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ABIA: Banks Target Affluent For Life Insurance

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NU Online News Service, Dec. 20, 2:30 p.m. – Many banks selling individual life and health insurance want to reach affluent customers, according to a new survey by the American Bankers Insurance Association, Washington.

The ABIA survey of 366 U.S. banks found that 69.6% are trying to sell to affluent retail customers, compared with 60.9% who are trying to sell to mass market retail customers.

However, at banks naming mass market retail clients as a target, 24.5% said mass-market clients were their primary insurance sales targets.

In contrast, only 16.3% of banks marketing to the affluent retail clients said wealthy individuals were their chief targets.

Other favored targets for insurance sales cited by banks were small businesses (by 60.9%), securities and investment customers (56.5%), trust customers (47.8%), emerging affluent customers (50%), seniors (43.5%) and middle market commercial accounts (41.3%).