Strategic plan for Far East Bank Insurance Brokers, Inc. (FEBIBI)

• Main Author: Domingo, Ma. Lourdes V.
• Format: text
• Language: English
• Published: Animo Repository 1997
• Subjects: Business Administration, Management, and Operations
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/2136
• Institution: De La Salle University

Incorporated in February 11, 1980, FEB Insurance Brokers, Inc. (FEBIBI) was primarily engaged in providing non-life and life risk management broking services to the clients of Far East Bank and Trust Company (FEBTC). It acts as a manager, agent and representative for risk management companies, both domestic and foreign, in selling, underwriting, servicing, soliciting and receiving applications in all branches in the collection of premiums as developed by such companies. The continued economic growth of the country spells better business atmosphere for the industry. Opportunities for broking services will be more pronounced as the need for insurance grows with increased business activities. FEBIBI will seize these opportunities thru the adoption of strategic plans. The announcement of full liberalization in the industry in 1994 by the Ramos administration posed a threat to FEBIBI as it be faced with immediate and stiff competition from prospective entrants that enjoy huge financial support from their parent companies, most of which belong to the world top insurance broking companied Foreign firms can offer dynamic and flexible products catering to the specific needs of the clients such as investment-related concerns. These products will be further enhances by the extensive use of information technology which will facilitate the payment of premiums, simplify the processing of claims and hasten actuarial computations. The strengths, weaknesses, opportunities and threats form from the framework in the formulation of FEBIBIs strategies: 1) thrust towards non-bank related accounts to enhance the revenue potential of the company 2) enhance market presence by establishing satellite offices in Quezon City-Ortigas, Mania-Caloocan, Iloilo/Bacolod, Davao and Cagayan De Oro 3) upgrade information system to one that covers all areas in operations to facilitate data processing for insurance and to practically reduce overtime costs 4) conduct insurance audits to ensure adequate compliance with Far East Banks policy on insurance and 4) create risk management support group to augment the marketing capability of the FEBIBI and assist the company on refocusing its thrust to non-related accounts. FEBIBIs implementation plan is developed plan is developed to establish a stronger relationship between FEBIBI and its clients by concentrating on practices that can improve the quality and delivery of risk management broking services supporting FEBIBI and its clients priorities and to effectively execute all aspects of the proposed strategies.