BISA Magazine - Quarter 3, 2016 - 19
Life
Insurance's
Long Life
A recent LIMRA survey
shows that life insurance
is still a priority for banks.
By Andrew Singer
B
anks have been trying for
years to sell life insurance
to their retail customers -
often without much success. Yet, as demonstrated
in a recent LIMRA survey, 78 percent
of banks and credit unions agree that
growing life insurance is an important
priority of an institution.
What explains this finding, considering that life insurance still accounts for
less than 5 percent of overall revenues
within most bank investment programs?
Banks believe that life insurance can
drive fee income, that it promotes
greater stickiness with bank clients and
that in the long run, it helps retain more
assets per customer, said Patrick Leary,
author of LIMRA's 2016 Bank and Credit
Union Life Insurance Study. The report
surveyed 36 best practices commercial
banks and credit unions, all with established life insurance programs.
Moreover, the fact that the typical (nonbank-based) life insurance agent is
seeking out older, more affluent bank
clients means that the "underserved"
middle-income bank customer segment
is sitting on a silver platter, Leary said in
an interview with BISA Magazine.
The millennial generation, which
(roughly) comprises individuals aged
early 20s to mid-30s, has now moved
into the sweet spot in terms of need for
protection coverage, suggested Leary.
This could present an opportunity for
bank insurance programs.
Banks seem to be ever-hopeful when
it comes to selling life insurance to
19
BISA Magazine
Table of Contents for the Digital Edition of BISA Magazine - Quarter 3, 2016
Table of Contents
BISA Magazine - Quarter 3, 2016 - Cover1
BISA Magazine - Quarter 3, 2016 - Cover2
BISA Magazine - Quarter 3, 2016 - Table of Contents
BISA Magazine - Quarter 3, 2016 - 2
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BISA Magazine - Quarter 3, 2016 - Cover3
BISA Magazine - Quarter 3, 2016 - Cover4
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https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
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