https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1947/BANKS-INVESTMENT-FIRMS-AND-INSURANCE-AGENCIES-ITS-THE-CULTURE/
... yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Banks, Investment Firms, And Insurance Agencies: It's The Culture!4/30/2013 10:42:47 PM by CompleteMarkets Editor , Michael Manes This content has not been rated yet. BANKS, INVESTMENT FIRMS, AND INSURANCE AGENCIES: IT'S THE CULTURE! by Michael Manes James Carville, the Ragin' Cajun' of political consultants, achieved fame by observing, 'It's the economy, stupid! ' Leaders in the financial services industry must ... and build on them in a way that capitalizes on emerging market opportunities. Solve the cultural mysteries before focusing the united organization's energy on employees, marketing plan, product redesign, delivery systems, customer profiling, relationship nurturing, and so forth. When a bank, insurance agency, and investment firm merge, its owners should take these steps to form an enterprise that benefits from each other's differences: Assess existing cultures. Design the strategic plans needed to implement the new venture. Establish a congruent culture and plan. Have the leaders commit to the plan. Create a marketing plan for the system as well as for each branch. Establish champions for the bank-insurance program within each branch. Make all employees experts in meeting customers' needs. Create communication systems that match special-needs customers with their providers. ...
https://completemarkets.com/Article/article-post/1947/BANKS-INVESTMENT-FIRMS-AND-INSURANCE-AGENCIES-ITS-THE-CULTURE/
... market opportunities. Solve the cultural mysteries before focusing the united...
https://completemarkets.com/Article/article-post/2042/HIPAA-AND-SMALL-GROUP-HEALTH-PLANS/
...ortionsThis should include risk assessments and clearly articulated reasons wh...on. After completing the readiness assessment, you’ll need to identify t...
https://completemarkets.com/Article/article-post/220/Are-You-Prepared-For-The-Future-Its-Here/
...to your chosen option, and your assessment of your resources must be rigorous ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/314/Banks-And-P-C-Insurance-Agencies-Reality-Check-%E2%80%94-Part-I-Do-Your-Due-Diligence/
... legal, and operational. Because most banks are well aware of financial and legal due diligence, I won't discuss them here. However, I'm not suggesting that either should be ignored or minimized. OPERATIONAL DUE DILIGENCE Operational due diligence rarely receives adequate consideration and is frequently ignored. Operational due diligence includes peer review/benchmarking, competition, employees and their skills, and most important, the variations in culture between banks and insurance agencies. PEER REVIEW/BENCHMARKING Peer review/benchmarking helps align expectations with reality. Expectations, such as unrealistic hopes for economies of scale, are often set too high. For example, one large bank asked if I thought they could get an extra percentage point of revenue from insurance companies by bringing their size to bear in negotiations. I replied, Yes, but ... buyer needs a more comprehensive plan to remedy the situation. Peer review is also important because many agency owners don't realize just how poorly their agency is performing. If the buyer depends on the seller's perspective or their conversations with the producers, they'll never realize the problems they're buying. This is especially true of many small agencies, which are favorite targets of community banks. COMPETITION A buyer should also assess the acquisition target's competition. This involves determining what other banks and agencies are doing currently — and what their response to the acquisition might be. For example, The Economist article pointed out that every time Bank of America would make an acquisition, a particular competitor would open a nearby branch to capture all of the newly acquired firm's disaffected customers! They knew the acquisition would result in upset customers ...
https://completemarkets.com/Article/article-post/1981/DESIGN-YOUR-OWN-FUTURE/
...vision into reality. PHASE I: ASSESSMENT Having a clear picture of who you ... facilitator to help you with the assessment and an off-site meeting to pull ...
https://completemarkets.com/Article/article-post/314/Banks-And-P-C-Insurance-Agencies-Reality-Check-%E2%80%94-Part-I-Do-Your-Due-Diligence/
...in this series will focus on the cultural issues of integrating bank and agenc...
https://completemarkets.com/Article/article-post/787/Business-Continuity-Planning/
... could occur.
BCP SELF ASSESSMENT
IF YOU ANSWER 'NO' OR 'NOT...
https://completemarkets.com/Article/article-post/2044/HIPAA-AND-GROUP-HEALTH-BENEFIT-PLANS/
...ision. This should include risk assessments and clearly articulated reasons wh... and expectations. 2. Readiness Assessment Review these areas of the organ...
https://completemarkets.com/Article/article-post/1997/GROW-REVENUES-OR-SHRINK-EXPENSES-HOW-TO-IMPROVE-AGENCY-PROFESSIONALISM/
... of any new business transaction (" nothing happens until somebody sells something"), it's essential for them to embrace the automation solutions available. Until producers agree to use the agency management system, it will be difficult to implement automation fully. Integration of acquisitions can challenge many buyers. After a purchase closes, obstacles to tackle include: (1 ) consolidating operations; (2 ) blending the cultures of the two organizations; and (3 ) clarifying and communicating the chain of command. Although consolidation is usually the easiest to achieve and will yield the largest boost to the bottom line, many organizations try to blend the cultures and establish reporting relationships before they consolidate. This approach doesn't work as well. When making an acquisition, be prepared to make the tough decisions — or don't do ... at their books on a regular basis and be ready to shed unprofitable business. When reviewing your book, first look at the average net revenues that a client sale generates, and then examine the work required to service this type of client. Hopefully, you'll be pleasantly surprised. If not, ask yourself why you're writing this class of business. Be aware of the entire client relationship while you assess the profitability of writing for a certain market. If you're servicing a client as an accommodation for other business opportunities, review the profitability of the entire client relationship, not just a single product. Profitable revenue growth should be the main focus of agent and broker activities. Look to create a workforce that's driven by profit, not just sales. Define, communicate, and monitor your organization's goals ...