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Rating:Insurer Taps Banks for Distribution Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, November 06, 2000

Insurer Taps Banks for Distribution

Reported by Tamiko Toland

John Hancock has announced new distribution relationships established through their Financial Institutions Group with three southern banks: Wachovia, Regions, and First Union. The relationships are part of the insurer's strategy to build distribution through bank partners seeking to offer a full-range of financial services to clients.

Wachovia will carry long-term care insurance, while Regions and Charlotte-based First Union will offer both life and long-term care insurance.

While Hancock's ideal clients for partnerships are within the top 150 banks, there are some exceptions. Primarily, the company seeks those banks who are committed to integrating insurance and investment in their strategies, regardless whose products they carry.

Hancock is offering the products to the banks as a way for its partners to build a suite of financial planning products. It is claiming that its financial and insurance products provide added value to each bank's services.

"To do a really good job for their bank customers, they need to be in the business of financial planning," said Fran Senner-Hurley, general director of Hancock's Financial Institutions Group. "Banks that recognize the importance of insurance as part of their clients' financial plans will gain a distinct edge over their competition."  

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