The Crisis in Life Insurance

Former FDIC Chairman Bill Isaac called The Crisis in Life Insurance "the most significant case for bank insurance ever made."  Describing Michael White as "one of the champions in the battle to achieve a market-oriented, level playing field in financial services," former Comptroller of the Currency Gene Ludwig said The Crisis "was extremely significant in making positive changes happen in this area." 

Michael White authored the classic bank insurance white paper, The Crisis in Life Insurance—How To Solve It With Freedom of Choice and Free-Market Competition.

The Crisis in Life Insurance documented - long before others lamented the neglected middle market - how the traditional agency distribution system has left Americans under-insured. It was a stunning rebuttal of claims made by insurance agent trade associations in their efforts to limit bank distribution of insurance. 

"It is truly a masterpiece 
and represents the seminal 
work on the subject
- Robert Sheridan, President, SBLI Company of Massachusetts

The study was published in 1995 by the Financial Institutions Insurance Association (FIIA), then the nation’s largest nonprofit bank insurance trade association.

The white paper used data derived from traditional life insurance industry sources to rebut agent association arguments against bank insurance sales. It presented the insurance industry’s concerns over the cost and inefficiencies of traditional agency distribution and proved that, in 1995, more than half of Americans lived in states or locations with broad bank insurance powers. The study demonstrated that consumers gain more access and choice when banks are permitted to sell insurance products to their customers. As relevant today as when published, the paper details the extensive need consumers have for life insurance, and the opportunities banks have to meet those needs.

Read The Crisis in Life Insurance in PDF, or download a complete copy of this classic study for your research library.  


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