Creating an Insurance Agency Aisle in Your Store: Overcoming Obstacles to Success in Financial Institution-Owned Insurance Agencies
In 1999, the passage of Gramm-Leach-Bliley swept away the barriers separating banking from many other financial services. Financial institutions quickly identified the insurance distribution business as a prospective moneymaker. For the banker, getting into the insurance business offers appealing opportunities to: Expand noninterest income – insurance can contribute to the critical objective of diversifying and expanding noninterest income by leveraging the power of recurring insurance commissions.
Grow wallet share per customer – with more comprehensive financial offerings, the bank can deepen its customer relationships, earning a greater “share of customer,” driving both customer retention and profitability. Increase earnings per share – building a profitable bank-insurance operation can increase this fundamental metric of financial performance.
Grow market share – in similar fashion, the financial institution can hope to use the insurance platform as a new “front door” into the institution, subsequently cross selling loan and deposit products and growing its loan and deposit market share.
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