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Everyone on one system in 90 days
One system
Insurance brokers run on an agency management system, the ERP where they log potential clients and handle processing, underwriting, acceptance, and claims. With one system across the organization, a company can see which policies it writes and which risks it places with which carriers, and use that data to negotiate better with the carriers.
The cost of shortcuts
Slacking on integration or cutting a corner that looks small leaves a large business that is impossible to catch up. Brokers left on separate systems run the business, rather than the owner, and the owner gets no useful KPIs and can't see what is coming. The result is a hundred different corks floating down the river, each at its own speed.
Willing people
Many brokers are older, set in their ways, and still happy with pen and paper. Forcing a new system on people who don't want it can break the business, so integration works when the people bought are willing to embrace the change.
Why is merging software after acquisitions so hard?
Each system stores clients, policies, and renewal dates in its own structure, so moving them means mapping fields one by one. Years of records may include custom fields and inconsistent entries. Policy renewal dates can't slip, so migrations have to be timed around them. Applied Epic and Vertafore's AMS360 are two widely used agency management systems.
How do buyers keep sellers motivated after closing?
Many acquisitions pay part of the price later. Payment depends on the acquired business hitting targets such as revenue or client retention. That keeps the sellers engaged after closing. These deferred payments are called earnouts.