Partners Life – Acquisition of BNZ Life Insurance

The Business Problem

Acquisitions create significant shifts in scale for a business. But M&A integrations can be challenging. Two sets of processes need to become one. Setting up integration programmes post-SPA signing but pre-regulatory approval and settlement is difficult.  Derisking a big-bang technology cutover and gaining certainty that acquired systems will continue to operate is crucial to ensuring business stakeholders and Board members retain confidence.  And scale opportunities have a habit of shrinking when existing CX is hit. With experience in M&A integrations, Luminate was Partners Life’s natural choice for this business critical project.

The Fix

Our bespoke M&A Transition Playbook let us closely track tasks against critical path, addressing delays at an individual task level early, and without impacting the wider project and programme. The  Playbook guaranteed the early visibility and no surprises essential for successful programme governance and delivery.

The Outcome

The Playbook ensured a detailed and granular plan, eliminating subjectivity and generating BAU ready delivery and success criteria. Ultimately, it allowed us to launch an integrated solution capable of balancing run the business vs change the business priorities during the acquisition and supporting operational BAU for both partners from Day One.

Lessons Learned

  1. Our M&A Transition Playbook was essential in creating early warning and mitigation for issues, creating the platform for ontime and on-budget delivery. 
  2. Our people were chosen as much for their EQ as for their M&A chops. This proved essential in achieving and delivering objective solutions palatable to both merger partners. 
  3. Based on a strongly sequential programme we recommended waterfall. Remaining agnostic and flexible in methodology meant we found the right approach, also guaranteeing SMEs experienced in not just M&A integrations, but also our chosen methodology.

Customer Feedback

“Luminate will change your ability to deliver, not only against what you think you want to do today, but also to challenge you in terms of what you can be and then deliver the people to enable you to deliver that.”

– Naomi Ballantyne, Managing Director, Partners Life