When a software provider is acquired, unsettling rumors about how the acquisition will impact the use of that technology start circulating almost immediately. Will the acquiring company continue to invest in the technology you are currently using? Will you be forced to migrate to different products? Will your service team be eliminated as part of the acquisition?
These are all important questions to ask the acquiring company. At Riskonnect, we have made several significant acquisitions in recent years and are proud to have established a proven track record of success, notably the acquisition of Marsh ClearSight in 2018. Our goal with all acquisitions is to continue service without disruption, while providing greater value through deeper expertise, expanded solutions, efficiencies of scale, and product enhancements.
And we have proof to validate this claim. Since the ClearSight acquisition, user-reported case satisfaction has jumped 27%, with 95% of cases exceeding or meeting expectations. The time to solve user-reported cases has shrunk by more than a third, and overall gross retention has improved by 10%. ClearSight continues to be a healthy, growing customer base within Riskonnect.
This experience has translated into three best practices that guide our actions:
When our customers speak, we listen. Your feedback, in fact, is so important that we have a formal customer health program that focuses on measuring and tracking value, relationships, stakeholder satisfaction, user adoption, and issue management. Our customers consistently score us highest in the relationship category, which is especially gratifying given that forging long-term partnerships with customers is a top priority. We augment that with listening points like case surveys, project surveys, and training surveys to make sure we are delivering on expectations every step of the way.
We also have product councils, advisory boards, and innovation labs to inform our product strategy and development.
Customer conversations during the ClearSight acquisition, for example, uncovered many opportunities to simultaneously improve both the ClearSight and Riskonnect RMIS solutions, including enhancements to claims handling and texting capabilities with claimants and others, to claimant portal capabilities, and to first notice of loss. Claim predictive analytics and healthcare product integrations with claims administration were also improved.
Riskonnect is committed to consistent and open communication. Dedicated account teams comprised of members from both companies are put in place to ensure new customers have a reliable point of contact to ask questions and share updates.
We’ve learned that in times of change, there is no such thing as too much communication. To that end, we have built a global follow-the-sun support network, a dedicated support portal, and have made our expanded customer success function a C-suite priority.
Our multichannel communication is straightforward, transparent, and timely. You can count on having access to account managers who know you, have up-to-date information, and can set up individual meetings to exchange feedback on what is working and what can be improved. And we will continue to refine our communication according to your feedback.
3. Offer opportunities to expand and upgrade.
The question most frequently asked by customers of the acquired company is if they will be forced to move to a new product. The short answer is no. Riskonnect did not force any ClearSight customers to migrate to the Riskonnect platform back in 2018, and we have no plans to do that now with Ventiv customers.
Customers, however, are free to make their own decisions. Some customers may elect to take advantage of the new opportunities now available. Others may decide to continue with the status quo. Before any decisions are made, customers should complete a thorough inventory of both solutions, including features/functions, workflows, technical components, customizations, configurations, and planned enhancements. Based on those findings, customers can decide which platform best suits their needs.
Riskonnect has found that the solutions often complement each other – adding depth and breadth to enhance a customer’s capability to manage its risks. ClearSight customers, for instance, were delighted to have the flexibility to maximize the value to their organizations through integrated risk management solutions that connect RMIS, GRC, and business continuity in ways that weren’t previously available.
Concerns are expected during a transition. But as Riskonnect knows from experience, acquisitions bring opportunities for better solutions, better collaboration, and an overall better experience. Look at the numbers and the feedback from our ClearSight customers. The results speak for themselves.