How to Sell Insurance From Banks

Now that one-half of all banks in the U.S. sell insurance, the other half is wondering how to get started, and many of those already selling it are wishing they could do so more profitably.

Starting a bank-owned property/casualty agency or making an existing one profitable is the idea behind How to Sell Insurance From Banks. The book was co-written by John Dawson and Michael White, President of Michael White Associates, LLC (MWA).

"There's obviously a lot of confusion out there on how to make bank-run insurance agencies work," said John Dawson. "Banks we visit, especially community banks, have the same concerns. They're either selling insurance and not making a profit, or they want to start selling insurance but don't know which method to use. Many don't know where to find answers, which is why we decided to write this book."†

How to Sell Insurance From Banks
is a combination of insurance industry insight, 
step-by-step instructions, 
samples and case studies.†

   

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How to Sell Insurance From Banks is a combination of insurance industry insight, step-by-step instructions, samples and case studies. Chapters cover the following topics:

  • What bankers should know before they start selling insurance: Where the insurance industry is today, why bankers should sell insurance, when to expect profitability.

  • Choosing a distribution method: Weighs the pros and cons of building, buying or outsourcing an agency (includes a comparison chart and "bank assessment quiz").

  • Starting an agency: Step-by-step instructions on how to implement whichever distribution method the bank has chosen.

  • Contracts and regulations: How to get licensed; questions to ask when working with attorneys, carriers, and regulators; and sample contracts.

  • Maximizing insurance sales: How to help ensure a profitable agency by selling through multiple channels, choosing the right products to sell, integrating insurance into the bank and setting up an efficient backroom.

  • Case studies: Real-life examples of banks that have built successful insurance agencies or turned around failing agencies.

"The goal of this book is to help banks choose and execute the best method of generating insurance fee income," said Michael White. "We believe banks are becoming increasingly significant sellers of personal and small commercial insurance. Since 2001, bank insurance fee income has increased 20 percent annually, and this is just part of a continuing trend that began in the 1980s and gained momentum with the implementation of the Gramm-Leach-Bliley Act in 2000. It will only continue to grow."

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