Banks buying agencies are generally buying into a dying way to distribute insurance, according to the author of a recent study.

The U.S. insurance agency system model is "expensive, unwieldy, and personality dependent," writes Kenneth L. Keith, chief executive officer of Cendant Strategic Marketing Group, which markets insurance to some 4,000 financial institutions, including Citigroup Inc.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.