The drive to create Internet super-sites that mirror their financial superstore branch strategy has a handful of banks adding free life insurance quotes and insurance policy sales to rapidly expanding Web applications. "I think there are two big things in it for a bank," says Michael Fitzgerald, svp of Salem Five Cents Savings Bank, based in Salem, MA. "Number one, it's another reason to bookmark our site; another reason to come to us for really full-service financial products. The second thing is (that) we make money on every policy we sell."
Salem Five offers term life quotes and policies from as many as a dozen insurers through an arrangement with Coverdell & Company in Atlanta, the licensed agent for the transactions.