Banks stake their claim

Article Abstract:

Banks are increasingly becoming marketers of life insurance as the concept of bancassurance gains ground in the US. Bancassurance refers to the phenomenon wherein banks offer a wide range of financial services. Although banks account for only 1% of all life insurance, they are predicted to corner a bigger share of the market as several court decisions have paved the way for their entry into insurance. Banks are also expected to begin underwriting in two or three years to increase their profits, although their interest may wane with only 8% to 10% in earnings and as acquisitions become their preoccupation.

Services

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Bancassurance American style: opportunities in partnerships

Article Abstract:

The movement of banks into the insurance industry offers the chance for new and profitable partnerships between insurance companies and bank counterparts. Banks offer insurance companies unequal distribution avenues, although many companies are approaching the potential for such partnerships with fear losing customers to banks. Analysts note that many segments of the population are not being served well through agent distribution, and these are ripe for marketing within a banking structure.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS

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Distribution channels debated for banks in insurance

Article Abstract:

Coopers and Lybrand's yearly life insurance conference provoked responses about distribution channels. There is concern that banks have an unfair advantage over insurance agents because they can reach clients that insurance agents are unable to. It also costs insurance agents more than banks to try to reach clients. Other insurance executives believe that insurance companies have too many unproductive agents.

Life insurance industry

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