A task force of the Independent Community Bankers Association has almost completed the polling phase in a research project aimed at helping its member banks sell property /casualty insurance to their customers.
The Washington group started the insurance task force, which is part of its Bank Services Committee, a year ago. Since then the team has canvassed members about personal lines and commercial lines property/casualty insurance and what products they would like to sell.
Dan Clancy, the ICBAs director of services, said the group has not set a date for the release of its findings.
Hopefully we will have something to bring to the members within the year, he said.
The ICBA provides mutual funds, fixed and variable annuities, and retirement plans for its members to sell through its for-profit ICBA Financial Services subsidiary and credit life insurance through ICBA Credit Life. Now it is trying to figure out how best to provide property/casualty insurance for them to sell, Mr. Clancy said.
Part of our challenge here is weve got community bankers who already sell insurance products, he said. Some need the ICBAs help in selling more and others need its help breaking into insurance sales, he said.
Mr. Clancy said the ICBA, which represents 5,400 community banks, will probably do more than just endorse an outside vendor in property/casualty. It will most likely be involved on the service side, he said.