The 25 percent hit rate is due to a combination of factors, according to Phillips. We offer a competitive price. We're making it easy for them. New mortgage customers are initially contacted by mail. Phillips thinks he has an advantage over insurance carriers because he can offer products from 40 to 50 carriers.
Obstacles remain Impediments for banks selling personal lines remain, of course.
It's still a sensitive point. Many agents have been good customers for a long time. Some bad feelings might be created with those agents if community banks were to sell insurance to their retail customers. Banks feel the need to provide a range of financial services to customers, to satisfy as many needs as they can. Banks now have other matters higher on their agenda.