Essex Corp., a provider of brokerage services to banks, has struck an agreement with a division of Intuit to market and sell life insurance through banks.
The system, dubbed SureQuote, is being developed in conjunction with Interactive Insurance Services Corp., which will provide the technology, said Kevin Crowe, chairman of New York-based Essex. Mr. Crowe said he expects the system to launch during the first quarter.
Using SureQuote, customers can go into bank branches and apply for life insurance on-line. Mr. Crowe said that clients can also check quotes a number of ways: using representatives at branches, through a call center, or via the bank's Web site.
Essex, a unit of CUC International Inc., has "verbal agreements" with seven banks in California, the Midwest, and the Northeast, he said. He declined to identify the banks. The firm also has agreements with five insurers, including CNA and Transamerica Life Companies. Essex plans to extend the program to include property and casualty, disability and income, and long-term care, Mr. Crowe added.