The bank insurance development and enlightenment

The bank insurance development and enlightenment
U.S. bank insurance development and revelation of the insurance, bank of America bank the operation pattern and successful elements of the produce and development of (a) the bank insurance in 2 0 0 0 years ago, the United States has a bank, insurance, securities SanYe separate regulations, and by the competition in the 70 s, the U.S. banking sector is mainly spread revenue decline.And Europe because universal has been followed YinHangZhi, mixed management in banking and insurance regulatory restrictions, so on the basis of traditional business, the bank insurance business has developed rapidly, bring considerable middle business income for the banking sector, and banking in the United States engage in unfair competition.This unfair situation until November 1999, the United States congress passed the financial services modernization act to end.The bill from the regulatory completely removed the obstacles of the Banks engaged in insurance business, Banks have been allowed by the form of financial holding company into the field of insurance, from the business cooperation between Banks and insurance companies formally entered the full development period.Many U.S. Banks are eager to quickly establish a framework of cooperation between Banks and insurance companies, and compared the new way or alliance, merger and acquisition can immediately get the acquired company professionals and mature operation model, and then get products and markets, so that Banks can in a very short period of time to carry out the business Banks and insurance companies, many of the choice of the merger and acquisition of insurance agency, bank of America form into the insurance financial group.Before the act, such mergers and annual average no more than 50 in the United States, and in 2000, as many as 170, the average deal value has grown from $1999 in 2 million to $2003 in 10 million.Through mergers and acquisitions in the United States banking rapid firmly established in the field of insurance.At present, about 35% of the bank of America, or more than 91% of the $10 billion bank assets, assets of less than 27% of the $1 billion bank for its personal and business customers distribution of at least one kind of insurance products, through the bank sold insurance premiums for at least 2 times higher than in 1998

(2) the bank insurance operation mode for product, the bank insurance sales has a very wide range of insurance products: (1) life insurance products: at the beginning of the development of cooperation between Banks and insurance companies, the ratio of the product is very large, because the product is very close to it with the bank itself, network bank to use its own advantages and customer resource management up relatively efficient, have more marginal benefit.In this area, the bank provides a wide range of insurance products, including regular and whole life, endowment insurance, credit insurance, savings plans, etc.(2) property insurance products: such as housing loan when fire insurance, auto insurance for car loans, deal with trade business transportation insurance, etc., these products are often bank extension of their business.(3) in addition to this, bank of America also sells insurance for the specific product of high-end customers and insurance products and asset management portfolio sales, etc.In terms of sales channels, including independent agency, the bank staff, professional sales agents within the Banks, direct selling, etc., one of the most effective is the bank's own employees after training to its existing customers sales of insurance products, because these employees better understand their customers.U.S. Banks usually according to different customer groups of different marketing strategy, such as for high-end customers

With special agent in the form of commission fees, personal sales.And aimed at the mass customers and simple products such as mortgage insurance, with bank network, telephone and other convenient tools for low cost mass marketing.In terms of income, the insurance premium income of the bank is growing the fastest source is already have in the bank account of the customer, customer relationship is actually a bank to use the existing resources, through to the new and old customers to sell products to expand sales of products to the same customers - from more than a cow tore off the skin.(3) the elements of a successful cooperation between Banks and insurance companies on the whole, although the United States is far from Europe then goes back to ancient times cooperation between Banks and insurance companies, but it was a great success.Many Banks have insurance business in size, growth and profitability within the scope of the world are in a leading position.To sum up the elements of its success are mainly points: first, the relaxation of financial regulation.Second, the strong branch network and broad business geographic coverage.Bank of America using the modern network technology, unified operation platform, providing customers with convenient, efficient pre-sale, sale and after-sales service, realize the electronic bank insurance business.Third, the integration of Banks and insurance companies jointly formed the unified culture.When many commercial Banks and insurance companies, are offered to strengthen the contact and communication, but due to cultural differences between the industry, few can do it.Fourth, the banking industry does not carry insurance as a shortcut to increase short-term earnings, but the insurance business as the bank's long-term goals.Consumers will rely on those creditworthy Banks generally, because the bigger they are, the less easy to collapse, recommended by the bank insurance product safety coefficient is high.