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Creating an Insurance Agency Aisle in Your Store

By: Jack Chesky, Group President, Insurance Agency Solutions Group,

ProfitStars, a division of Jack Henry & Associates, Inc.

Since 1999, regulatory changes have encouraged financial institutions to surge into the property and casualty insurance business as the “next big thing.” Over the past seven years, banks and credit unions have invested billions of dollars in buying, building or starting property and casualty insurance agencies.

The initiatives, however, have generated mixed results, to the shock and disappointment of many senior executives who jumped headfirst into these inviting waters.

In fact, several of the early players are already exiting the business, divesting previously acquired agencies. Others – huge industry leaders among them – continue to struggle with alternative delivery models. What’s going on here? The first-ever analysis of financial institution insurance referral data indicates that the failure is a matter of a structural misalignment between the financial institution and its insurance agency:

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