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Article: Flummoxed over bancassurance: sales of life products at banks are flat, but quicker underwriting that doesn't sacrifice quality may help.(Life: Underwriting Insight)
- Article from:
- Best's Review
- Article date:
- February 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 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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The word "flummoxed" best defines the intellectual consequences of trying to fathom how life insurance distribution via banks can thrive globally, but flounder here.
Adding a dash of salt on the wound, a new study says consumers today are even less aware that banks offer life coverage than they were four years ago.
Dabbling in the realm of the audacious, one might dare to describe our collective response to the life insurance needs of the middle market as "90% lip and 10% service." Since banks are the delivery vehicle of choice to this vast, underserved market, why are bancassurance sales, relatively speaking, in free fall?
Enter everybody's ...