Close Close
ThinkAdvisor

Life Health > Health Insurance

Savings Bank Veteran To Sell CDs Through Insurers

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Nov. 22, 2004, 4:31 p.m. EST

An Alexandria, Va., startup says it will sell banking services through insurance companies.[@@]

I.B. Services L.L.C. will set up banking Web sites for insurers and get certificates of deposit and other banking products from Affinity Financial Corp., Irvine, Calif., according to I.B. Services Chairman James Coyne.

More on this topic

Coyne, who previously was chief operating officer of an insurer-owned bank, Acacia Federal Savings Bank, Falls Church, Va., says his company recently raised capital to fund the “InBank” business through a private stock offering.

Insurers can appeal to orphaned customers by offering them InBank products, and banking customers should be good candidates for insurance cross sales, Coyne says.