BancAssurance – Agency Insurance Products
Life Insurance, Annuities, Mutual Funds, Homeowners and Auto – a solution for banks wishing to take advantage of opportunities to enter the insurance market.
National Investors Title Insurance Company
For the last 40 years, National Investors Title Insurance Company has successfully put more than 500 financial institutions in the business of selling title insurance through lender-owned agencies. Title insurance represents a very profitable fee income opportunity for banks, and NYBA members can capitalize on the benefits of the multiple bank-owned agency model:
- Significant Fee Income – Agency ownership provides a significant revenue stream through a line of business that is a natural extension of real estate lending.
- Service Improvement – Through lender training provided by the agency, loan officers learn ways to provide better coverage and products to their clients.
- Economies of Scale – The multiple owner structure is designed to allow sharing of overhead which decreases the cost associated with policy processing and increases profitability.
- Impressive ROI and Long-term Growth Potential – Owner banks enjoy a reasonable, often superior, return on investment for the risks involved.
- Focus on Non-Owner Business – Multiple bank-owned agencies are staffed to serve the title insurance needs of their bank owners as well as sell product to other sources of business. Historically these agencies have received 30-65% of their business from sources other than their owners, which can dramatically impact the profitability of the agency and ultimately the return to its owner banks.
- Management Expertise – Management of the multiple owned agencies is performed by Investors Title Management Services, Inc., which allows the banks to engage in title insurance activity without having to be responsible for the operational and administrative management of the agency.
Since the summer of 2000, two upstate multiple bank-owned agencies Land Record Services, LLC in Albany and New York Bankers Title Agency West, LLC in Rochester have thrived, generating more than $40.2 million in premiums. The 24 owner banks have received over $10.8 million in cash distributions since inception. Participation in these agencies is open to all New York State banks. Our goal is to assist New York financial institutions of all sizes in successfully becoming engaged in the distribution of title insurance.
For more information, contact Karen Barnett, Vice President of Multi State Marketing, Investors Title Insurance Company/National Investors Title Insurance Company, at 419-577-5900 / firstname.lastname@example.org, or visit www.invtitle.com.
Customer Appreciation Program – AD&D
LifeQuotes.com, an NYBA Financial Services Industry member, now offers NYBA members a turnkey, customer-facing, customer-pleasing life insurance offering.
LifeQuotes.com benefits to NYBA member banks and their insurance agencies
- Generate additional non-interest fee income
- Free setup, fast and easy
- Ongoing assistance with marketing and messaging
- LifeQuotes.com reps handle all inquiries and fulfillment
LifeQuotes.com benefits to bank customers
- Instant term life quotes from top-rated insurers
- Wide range of coverages
- Freedom to buy from any company shown
- Freedom to buy online or by phone
The New York Bankers Association (NYBA) through its Circuit Agency, Inc. has endorsed LifeQuotes as its customer facing instant term life insurance quote partner of choice.
Want more information? Contact our Profit Solutions Division at 1-800-522-5607 or email@example.com.