There are a handful of companies that offer insurance outsourcing services to banks, but InBank Services LLC is taking the opposite route-it hopes to supply insurers the means to offer private-label bank products."If you look at the insurance company banks out there, only a few are successful. The rest are struggling financially," said J.W. Coyne, InBank's founder and chief executive officer. InBank, he says, will enable insurers to offer all the banking services they want to make available to their customers-without any large capital outlay, higher level of risk, or increased regulatory scrutiny.
"It gives an insurance company a chance to appear more like a full-service financial services company, without having to take the time and expense," he says. InBank is in Alexandria, Va., but is looking for permanent offices elsewhere in the Washington, D.C. area.
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