need some advice about idea

[Guest]

I am struggling with trying to get enough leads. There is a local bank here that doesn't sell p&c lines of insurance, only life and health, that agent is probably going to retire in the next few years. I was wondering how i might approach them to build a business agreement to use their banking customers for referrals or leads but not become an employee of the bank? Every other bank small bank here has an insurance agency attached to it, seems like they do ok with their business.

Do any of you have any ideas? Thank you

 

[tommyk]

If you are not an employee of the Bank....The Bank would be violating their confidentiality agreement with their customer by allowing you access to their customers. If you would be an employee then you could contact them as an existing client.

 

[Guest]

Well, what I tried to say, is one of the local banks bought an insurance agency and it is located next to the bank, however, the insurance agency is a different LLC from the bank. They are not allowed to sell the bank clients info to the insurance agency, but they can suggest they contact the insurance agency which is next door. I guess one of my questions is this?

Do the banks make much money from the agencies, or is it just a service they provide?
I have noticed the big banks in the large cities don't fool with having insurance agencies in their banks.

I was trying to think of ways to make relationships, or find sources of new business.

 

[The New Guy]

Is it an independent bank, or a large bank. If it's a large bank, good luck, but go ahead and ask. If it's an independent bank, you might ask to speak to the manager, and suggest that you will send customers their way for checking accounts and such, if they will send P&C clients your way.
It would help if you ask this while you are opening an account there for yourself. Give the manager some of your cards, and reciprocate with a lunch every now and then.

 

[Guest]

thanks, i am from a small town it is a family owned bank for the past 110 yrs. I can't figure out why they never started their own insurance agency. The two other banks did and they seem to do ok with their book of business.

 

[LGilmore]

There's a certain degree of liability that some entities just don't want to deal with. The possibility of negative press for a bank whose agent sells a questionable investment product may not be worth it.

Think of it this way.. rental properties are a great investment..depending on the renters...

 

[Bob_The_Insurance_Guy]

Might I recommend you consider forging an association with local credit unions. They tend to be more open to someone of character servicing their members.

Just a thought.

 

[zwiepak]

I am struggling with trying to get enough leads. There is a local bank here that doesn't sell p&c lines of insurance, only life and health, that agent is probably going to retire in the next few years. I was wondering how i might approach them to build a business agreement to use their banking customers for referrals or leads but not become an employee of the bank? Every other bank small bank here has an insurance agency attached to it, seems like they do ok with their business.

Do any of you have any ideas? Thank you

Hmm, just throwing this out there, but through whatever insurer you're contracted through, see if you can somehow get a list of "orphans" to work out of. Years ago, I helped out a group of life agents do just that, got them a huge list of orphan policyholders from the home office, and worked that list, I don't recall exactly how much money came out of it, but I do remember quite a few sales came out of it.

Good luck!

 

[insureagent]

Thanks to the passage of the Gramm-Leach-Bliley Act of 1999, nationally chartered banks can now acquire insurers and market a full line of insurance products. One significant aspect of GLBA is that it strikes down the Glass-Steagall Act of 1933, which barred banks from involvement in insurance. I hear through the grapevine however is that with the exception of annuities, they are not seeing the returns that are customary with banking, and deliver of service is not at the top of the list. Grass always looks greener on the other side of the fence, but nowhere nearer than home is growing the most.