Agents, Banks Search For Successful Formula
Given the inherent differences between the banking and insurance industry cultures, it is no wonder that many marriages among banks and independent agencies are off to a somewhat rocky start. Each side perhaps had overly optimistic expectations when they negotiated their joint venture or merger deals. Now the hard realities are setting in.
A culture clash was inevitable. For one thing, independent agents are entrepreneurs, while bankers by and large are a more cautious lot. For another, insurance and banking products are two very different breeds of financial services, especially on the property-casualty side.
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