Since the 1999 adoption of the Gramm-Leach-Bliley Act, agents have explored opportunities for selling financial services that could be easily incorporated within their insurance portfolios.The search has often been futile as agents viewed the technology and training expenses as too costly, or the program was a poor fit within their operations. But in November, Alexandria, Va.-based Independent Insurance Agents of America (IIAA) unveiled a full-service federal savings bank program, named InsureBanc, that's designed specifically for independent agents.
Expected to be launched this spring in three East Coast states-New Jersey, Connecticut and Massachusetts-InsurBanc initially will be offered to 3,000 "Big I" agents to market bank and loan products to its existing base of consumer and commercial customers.
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