No coin nor oath required. For personal study only.
convenience store on it, they're going to make me put out the half a million dollars for fire, wind, hail, and all kinds of hazard insurance on that building. So that if the building burns down, blows away, or what have you, there's money there to pay them off.
"What if I put in two gas pumps out front, and one of the gas tanks springs a leak and pollutes that property, and it's going to cost $6OO, OOO to clean it up? I, as the owner, am going to walk away from it. I'm going to let the bank foreclose on it. I am not going to spend $600,000 to save a $500,000 investment! So the bank forecloses on it. Great. Now what happens? Now they have to clean it up before they can sell it! "Why aren't they requiring on-site pollution cleanup insurance," Williams asked, "just like they require wind insurance or flood insurance from somebody who's in a flood plain?"
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IT'S THE CONTENT THAT COUNTS E veryone is talking about banks as an "alternative distribution channel" for insurance products. But that means nothing, according to electronic market-Crone says the key isn't the channel. It's the channel's ing expert Richard Crone.
content.
Crone is president of Crone & Company (La Canada, California), a bank consulting firm. He admits that he's a bit evangelical about electronic bank marketing and electronic banking. That's no surprise. Until he formed his own consulting company, Crone was senior vice president and codirector of electronic banking at Home Savings of America. Prior to that, he was a senior manager at KPMG Peat Marwick Management consulting.
Crone specialized in remote distribution channels for financial services, and on-line payment systems (PC home banking). But we wondered if all that stuff wasn't a bit futuristic and pie-in-the-sky. What about selling insurance products today?
"The thing about banks is that they have a distribution franchise today," Crone said. "When you own a distribution channel, what do you want to do? Your goal is to drive volume through that channel. Now, selling insurance allows banks to provide more content. And that's how you increase volume over a channel-having unlimited access to a plethora of content.
"So," he continued, "let's go to an example we all know and understand and have experienced: cable TV. Do you remember when cable TV first came out, how sparse the programming was? The cable operators had to use their own, hokey programming. And then, suddenly, the cable operators made available unlimited access to everybody else's content.
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