M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities. It’s also a way to reinforce a company’s innovation strategy.
Zurich’s acquisition of Bright Box, a company which provides telematics solutions “that link drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs),” is an excellent example of this. Giovanni Giuliani, Zurich’s group chief strategy, innovation and business development officer, said, “We are excited by the potential that Bright Box brings to further strengthen our offerings to car drivers and the companies that support their needs. By enhancing our capabilities in data insights and analysis, we will be able to provide our customers more tailored and convenient solutions, which is in line with our strategy.”
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While not organic, this is a proven growth strategy that continues to drive innovation and appease shareholders. Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets.
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