No coin nor oath required. For personal study only.
T he banks-in-insurance industry started off as a small segment of the banking industry. But recent studies have indicated that we're growing at a healthy pace, despite the fact that the industry is still in its infancy.
Last year, Jim Campbell, senior vice president and principal with Reagan & Associates (Atlanta, Georgia), conducted an extensive industry survey with the Association of Banks-In-Insurance (ABI, of Washington, D.C.).
Campbell shared his views of how the industry is developing, based on his research.
"We learned," said Campbell, "from survey results released last year, that about 42 percent of banks are marketing traditional insurance products. When I say traditional products, I'm talking about property/casualty, life, and health products.
"Another roughly one-third of banks," he continued, "were marketing credit coverages and annuities, but had not yet entered into the traditional insurance business.
And then, about one-fourth of banks were not yet marketing any insurance or annuities products."
But Campbell came up with some interesting facts about the 42.4 percent of banks that are marketing traditional insurance products.
"First," Campbell revealed, "we know that that group is growing. It grew in 1998 by about 2 percent to 2.5 percent-which would suggest that maybe 200 or 250 banks entered the traditional insurance business in 1998. We also know that the average bank in that group is larger than the average bank in the country. And that is because larger banks are still more active, and more aggressive, in the traditional insurance business than are the community banks.
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