Bankers shopping for insurance agencies often focus on price when they should be assessing whether they have found a good match, experts at an industry conference said.

Many bankers also fail to grasp basic distinctions between business lines, said James Overholt, a senior consultant at Milliman & Robertson Inc. in Chicago. For instance, he said, it's not unusual for a bank chief executive officer to ask the principal of an acquired property and casualty agency, "How are you going to sell life insurance?"

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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