Bank Insurance Agency Management
Community Banks and Insurance
Compliance and Risk Management
Wealth Management
Insurance Product Marketing

Monday, July 29, 2013

Banks Are an Ideal Resource to Bank Customers Considering Life Insurance

By Anthony DeGregorio, Zenith Marketing

The right partners can make all the difference. According to a recent survey, only one-quarter of financial consumers reported that advisors offered life insurance. This suggests some discomfort with the product. Might you and your colleagues be in the same situation?

This same survey suggests the following hurdles:
  • Too many different kinds policies and riders make understanding how they meet clients’ needs difficult
  • Too much paperwork
  • Too many changes in products
Do these hurdles seem all-too-familiar?

The answer can be as easy as finding the right partner.

“Joining forces with a dedicated life insurance specialist helps advisors differentiate themselves in the marketplace, retain clients and generate additional revenue. Most importantly, a partnership gives advisors the opportunity to present new options to their clients without diluting the main focus of their business.”

Combine the right partner with the unique relationships that banks and their customers have, and you have the perfect combination. A bank’s “ideal customer” is usually one who is seeking protection, growth, or a combination of the two. This closely parallels the ideal life insurance applicant as well, which allows a bank advisor to be the complete resource for their customer – from bank products, life insurance, and beyond. Your customer can safely say “I’ve got someone at the bank…” This makes them less likely to go elsewhere for financial products/advice, which equates to more sales!

Please stop by and visit Zenith Marketing Group’s booth at the upcoming ABIA Annual Conference - Connect with the Best in Bank-Insurance, or contact us and we can arrange to meet there.