Annual Conference Atlanta, GA October 8-10, 2003 Bank Insurance Referrals “The process of merging cultures” Presented by: DANIEL R. MEYLAN, ARM President, Peoples Insurance Agency Profile of Peoples Banks and Peoples Insurance Agency Difference in Cultures Differences in P&L Statements
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Atlanta, GAOctober 8-10, 2003
Bank Insurance Referrals“The process of merging cultures”
DANIEL R. MEYLAN, ARM
President, Peoples Insurance Agency
Peoples Insurance Agency, Inc. will track referrals and production by location, by employee and report those results periodically to CEO’s and senior management. (Sample report attached) Referrals may be provided using the forms created for that purpose or by sending the pertinent customer information to Peoples Insurance Agency, Inc. A single person will be the clearing-house for all of the referrals. It will be their responsibility to maintain an up-to-date database of all insurance referrals. When a policy is sold, they will see that the appropriate individual and location is credited for that sale. The objective for Commercial Loan Officers is to refer every new commercial loan document (new, rewrite or renewal) to PIA. Recognition and rewards will be given to those individuals and locations that refer the highest volume of referral revenue or premium. CEO’s will be held responsible for the overall referral objectives in their areas of responsibility. Producers and staff of Peoples Insurance Agency, Inc. will be responsible for contacting each referral and making the best possible good-faith effort to sell an insurance product to individuals or businesses referred by a Peoples Banker. During the course of the year, training will be offered by Peoples Insurance to Peoples Bankers on the subject of insurance and how to look for and qualify quality insurance prospects.
% ofBank ReferralsAgency Total
Referrals Received998Referrals Open (as of 6/2003) 26Referrals Sold15110.3%Premiums $728,15811.8%Revenues $102,37813.6%Closing Ratio 15.1%
New Accounts Sold 1,459100%Premiums$6,189,724100%Revenues $751,389
Bank customer is large residential homebuilder. Bank is providing construction financing and loans on commercial real estate owned by builder. Insurance producer conducts an in-depth risk analysis and prepares underwriting submissions for insurance marketplace. Borrower has marginal reputation with insurance market due to adverse loss history and a standard practice of misrepresenting payrolls and sales figures to insurance underwriters. Insurance agency declines to offer a proposal.
Bank acquires a platform agency with 2,000 customers in a community where it has no presence. A branch is opened and the insurance agency president, a high profile member of the local community, is named Community Bank President. After 30 months of operation the branch has: