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Cerulli: Banks Often Dissatisfied With Insurance Sales

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NU Online News, Dec. 21, 1:20 p.m. – Half of banks surveyed by Cerulli Associates, Boston, say their insurance offerings have been less successful than they had expected.

Just over 22% said sales were as successful as they expected, while the remainder said their insurance operation is too new to evaluate.

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The survey also found that in 2000, 85% of banks with security brokerage units offered insurance products, up from 75% of such banks in 1999. Overall, around 40% of banks carried insurance in 2000, up from 35% the year before.

Among banks offering insurance, 88.2% offered term life, and the same percentage offered variable universal life. Whole life was offered by 76.5% and long-term care by 70.6%, while 47.1% offered property/casualty products and 41.2% offered health insurance.