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• W51944013 abstract "Basil Holder. The author is an independent consultant working primarily with banks to establish or expand an insurance marketing operation. He lives in Black River Falls, Wis., and can be reached at 715-284-263, or at holder@cuttingedge.net Why partnering with one insurance company is the wrong way to go It would appear that if banks offered insurance products in a business-like manner, rather than adopting the aggressive .sales practices employed by competitors, they would dominate sales in the insurance marketplace. This approach would also be in keeping with the banks' culture. It's not happening. Instead, in many banks the executives responsible for marketing insurance have determined it is best to with a single insurance company to sell product. It's assumed that by dealing with one company, management will have a better hold on things. In reality, most banks are simply turning over all point-of-sale activity to insurance company partner. This guarantees that the bank will inflict the insurance sales model on its clientele. Business convention in the insurance culture is different from that in banks. It is different in the corporate office and very different at the point of sale-which is what customers see. Surveys point out that the aggressive sales practices associated with the insurance industry alienate the public. So in a quest to solve a supervision and paper problem for a new department, a public relations problem is created for the entire system. As a result, bank employees are reluctant to introduce their clients to, or cooperate with, outside insurance agents. New strategies alone do not deliver good results. New strategies deliver good results only if the strategies make sense. Purchased, not sold Most bankers dealing with insurance companies accept the myth that life insurance must be This myth is perpetuated by home-office insurance sales executives. All home-office sales jobs depend on it. The successful salesperson, who deals directly with the ultimate customer, will tell you something quite different: insurance need not be sold. It should simply be considered along with all the other products that could be used in a specific situation. When it is the best option to use, it must be purchased. If death creates a bill or makes a financial obligation due and callable, no other product or combination of products can equal the tax-free values of a properly executed insurance contract. This is especially important for business insurance and for estate transitions and charitable gifting. No one company has it all Like any group of business competitors, the major insurance companies are not all alike. Over the years each company has developed proprietary expertise in underwriting, back-office capabilities, and marketing, and has tailored its products to specific markets. Company A, for example, will have an edge in funding small business agreements, while company B might be better in the estate transition market. Why then would banks want to partner with one insurance company? It is analogous to the individual agents who represent only one company. These captive agents often are in the position of needing to sell a product in portfolio that is not competitive. Quite possibly company does not even market the appropriate contract for a specific situation. Life insurance sales executives may tell bankers that company has alliances with a number of other carriers and will not hesitate to for the best product and underwriting to meet each bank customer's needs. It pays to be a little skeptical when you hear that. Insurance companies only shop business on which they themselves will not make an offer. Rather than shopping around, however, often they will simply rate a policy as a higher risk, which, of course, will make bid uncompetitive. …" @default.
• W51944013 created "2016-06-24" @default.
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• W51944013 date "1998-10-01" @default.
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• W51944013 title "The Partner Trap" @default.
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