Entering the insurance business may not be right for every bank. (iStock)
In my August column, I discussed how the Gramm-Leach-Bliley Act enabled banks to enter the insurance business and to partner with agents and brokers for their mutual benefit. I reached out to people in these industries to ascertain whether this power was being used to its full potential, some of the obstacles to doing such business, and whether the ability to sell insurance has generally been beneficial to lending institutions.
This month, we delve further into those discussions to learn exactly which strategies work, which don't — and why.
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