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Monday, May 6, 2013

Massachusetts Bankers' Insurance and Investment Sales Survey

The Massachusetts Bankers Association has shared with ABIA members its 2012 Insurance and Investment Sales Survey results. Conducted by ABIA member Carmen Effron, the survey reviews recent trends in the delivery of insurance and investments by financial institutions in Massachusetts and the methods - and effectiveness of the methods - through which these institutions deliver insurance and investment products.

The imperative is clear:

"...only a small percentage of the institution’s clients are using them for investment or insurance services. In fact, the greatest percentage of respondents has 5% or less of their client base using them to purchase insurance and investment products. That means that perhaps 90% to 95% of the bank’s client base is going elsewhere for insurance, investments and mutual fund sales." (emphasis added)

The survey highlights several key findings, among them:
  • Institutions need fee income.
  • Insurance and investments enhance customer retention.
  • Data analysis increases the profitability of insurance and investments.
  • Banks are concerned about the cost/benefit of starting insurance and investment programs.

Read the Massachusetts Bankers 2012 Insurance and Investment Sales Survey.

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