Question

Topic: Strategy

Branches

Posted by Anonymous on 6/19/2006 at 1:18 AM ET 250 Points
Hi,

I am working in a new insurance company which established in 2004, with capital USD 51000000, we sell all kind of insurance commercial and individual products, I am in charge of business development and working on building and creating the company Branches.

So what is the principles check list, and the main elements for a company to build a branch?

Best Regards
Ram
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RESPONSES

  • Posted by Frank Hurtte on 6/19/2006 at 10:41 AM Accepted
    If you mean branch offices, I suggest you only create branch offices where the following occurs:
    1) it is economically beneficial to the company because of transportation, communication or logisitical issues.
    2) the communitee demands to deal with a local entity.
    3) regulations require it.

    Anything else is a waste.
  • Posted by jpoyer on 6/20/2006 at 12:25 AM Accepted
    Ram,
    When you find yourself and your employees traveling frequently to a specific area, that would be a good place to open your branch. Be careful not to open a large number of branch offices just to reduce travel time and costs, though. From what I understand, it can cost far more to pay for rent, staffing, and to equip and maintain an office than to conduct business trips. ... my advice would be to really break down the costs carefully, and only do it when you can find the right location, the right staff and the right price.

    I also found this article online... although it was written for law firms, I think it is good reading and you can glean some relevant "checklist" type of info from it: https://www.lawfirmstaff.com/erc/branch.html ...

    Best of Luck,
    Jennifer Poyer
    XPRT Creative
  • Posted by Blaine Wilkerson on 6/21/2006 at 3:37 PM Accepted
    From the looks of this and your previous questions, you are quite a businessman!

    You sell t-shirts, you're a Marketing/Advertising/HR Manager, AND you are helping a start-up insurance company develop branches.

    Ummm......are you a student by chance?

    Just curious.
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