Few banks have really pushed insurance at the retail level. Those that do can turn it into a significant revenue generator. For example, insurance revenues at the 50 best bank holding companies in this category saw an average of about 40% of their non-interest income come from insurance.
In the past, it’s been nearly impossible to compete with entrenched
local agents, which number 400,000+ in life insurance alone (U.S.). But as
more consumers look online for quotes, there’s no reason why they
can’t be persuaded to buy from their trusted financial institution,
providing it’s easy enough.
And they way banks will do that, and we believe, become a major force in the insurance business, is by incorporating insurance information/sales directly into online and mobile banking.
This report provides a starting point for creating online and mobile strategies to tackle this growing market.