Bisys Group Inc. is targeting small to midsize banks with a plan to serve bank-owned life insurance programs.

The company wants to give banks with assets of up to $10 billion another option in contracting out the back-office operation, said Tony Pascotti, president of Bisys Insurance Services. "Bank-owned life insurance" is a bit of a misnomer, as most banks of this size are actually third-party sales agents.

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