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Run Time: 28:29
Banks in Insurance: It’s Not 1997 Anymore
It’s been 20 years since a Supreme Court decision paved the way for broader entry into insurance by banks. What’s working? What’s not? Listen as three experts in the field, Deanna Marino, Executive Director of Bank Insurance Council at American Bankers Association, Dawn Goldbacher, VP of Business Development Executive at Prudential Financial, and Scott Woods, President of Insurance Services atFisher Brown Bottrell Insurance, report their observations. In general, banks have learned some things about the p/c insurance industry. Cross-selling often remains elusive. For instance, a good prospect for commercial insurance coverages doesn’t always make for a good banking customer – and vice versa. On the wealth management side, banks have made strong inroads on the mass affluent client opportunity. In the background, however, are ever-increasing government regulations that often have a chilling effect on progress with banks and insurance.