Banks offer insurance mainly to strengthen existing customer relationships, and they care deeply about the strength and reputation of the insurers they work with, a consulting firm says.
C F Effront Company L.L.C., Weston, Conn., a financial institutions insurance consulting firm, has touched on bankers’ attitudes about life insurance partners in their latest look at financial institutions’ life operations.
This year, a life insurer’s ratings top the list of criteria used to select life insurance partners, and the life insurer’s reputation ranks second.
In 2008, before the financial crisis crested, company reputation ranked sixth on the list, C F Effron says.
- Allison Bell