The insurance industry is seeing an uptick lately in mergers and acquisitions, especially in global reinsurance, and that got me thinking about some of the challenges that arise in integrating businesses and cultures.
Whether it’s a broker acquiring a new subsidiary or team of producers to expand its capabilities or geographic footprint, or insurance companies that are seeking economies of scale, combining two different cultures is challenging. It’s no exaggeration to say that no merger or acquisition – in any industry — can be truly successful without good communication. This is such a big topic that I’m going to explore it in a three-part series. In this first installment, I’ll talk about the reasons insurance organizations need strong communication programs anytime they’re engaging in M&A.