Life insurance sales growth a priority for banks, credit unions
May 18, 2016 by Lifehealthpro Editors
In a new LIMRA study, 78 percent of banks and credit unions with established life insurance programs said growing life insurance sales is an important priority for their institution.
The 2016 Bank and Credit Union Life Insurance Study looked at best practices in the distribution of life insurance through financial institutions. Banks have been challenged in finding success with life insurance sales. LIMRA found banks gained early momentum in the wake of the Gramm-Leach-Bliley Act (1999-2000) and experienced increases post-financial crisis (2009-2010), but in both cases, sales fell back in subsequent years.
While many of the institutions in the survey indicated they are not satisfied with their current programs, nearly half believe they are gaining traction with insurance sales. Some institutions that have sold insurance for many years have periodically tried different models and distribution methods to more effectively reach their customers.
