Life insurance sales grow at banks.Banks still are not adept at selling life insurance, but they are improving, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the 2003/2004 Kehrer-Limra Bank Life Insurance Sales Studies. The report found that the typical bank in 2003 produced $1.24 in commission revenue from life sales per bank customer household, up from $1.00 in 2002. The measure is appropriate because banks and credit unions try to sell to existing customers rather than the population at large, said Kenneth Kehrer, who heads the consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that bears his name, and Limra International's Ted Johnson
Banks in the studies have been selling individual life and health insurance for 8.9 years on average, but factors other than mere longevity longevity (lŏnjĕv`ĭtē), term denoting the length or duration of the life of an animal or plant, often used to indicate an unusually long life. are driving improvement, said the third co-author co·au·thor or co-au·thor n. A collaborating or joint author. tr.v. co·au·thored, co·au·thor·ing, co·au·thors To be a collaborating or joint author of: "He and a colleague . . . , Limra's Greg Grzywacz. One such factor is the trend toward banks' Financial consultants and platform bankers selling life insurance to the emerging affluent and away from retail life agents selling to traditional middle-market customers. At the same time, bank customer service representatives who sell annuities and mutual funds have become better at selling simplified-issue term and permanent products as well as single-premium life. |
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