ACLI, Aiming To Raise Life Insurance Sales, Is Surveying Banks And Insurers

Charles T. Richardson, a partner with Baker & Daniels, reviewed some issues that were addressed with banks and what initial survey results have shown.

Among these issues, Richardson said, were the kinds and characteristics of life products that banks want; the value-added services they need; the compensation and revenue they want; what banks key performance indicators are; the regulatory hurdles banks see to their insurance business; and other legal and/or privacy hurdles banks may experience.

One of the initial findings that has become apparent through the survey, according to Richardson, is "the culture shock" that exists between the more transactional nature of banks business and the selling environment of insurance companies.

Another finding is that banks want insurers to "simplify the product and the product cycle," Richardson said.

Additionally, banks have the attitude of "show me the money," he continued, meaning that they want to see how insurance "can impact their bottom line."

Banks are also interested, Richardson said, in what insurance companies can do to generate passion and enthusiasm for their products in the bank environment.

The survey has also shown that banks see the regulatory hurdles as a big problem, Richardson said.

Once the survey is completed and a report on the results is done, ACLI and its partners plan to conduct a bank insurance symposium in 2003.

Reproduced from National Underwriter Life & Health/Financial Services Edition, November 4, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.