American Banker: “Is it Time to Bring Life Back to Banks?” 2014-06-26
For the last 20 years, there have been marked changes in both banking and insurance. Some banks gravitated to auto and homeowners insurance, because they were straightforward, quick transactions.
Some banks became interested in getting into the insurance business. Insurance providers used to lack innovation from both a product and technology basis. That has changed. Hybrid life and long-term care products are addressing client needs. Processing and underwriting is almost 100% electronic.
Banks are experts at building relationships and that’s exactly what the insurance business needs. Both industries are similarly concerned with helping clients preserve and grow their wealth, and do so in highly regulated environments. The latest advancements in banking and insurance only enhance their compatibility.