Marketing insurance through banks is not
new to us. Since our inception we have set up and successfully run dozens
of bank owned insurance agencies. NO ONE has more years of experience
running bank owned insurance agencies than we do.
We have a "Turn Key" program
assisting banks to establish and operate a full-time bank owned insurance
agency. These agencies will provide the bank with valuable Fee Income
while minimizing the cost and administrative responsibilities of running
an Insurance Agency.
If you are a bank or financial institution
and already have an established insurance subsidiary or insurance program
we offer Consulting Services to help you maximize the return on your new
or existing program.
All marketing programs are designed to fit
into your existing bank culture and provide bank fee income.
This will serve as a broad outline of a
joint venture proposal. Actual Joint Venture proposal between the Bank and
the Anthony R. Davis Agency would be based on the type of Agency relationship
desired by the Bank, as well as the numerous marketing and servicing
responsibilities of the involved parties.
We propose that
"Bank" and Anthony R. Davis Agency, hereafter referred to
as "Davis" enter into a Joint Venture to market insurance
products through an insurance agency, hereafter referred to as
"Agency". Bank would own and control the Agency 100%.
The expenses to Bank would be the cost of
the annual insurance agency license fees, stationary expenses, telephone
line expenses and Errors and Omissions Insurance costs for the agency.
Annual costs are projected not to exceed $3,000-$4,000 annually. These are
not estimated expenses. These expense figures are based on actual expenses
incurred by current Bank/Agency Joint Venture relationships which have
been on going for more than one year.
Control and Responsibility
The business generated would be completely
controlled and owned by Agency. Davis would be responsible for the
marketing and servicing of insurance policies to Agency customers.
Either party may terminate the agreement
with no less than 180 days of written notice other than for fraud or
misappropriation of monies.
Marketing and Servicing of Bank Policies
If the Bank's Property and Casualty
policies are serviced by Davis Agency, there would be a commission sharing
on a 50/50 basis. This will have a net effect of reducing bank's current
cost of insurance.
concentrated effort should be made to market Commercial Insurance to the
customers of Bank as well as to any joint venture partners of Bank.
Commercial and Joint Venture Policies
Anthony R. Davis Agency
200 E. Grove Street, P.O. Box P
Westfield, New Jersey 07091-0914
Phone (908) 233-8040 - Fax (908) 233-6414
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