Readers were asked how they perceive banks as a competitive threat and whether they were interested in entering into marketing relationships with banks. The poll drew the largest number of responses to any fax poll since we began conducting the polls three years ago. Averages of agents' responses as well as some individual reader comments were provided in the July issue. Additional comments from that fax poll are provided anonymously here.
Financial institutions have a difficult enough time making profitable loans.
I think they would be hard-pressed to compete effectively in the insurance market. Their best bet would be to purchase successful agencies. This will be a sideline for banks. A few banks may establish an aggressive insurance department with knowledgeable agents. They would go after the large commercial accounts.