In 2016, AIG, a global insurance company, sought to acquire a burgeoning technology company developing digital and IoT-enabled solutions to make workplace safety smarter, faster, and user-intuitive through real-time, data-driven solutions. AIG needed a robust due diligence process to ensure their investment was sound but didn’t want to exhaust the partnership opportunity with drawn-out, costly measures.
AIG’s CEO of Commercial Insurance and his executive team hired Coeuraj to design a rapid due diligence process to validate the strategic acquisition. Coeuraj designed and facilitated two full-day sessions with over a dozen senior AIG executives, the technology start-up team of 75, and six of AIG’s current and prospective clients.
By including a large portion of AIG’s executive leadership team, considerations that may only have emerged downstream were confronted early and weighed immediately in the same space. AIG’s clients were also able to provide their perspectives on market feasibility. This process led to a high degree of alignment and support among AIG’s leadership to develop new IoT technologies focused on improving health and safety outcomes for their workers. AIG and the tech company established shared intent and familiarity, which provided a strong foundation for post-acquisition activity.
The work directly resulted in AIG investing $20 million in the new venture and cutting the timing of the due diligence process by 65%. This approach and the strong results it yielded became a blueprint for how to close the cultural gap between a Fortune 100 and an emerging start-up.