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- W255017847 abstract "In the years that have followed the passage of Gramm-Leach-Bliley, banks have learned a valuable lesson in insurance acquisition dynamics: A presence in the business doesn't guarantee success. GLB broke down financial services barriers, paving the way for a host of bank insurance acquisitions, experts say that the act of acquiring an insurance agency is just one step in what should be a comprehensive integration strategy. Given banks' appetite for insurance acquisitions in recent years, it is advice that bears repetition. Statistics from Marsh Berry and SNL Financial show that from Dec. 31, 1998 to Aug. 8, 2004, there were a total of 1,211 publicly announced insurance brokerage transactions. public and private brokers consummated about 43% of these deals, banks and thrifts came in second with about 32%. Insurance companies and others, such as real estate firms, rounded out the list of acquirers, according to the research. Although much of the media attention has focused on the insurance activities of the largest banking institutions, many small and mid-sized banks are also pursuing insurance agency acquisition strategies. Strategically, there are a number of reasons why insurance has become increasingly attractive to banking companies, according to John Wepler, executive vice-president of Marsh, Berry & Co., Concord, Ohio. First, many banks have reached the conclusion that in order to compete effectively, they must search for ways to diversify their net interest margin risk by increasing non-interest income. Wepler says that the marketing of insurance products can serve as a tool in expanding not only market share but in expanding wallet share per customer, which can enhance customer retention. Banks also see insurance distribution as a means to expand earnings per share. Attractive as the above-stated goals sound, accomplishing them is another matter. There's no one right approach but there are best practices to weigh as more banks contemplate insurance acquisition and integration programs. Industry experts assert that the path to insurance acquisition/integration success begins with quality, that is with a focus on the highest-performing foundation agency within the bank's core market. From that base, subsequent agencies can be acquired within the bank's geographic footprint. Banks and consultants define quality in terms of agencies that have the talent, processes, and infrastructure in place that enable them to dominate a particular marketplace. While it may sound overly simplistic, quality is critical, says James Campbell, a senior vice-president with Reagan Consulting in Atlanta. have to be able to identify quality agencies and persuade them to partner with you. Quality provides the base from which to build. The engine of an insurance agency is its ability to produce business, but Campbell says acquiring banks must be diligent in their evaluation of production. the agency may document a pattern of growth, it s important for banks to determine how much is attributed to new production and to understand the source of that production. Simultaneously, a bank would also want to assess retention rates and the practices that reinforce retention. It doesn't mean much to have big production numbers if business is also walking out the door, Campbell stresses. Additionally, you want to see a group of reasonably youthful producers who are generating growth. You want to see a growing book of business with diversified producers. Wepler says that banks with more mature insurance operations may also evaluate the potential for out-of-footprint insurance acquisitions as a means to garner additional insurance talent and more diversified lines of business. Think through the referral process But even if a bank is lucky enough to land a quality foundation agency, integration presents a whole new set of challenges. …" @default.
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- W255017847 date "2004-10-01" @default.
- W255017847 modified "2023-09-27" @default.
- W255017847 title "Make That Agency Acquisition Pay Off: Quality Is the Starting Point, but Integration Issues Can Trip Up the Best Deals" @default.
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