Banks Continue To Increase Their Offering In The Life Inusrance Space
Aman Goyal
October 12, 2009
If one listens to the news, or follows the trends of the financial institutions; it is clear that the goal of all banks is to provide their customers with the best service possible and convenience. Today, a small number of banks have started offering life insurance products to better serve their customers.
Offering life insurance adds one more layer of relationship while creating an additional source of revenue for the bank. Neil Jesani, CEO of BeamaLife stated that "life insurance is an important decision in any person´s life and having the support of their trusted bank makes the decision-making process much simpler". The primary goal is to make the process of getting life insurance less of a hassle so that shoppers can obtain the desired security without going through unnecessary complications and sales pressure from insurance agents.
Offering life insurance through banks is not something new. A decade ago most banks tried to sell life insurance via "in-source" model, which means that the banks hired and managed life insurance agents. This model, however, was unsuccessful. Most banks had trouble making ´the life insurance division´ profitable. It was quickly realized that recruiting and managing a life insurance sales force is very different than hiring and managing bankers. The banking business and the life insurance business are two different fields and require completely different tactics and strategies.
To provide a workable solution to this problem, Beamalife has developed a model to work with banks to market their existing customers and manage every step of the life insurance purchase process. The life insurance specialists at BeamaLife are fully capable of managing everything from the quote request to underwriting policy all from our Piscataway, NJ office. Neil Jesani, CEO mentioned that "this out-sourcing model is the best possible solution to offer life insurance to their patrons without any upfront investment or hassle of hiring and managing life insurance sales people. With our marketing, selling and underwriting experts, banks will substantially increase their revenue from life insurance sales. Even TD Bank and GEICO have benefited from out-sourcing model."
The life insurance industry is currently facing challenges in distributing life insurance products via their own agents. Recruiting, training and managing "commission only" life insurance agents is getting very difficult and expensive for most insurance companies. In turn, insurance companies are looking to find better alternatives to their Career Agency System. Life insurance sales by means of internet and banks are growing rapidly and creating great opportunities for the banks and companies like BeamaLife to work together and grow in this ´life insurance distribution´ opportune time.
About Beamalife.com
BeamaLife is a privately held, rapidly growing online nationwide life insurance brokerage firm licensed in all 50 states. While leading the evolution of the life insurance industry into the E-commerce environment, BeamaLife's mission is to educate the general consumer, dispel the myths surrounding the insurance industry and help all educated consumers secure their family's future through proper financial planning and life insurance protection. Please visit www.Beamalife.com for further information.
About Neil Jesani
Neil Jesani is the President & CEO of BeamaLife.com. He is also a Certified Financial Planner and recognized by the Consumers' Research Council of America as one of "America's Top Financial Planners". Mr. Jesani contributes articles and financial advice to the top publications within the financial and Indian communities. He has been a guest on several television programs providing sound business and financial advice and is passionate about helping individual consumers and business owners understand the complex and challenging world of Life Insurance and Financial Planning.
Media Contact:
Neil Jesani, CFP®
BeamaLife.com
Neil.Jesani@BeamaLife.com
(732) 465-0065 Ext. 20
Offering life insurance adds one more layer of relationship while creating an additional source of revenue for the bank. Neil Jesani, CEO of BeamaLife stated that "life insurance is an important decision in any person´s life and having the support of their trusted bank makes the decision-making process much simpler". The primary goal is to make the process of getting life insurance less of a hassle so that shoppers can obtain the desired security without going through unnecessary complications and sales pressure from insurance agents.
Offering life insurance through banks is not something new. A decade ago most banks tried to sell life insurance via "in-source" model, which means that the banks hired and managed life insurance agents. This model, however, was unsuccessful. Most banks had trouble making ´the life insurance division´ profitable. It was quickly realized that recruiting and managing a life insurance sales force is very different than hiring and managing bankers. The banking business and the life insurance business are two different fields and require completely different tactics and strategies.
To provide a workable solution to this problem, Beamalife has developed a model to work with banks to market their existing customers and manage every step of the life insurance purchase process. The life insurance specialists at BeamaLife are fully capable of managing everything from the quote request to underwriting policy all from our Piscataway, NJ office. Neil Jesani, CEO mentioned that "this out-sourcing model is the best possible solution to offer life insurance to their patrons without any upfront investment or hassle of hiring and managing life insurance sales people. With our marketing, selling and underwriting experts, banks will substantially increase their revenue from life insurance sales. Even TD Bank and GEICO have benefited from out-sourcing model."
The life insurance industry is currently facing challenges in distributing life insurance products via their own agents. Recruiting, training and managing "commission only" life insurance agents is getting very difficult and expensive for most insurance companies. In turn, insurance companies are looking to find better alternatives to their Career Agency System. Life insurance sales by means of internet and banks are growing rapidly and creating great opportunities for the banks and companies like BeamaLife to work together and grow in this ´life insurance distribution´ opportune time.
About Beamalife.com
BeamaLife is a privately held, rapidly growing online nationwide life insurance brokerage firm licensed in all 50 states. While leading the evolution of the life insurance industry into the E-commerce environment, BeamaLife's mission is to educate the general consumer, dispel the myths surrounding the insurance industry and help all educated consumers secure their family's future through proper financial planning and life insurance protection. Please visit www.Beamalife.com for further information.
About Neil Jesani
Neil Jesani is the President & CEO of BeamaLife.com. He is also a Certified Financial Planner and recognized by the Consumers' Research Council of America as one of "America's Top Financial Planners". Mr. Jesani contributes articles and financial advice to the top publications within the financial and Indian communities. He has been a guest on several television programs providing sound business and financial advice and is passionate about helping individual consumers and business owners understand the complex and challenging world of Life Insurance and Financial Planning.
Media Contact:
Neil Jesani, CFP®
BeamaLife.com
Neil.Jesani@BeamaLife.com
(732) 465-0065 Ext. 20
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