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Article: Cracking the life code: banks have lagged in their ability to sell life insurance, but more effective application processing is one of several factors that are building sales.(Kenneth Kehrer Associates, Limra International and Nationwide Life Insurance Co.)
- Article from:
- Best's Review
- Article date:
- August 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 A.M. Best Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For nearly a decade, banks have been free to sell life insurance. Most banks have not made a serious effort, and they still have a long way to go before they become significant distributors, but they have increased sales in the past couple of years, according to studies conducted annually by marketing research firms Kenneth Kehrer Associates and Limra International.
Banks' market share of life insurance sales in 2004 reached 2.6%, nearly twice as much as in 2001, according to the 2003/2004 Kehrer-Limra Bank Life Insurance Sales Study. The report also found q that the typical bank in 2003 produced $1.24 in commission revenue from life sales per bank customer ...