[LTPC-discussions] Interesting concept for banks

Mon, 7 Jul 2003 01:52:12 EDT

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Banc Insurance Services Launches On-line Sales Model For Financial 
Institutions

SPRINGFIELD, Mass., Jun. 23 /PRNewswire/ -- 

SPRINGFIELD, Mass., June 23 /PRNewswire/ -- BIS Inc., the nation's leading 
provider of turnkey insurance agency solutions for banks and credit unions, 
announced today that it has expanded its web site to feature the nation's first 
on-line insurance sales modeling program.

The new web site enhancement will allow banks and credit unions to input core 
transaction activities; mortgages, consumer loans, new account openings, 
commercial loans, and generate a sales and revenue model for the cross-selling of 
insurance. The location on the BIS site is <A HREF="http://www.bancinsurance.net/assessmentform.htm">
http://www.bancinsurance.net/assessmentform.htm</A> . Within 24 hours, an analyst from BIS will be able to compute 
referral, quote, sales and retention levels by insurance product within core 
bank channels. In addition, the model provides projections for agency staffing 
levels and adoption cycles for handling corresponding referral volumes.

Jeffrey Chesky, President & CEO of BIS noted: "We are pleased that our level 
of industry leadership has allowed us to compile the nation's largest 
data-base for measuring and predicting the level of insurance sales a financial 
institution would garner from offering insurance products as a by-product of core 
banking activities." Chesky continued, "For the first time a financial services 
executive can compute the percentage of auto loans that should also generate 
auto policies, the percentage of mortgages that should generate home insurance 
policies, the number of commercial customers that should buy commercial 
insurance, based on actual run rates. In addition, we can now provide predicted 
staffing levels for agency activities, allowing a financial executive to project 
appropriate staffing levels." The on-line financial model is available to 
financial executives at no cost.

The Banc Insurance Service's end-to-end insurance agency solution allows a 
financial institution to own and operate an integrated insurance agency 
operation that features a full range of personal and commercial lines insurance 
coverages from a wide array of nationally recognized insurance carriers. The BIS 
model can also absorb the book of business of a local insurance agency that a 
financial institution has acquired but has been unable to manage profitably. The 
BIS model allows a financial institution to own a complete insurance agency 
solution without the major capital investment or reputational risks associated 
with building or buying a local insurance agency.

Contact: Jeffrey Chesky President Banc Insurance Services, Inc 413 272-3134 
jchesky@bancinsurance.net 

Banc Insurance Services, Inc. CONTACT: Jeffrey Chesky, President of Banc 
Insurance Services, Inc,
+1-413-272-3134, jchesky@bancinsurance.net 

Web site: <A HREF="http://www.bancinsurance.net/">http://www.bancinsurance.net/</A> 

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<P ALIGN=3DCENTER>Banc Insurance Services Launches On-line Sales Model For F=
inancial Institutions<BR>
<P ALIGN=3DLEFT><BR>
<BR>
SPRINGFIELD, Mass., Jun. 23 /PRNewswire/ -- <BR>
<BR>
SPRINGFIELD, Mass., June 23 /PRNewswire/ -- BIS Inc., the nation's leading p=
rovider of turnkey insurance agency solutions for banks and credit unions, a=
nnounced today that it has expanded its web site to feature the nation's fir=
st on-line insurance sales modeling program.<BR>
<BR>
The new web site enhancement will allow banks and credit unions to input cor=
e transaction activities; mortgages, consumer loans, new account openings, c=
ommercial loans, and generate a sales and revenue model for the cross-sellin=
g of insurance. The location on the BIS site is <A HREF=3D"http://www.bancin=
surance.net/assessmentform.htm">http://www.bancinsurance.net/assessmentform.=
htm</A> . Within 24 hours, an analyst from BIS will be able to compute refer=
ral, quote, sales and retention levels by insurance product within core bank=
 channels. In addition, the model provides projections for agency staffing l=
evels and adoption cycles for handling corresponding referral volumes.<BR>
<BR>
Jeffrey Chesky, President &amp; CEO of BIS noted: "We are pleased that our l=
evel of industry leadership has allowed us to compile the nation's largest d=
ata-base for measuring and predicting the level of insurance sales a financi=
al institution would garner from offering insurance products as a by-product=
 of core banking activities." Chesky continued, "For the first time a financ=
ial services executive can compute the percentage of auto loans that should=20=
also generate auto policies, the percentage of mortgages that should generat=
e home insurance policies, the number of commercial customers that should bu=
y commercial insurance, based on actual run rates. In addition, we can now p=
rovide predicted staffing levels for agency activities, allowing a financial=
 executive to project appropriate staffing levels." The on-line financial mo=
del is available to financial executives at no cost.<BR>
<BR>
The Banc Insurance Service's end-to-end insurance agency solution allows a f=
inancial institution to own and operate an integrated insurance agency opera=
tion that features a full range of personal and commercial lines insurance c=
overages from a wide array of nationally recognized insurance carriers. The=20=
BIS model can also absorb the book of business of a local insurance agency t=
hat a financial institution has acquired but has been unable to manage profi=
tably. The BIS model allows a financial institution to own a complete insura=
nce agency solution without the major capital investment or reputational ris=
ks associated with building or buying a local insurance agency.<BR>
<BR>
Contact: Jeffrey Chesky President Banc Insurance Services, Inc 413 272-3134=20=
jchesky@bancinsurance.net <BR>
<BR>
Banc Insurance Services, Inc. CONTACT: Jeffrey Chesky, President of Banc Ins=
urance Services, Inc,<BR>
+1-413-272-3134, jchesky@bancinsurance.net <BR>
<BR>
Web site: <A HREF=3D"http://www.bancinsurance.net/">http://www.bancinsurance=
.net/</A> <BR>
<BR>
    <BR>
    <BR>
<BR>
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