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June 24, 2008 at 11:31 AM
Researchers conclude in a new study that life insurers and banks are working together more smoothly but still need to improve their product distribution efforts.
The study was commissioned by the American Council of Life Insurers, Washington, and the American Bankers Insurance Association, Washington, and conducted by C.F. Effron Company L.L.C., Weston, Conn. It is a follow-up to studies that the ACLI and the ABIA released in 2005 and 2003.
Participants included 6 of the top 10 banking institutions selling life insurance and 6 of the top 10 life insurers selling insurance through banks.
Insurance company executives and bankers who responded to researchers this time around said that product availability is no longer a problem and that they are satisfied that they have identified profit opportunities.
In 2005, both insurance company executives and bankers had cited product availability and profit as top concerns.
