Realignment of Local Office N

RNS Number : 3602J

FBD Holdings PLC

02 December 2008

 



FBD Holdings PLC

2 December 2008

REALIGNMENT OF LOCAL OFFICE NETWORK

FBD Holdings plc ('FBD' or the 'Group') announces that it has today informed staff in its  primary Insurance business that, following a detailed review of its operations, it plans to realign its local office network, reducing the number from 47 to 34, by merging the activities of certain offices. The resulting reduction in staff numbers will be achieved through a voluntary severance programme. A consultative process with representative bodies will be initiated immediately.

This realignment arises because of substantial change in the way customers are buying insurance, with over 70% using phone or internet. It will also underpin the strength of the company through increased efficiencies. 

Andrew Langford, Chief Executive Officer of FBD, said 'FBD has grown market share and doubled policy count in the last seven years and is now the third largest insurer in Ireland. We are committed to meeting the changing needs of customers to enable continued growth. Changing customer behaviour has led to more phone and Internet contact and less customers visiting our local offices. We need to constantly update our business to ensure that we provide customers with the channels they wish to use. At the same time, we are committed to re-organising our infrastructure and processes in a way that frees up our local staff to focus on serving and growing our farming and commercial business. By redirecting most of the telephone calls to our support centre in Mullingar and centralising administration, staff in local offices will have extra capacity for these core functions.'  

'A number of offices will merge and we aim to achieve the resultant reduction in staff numbers through a voluntary severance programme in as short a timeframe as possible. The increased efficiencies will benefit FBD's expense ratio allowing it to continue to grow market share profitably while delivering better value premiums to customers.'  

For Reference:                                                    Telephone

FBD Holdings plc

Andrew Langford, Chief Executive Officer                  + 353 1 409 3208

Cathal O’Caoimh, Group Finance Director                  + 353 1 409 3208                                   

 

Murray Consultants

Joe Murray                                                             + 353 1 4980 300

Elizabeth Headon                                                    + 353 87 989 7234

 

 

ENDS

FBD Holdings plc, FBD House, Bluebell, Dublin 12, Ireland.

Registered in Dublin, Ireland. Registered Number 135882.

Forward looking statement

This document contains certain forward looking statements with respect to the financial condition, results of operations and businesses of FBD Holdings plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions, the existing regulatory environment and the current interpretations of IFRS applicable to past, current and future periods. Nothing in this announcement should be construed as a profit forecast.

 

END

 

 

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