In Brief: KeyCorp, Jefferson-Pilot Team Up on Life Policies

insurance company would become the bank's primary provider of policies. Cleveland-based KeyCorp, a $74 billion-asset banking company, sells life insurance policies from seven carriers but will pare down to three, including Greensboro, N.C.-based Jefferson-Pilot. Roger Dunker, president of KeyCorp Insurance Management Group, said Jefferson-Pilot will provide the bank with an accounting system, compliance and marketing software, and life insurance products. "I wanted to emulate the European bancassurance model and find one particular company that we could use for resources and technology," Mr. Dunker said. He added that KeyCorp plans to set up similar alliances for its sales of property/casualty and health insurance. He declined to name the contenders. After a year of looking at underwriters, Mr. Dunker said, one deciding factor for Jefferson-Pilot is its ownership of Chubb Life, which, like the banking company, has a presence in New York State. Mr. Dunker's predecessor at KeyCorp, David Jarvis, was hired last year by Jefferson-Pilot to lead sales of its life insurance through banks. But Mr. Dunker said that did not influence his decision.