Are Independent Agents at War with Their Bank?

[pageins]

Why should I have to compete with my own bank, whether they are a real threat or not?

My bank sells personal lines insurance. Ostensibly, they are competing with us, a small independent insurance agency. Why should I have to compete with a company that handles my money?

It seems like a clear conflict and I'm not happy with the arrangement.

By the end of the year, I will have a new bank.

 

[Newby]

Why should I have to compete with my own bank, whether they are a real threat or not? My bank sells personal lines insurance. Ostensibly, they are competing with us, a small independent insurance agency. Why should I have to compete with a company that handles my money? It seems like a clear conflict and I'm not happy with the arrangement. By the end of the year, I will have a new bank.

For the most part banks just jump in the water. But to make a few sales and then you come in behind and murder their rates.

I'm sure there are a few banks out there that had are the exception and have some comparative agents working for them.

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That was supposed to say Banks just chum The water.

 

[WinoBlues]

Why should I have to compete with my own bank, whether they are a real threat or not?

My bank sells personal lines insurance. Ostensibly, they are competing with us, a small independent insurance agency. Why should I have to compete with a company that handles my money?

It seems like a clear conflict and I'm not happy with the arrangement.

By the end of the year, I will have a new bank.

What Newby said is my experience as well. If an agent is very good or motivated they leave. Or at least it seems that way.

They are a help, just like the Met life commercial on HLN right now or a Big Lou term commercial. I hope there are more people talking Life Insurance.

 

[pageins]

Nope, they represent 30 carriers, some of the same ones that we have in our office. They are not just chumming the water. They are actively competing against small independent agencies. They are BANKS, not insurance agencies. They handle our money. I will NOT do business with another company that actively competes against us in the marketplace. It just doesn't makes any sense at all. It's a total conflict of interest. Even if it's not, I choose not to do business with them.

 

[DHK]

I was working for a rather large credit union in a financial advisory team when they acquired an independent agency to become their new insurance P&C division.

When I saw how the credit union updated their website to show that the P&C division was the 'go-to' department for life insurance, I talked to my senior advisor about it. I didn't like it.

In essence, he told me that it didn't matter. It was about OUR relationship with our clients and that's who will get the business... not the website.

Whoever builds the higher quality relationship with the prospect should get the business. In fact, the more that other people enter into this business, the more I know that I stand out from the "amateur night in the arena".

I would use this as an opportunity to expand your thinking on how you can be bigger, stronger, faster, better... than any perceived competition, so you can have a better value proposition and service experience.

 

[WinoBlues]

Nope, they represent 30 carriers, some of the same ones that we have in our office. They are not just chumming the water. They are actively competing against small independent agencies. They are BANKS, not insurance agencies. They handle our money. I will NOT do business with another company that actively competes against us in the marketplace. It just doesn't makes any sense at all. It's a total conflict of interest. Even if it's not, I choose not to do business with them.

Costco sells/offers Insurance. I still go to Costco.

 

[Cash]

Nope, they represent 30 carriers, some of the same ones that we have in our office. They are not just chumming the water. They are actively competing against small independent agencies. They are BANKS, not insurance agencies. They handle our money. I will NOT do business with another company that actively competes against us in the marketplace. It just doesn't makes any sense at all. It's a total conflict of interest. Even if it's not, I choose not to do business with them.

Find a new bank and tell them why you switched to them.

I am of the opinion that banking institutions should not be allowed in any other business. The whole being able to create money thing is market distorting.

 

[NinjaNic]

Costco sells/offers Insurance. I still go to Costco.

And you probably still write Protective

 

[thomasm]

I noticed the paycheck advance/check cashing places are getting into the insurance biz too.

 

[LGilmore]

Cause insurance is easy..................

If you've been around a while, this seems to be a common idea of those not in the industry, that they can enter and the world will be on their doorstep buying insurance, because you know, people are lining up to buy...

The grass is always greener.

I often wondered if I should have gone into P&C sales, but I don't like golf that much.