Top Internet Bank Now Brokers Risk Online

Top Internet Bank Now Brokers Risk Online

NU Online News Service, April 10, 4:19 p.m. EST?NetBank Inc., the largest Web-only banking services company in the United States, said it is branching out with an online insurance brokerage business.

The company said it will broker auto insurance through various carriers using its subsidiary, NetInsurance Inc.

NetBank said NetInsurance will begin by offering auto insurance products to residents in eight states: Arizona, California, Florida, Georgia, New York, Pennsylvania, South Carolina and Texas. The company said it will expand its service to additional states throughout the year and will soon add other products, including homeowners insurance.

NetBank said it currently has partnerships with 26 insurers, including Travelers Property Casualty Corp. and The Hartford, both based in Hartford, Conn.

With NetBank, consumers can access estimates, receive quotes from multiple providers, and apply for policies online, the company said. NetBank hopes to tap into a potential synergy, offering insurance services to its existing online banking customers.

"With our insurance product, when a customer is applying online for an auto loan or refinancing an existing one, he or she can comparison shop for multiple car insurance quotes at the same time," said Eve McDowell, chief sales and customer fulfillment executive for NetBank.

"Our real-time, single-session technology allows users to move from receiving estimates and quotes to purchasing a policy in a matter of minutes. If they have any questions, licensed insurance agents are available live via online chat or phone."

NetBank Inc., based in Alpharetta, Ga., posted $343.9 million in revenues last year and $2.2 billion in deposits. In addition to deposit accounts, the company offers credit cards, vehicle loans, leasing and residential mortgages. It also provides online stock brokerage services through an agreement with Omaha, Neb.-based Ameritrade Holding Corporation.