Most banks plan to increase insurance sales, and most insurers plan to increase their distribution through banks.[@@]
But about 66% of all banks and insurers say bank customers are largely unaware that banks sell insurance, according to a study by the American Council of Life Insurers, Washington, and the CF Effron Company L.L.C., Westport, Conn.
More than 70% of banks and insurers would agree to sort out technology differences between the 2 industries in an effort to increase insurance sales, researchers found.
Over the past 2 years, the amount of insurance premiums received from bank sales has increased, says ACLI Senior Counsel Michael Lovendusky.
“There also is reason for optimism that the exponential growth of bank sales expected since the enactment of the Gramm Leach Bliley Act may be occurring where banks and insurers have partnered,” Lovendusky says.
However, Lovendusky says, more partnerships are needed.