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Sovereign Bank, DirectNet Form Alliance

By Staff Writer

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NU Online News Service, Dec. 18, 11:45 a.m. – Sovereign Bancorp Inc., Philadelphia, has added a personal insurance marketplace to its Web site.

Sovereign Insurance Services, a Sovereign division, set up the marketplace using a service from DirectNet Insurance Agency, Van Nuys, Calif., a subsidiary of Countrywide Credit Industries Inc., Simi Valley, Calif.

Customers can use the insurance marketplace to compare prices for term life insurance and other personal insurance products, Sovereign says.

Customers can also use the system to get price quotes.

Customers who have questions can reach licensed insurance agents through the telephone or electronic mail, Sovereign says.