Bancassurance

[CHUMPS FROM OXFORD]

Well...keep in mind that banks have their own "agents." In fact, many agents worked at banks or will be working at banks. So...no correct answer.

Seoul? Tough place to be these days! Why doesn't Myung-bak just kick Kim Jong-il's ass? Time for the North to come to their senses

 

[SportsNut]

Do you think banks are in a better position to evaluate client's risk than agents?

Heavens NO... Banks that offer ins must form an agency, that are staffed with what...? Agents... Thank you very much.

I have seen numerous banks use the concept and it becomes nothing more than a pool from which to market the same products (life, health, annuities, mutual funds, etc.) that are marketed by many here on the forum. It is simply another profit center for the bank... a way to capitalize on their current customers' discretionary dollars that are being spent elsewhere. Nothing more.

Would the bank do a better job if they came out with bancmedical... or banctaxprep... or bancxxxx....you name it? NO, not really. Just a way to capitalize on the existing relationship, and nothing more.

Of course Chumps is the expert on the subject, so let me crawl back in my hut now.

 

[CHUMPS FROM OXFORD]

"my hut"

You mean the old Xavier Fieldhouse?

 

[darnardo]

But if a clients who says he has a clean bill of health and his last major credit card purchase was a MRI scan a week before he applies for life insurance, I assume it'd be hard to ignore. You may say "well agents can find this information out without the use of credit card purchase information or any other credit related information"

But what about other (non credit) information that the banks have? Banks know so much about a person; travel habits, work, family size even how often you frequent the local greasy spoon or watering hole.

Well this one has had membership at the local health club for the past several years...sign him up!

As I'm aware nowadays agents complete a lot of policies over the phone or internet...how do you know if your client isn't lying about certain things? Numbers however don't lie

theoretically the banks should be in a better position to evaluate risk. Where they need to improve on is how to sell life insurance as things often seem to be purchased at banks and not so much sold.

is it just me or do I feel a heap of banter coming on?

 

[CHUMPS FROM OXFORD]

"Is it just me or do I feel a heap of banter coming on?"

No...We already got it.