No coin nor oath required. For personal study only.
new survey reveals that insurance companies plan to launch more long term care and supplemental Medicare products over the next year and a half. The insurance companies believe that a big market exists.
What's more, insurance companies will also debut more products designed specifically for banks. So will banks be selling long term care and supplemental Medicare packages?
Perhaps-if most banks can resolve some difficult issues, according to one expert.
A recent survey by KPMG Peat Marwick questioned 88 insurance companies about current products, products they plan to release in the next one and a half years, and the channels that they will use.
James B. Smith, Jr., of KPMG Peat Marwick, LLP (Birmingham, AL), told us that insurance companies plan to continue flooding the market with new products.
"There is a continued high degree of product development that is occurring," said Smith. "It does not seem to have slowed down today, and it doesn't appear that it's going to slow down in the next year and a half." This is happening despite the problems that the insurance industry has been having, with insurance companies cutting agency networks, suffering from declining profit margins, and searching for alternate distribution channels-mostly banks and some broker-dealers.
The survey questioned a good representation of companies ranging in size from less than $1 billion to more than $10 billion. It found continued interest by insurance companies in the bank channel-and for selling life insurance, in particular.
"I think I would say," Smith told us, "that our most significant finding for banks in insurance is the strong interest of insurance companies developing the bank channel-and not only the channel, but in developing products for that channel. I would consider that most significant. I think, furthermore, that the future for banks selling insurance is going to include life products, as well as the asset
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