Why Retail Bankers Need to Offer Insurance Now

Consumers get checking accounts and loans from their financial institutions. They sometimes get credit cards and CDs. But that’s about where it ends. Why is that? Why don’t consumers view their banking providers as outlets for insurance and investments? Lack of awareness that their banking provider offers such services? Or perhaps because they think insurance brokers and investment brokerages have greater expertise?

Retail banking providers can been seen as real options for high value services like insurance and investments, but consumers don’t frequently obtain these services from their banking provider. Financial institutions can make additional non-interest income by offering insurance, yet this is not universally commonplace (yet).

What You’ll Learn:

• Why consumers currently don’t purchase insurance from their financial institutions and how to combat it
• Find out which generations are most likely to purchase insurance from their financial institution
• Explore what factors motivate consumers to purchase insurance