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Banks Eye Options On Insurance Sales

When banks look to enter the insurance distribution business or expand existing programs, the most frequently discussed strategic options are building, buying or outsourcing. However, one of the few considerations they have in common is they all require the talents of experienced insurance agents.

Within the three broad options are hybrid alternatives. For instance, a bank might arrange a strategic alliance with an insurer, develop a referral relationship with a local agency, or buy an insurer.

The integration of multi-product lines with different sales, back room and administrative functions is a challenge facing a number of banks that have been in the insurance distribution business for many years. The most successful programs are based on knowing how and what the banks customers buy.

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