InBank in Alexandria, Va., announced Monday that it has a turnkey solution for insurance companies seeking to sell banking products through their agent networks and online.
The company said its product's primary value is in generating large numbers of high-quality CD customer referrals to insurance company offices; these customers become excellent candidates for insurance product cross-sales, it said. InBank also is to offer, through Affinity Financial Corp., branded, transactional banking Web sites with a range of banking products appropriate to insurance company customers.
InBank offers its private-label banking program to insurance companies through licensing arrangements. Agents are trained to sell bank products to attract new customers, and insurance companies can market bank products to orphan accounts. (An orphan account is an insurance policy for which the original agent is no longer available to provide customer service.)
