 – Continued M&A activity in insurance creates both challenges and opportunities for tech executives and requires careful upfront planning. Insurers continue to acquire other insurers to gain scale, add new products, or expand distribution. They are also acquiring InsureTech solution providers to access new technologies, data, and skills.
This report provides a checklist for CIOs for planning and executing due diligence and integrating acquired companies. These best practices can help CIOs add value to the process, manage expectations, and achieve desired results.
- Ensure understanding of the business objective
- Identify the right individuals for each phase of the acquisition process
- Establish the success criteria
- Evaluate the strategic fit
- Objectively identify assets and liabilities
- Assess the cultural fit
- Create a detailed execution plan
- Establish a detailed communication plan
- Prepare a change management plan