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Banks And Agencies: A New Way Of Doing Business
The speakers on the tape I was listening to said, 'When you complete the process of rearing your children, you want to be certain to maintain a reasonably good relationship with them. You see, your children will make two decisions that will significantly affect your life: what nursing home to select and when to pull the plug.' Sobering thought? You bet. I was listening to this tape in the middle years of parenting my two children, when I didn't feel it was working out the way I thought it should. I was trying to live up to the whitewashed concept of having children: cute babies, 'good night sugar,' refrigerator pictures, dance recitals, and home runs in little league-as opposed to the reality of dirty diapers, the terrible twos, temper tantrums, homework, defiance, and so forth. The same reality check is currently being demanded of those involved in the insurance industry. Now that banks can sell insurance, many agencies and their trade associations have had to change their position from 'We'll never let it happen' to 'If you can't beat 'em, join 'em.' The problem is that traditional banks and agencies will soon discover the massive chasm between concept and reality. To succeed in these new ventures, both will have to reinvent themselves. If only someone had told me about the reality of having children; I still would have had and loved mine, but I would have been much better at it! So let me take the liberty of sharing some of the realities about banks and insurance with you. Not to discourage you from pursuing a significant opportunity, but to make you better at it. RISK. Risk is the reason agencies exist. You're paid to manage risk, but banks have succeeded by avoiding it. You are an entrepreneur. Every day you 'roll the dice'; it's what makes your heart beat fast. Banks are institutions that manage risk with collateral; unsecured risk causes them panic. You'll bring them your best clients as bank prospects. They'll reject some of them, and you won't understand why. They'll bring you bank customers and wonder why you can't give everyone of them your best deal. REGULATION. Banking and insurance are both regulated. You recognize regulation as licensing, continuing education, and occasionally having to answer to an inquiry from the Department of Insurance. You don't defy regulators; you tolerate them. Bankers hold their regulators in awe. Regulations and the auditors that watchdog them have shaped banking and its products and processes. Auditors visit often and have their way with bankers. When an auditor says 'Jump', the banker asks 'How high?' To agents, auditors are curious interruptions. When they say 'Jump', the agents say, 'We'll discuss this when I get a chance.' Only the client tells the agent when and how high to jump! COMMISSION. It's why agents do what they do! It's how they keep score. The agency system was built on performance-based compensation. In traditional banking, 'commission' is a dirty word. Banks are built on security, position, and attendance-based compensation. Time in service and rank are the key determinants of compensation-not production. Great production and the accompanying compensation might not ingratiate you to the banks' leadership. It might actually create problems for you, if good performance results in your income surpassing their seniority-based entitlement income. DECISION-MAKING. Get the facts-and in a second, you'll decide. You make decisions quickly, based on your innate comprehension and intuition. You may commiserate with others after the fact, but you decide and accept the consequences of that decision. Bankers decide in committee. Rarely is the individual responsible for his or her decisions. Even when an answer is given instantaneously, it's probably determined from procedures written by a committee. PACE. Agents are hares; bankers tend to resemble tortoises. Agents tend to run with their ears back and full speed ahead. They believe that with speed, some direction, and a little luck, they'll prevail. Bankers move much more slowly. To them, moving means sticking their neck out of their shell, and they aren't always willing to do that. They're more cautious, and at their slower pace, there's much less chance that they'll go off course. FOCUS. The Agency System has matured in a buyers market. Banking developed in a seller's world. In banking, strict regulation limited competition and resulted in this seller's world. This basic difference in evolution has created the massive chasm between the cultures of banking and insurance. The foci of banking are products, process, and people-in that order. Insurance, on the other hand, addresses people first, then products, and finally process. Agents will be acquired by, merge, joint-venture with, or somehow 'marry' bankers. All should be successful, but only some will. Products, process, and technology won't determine success or failure. Only those who address cultural differences, focus on customers and their needs, and commit to creating a new better world of financial service delivery will end up winners. This process requires leadership. As Max DePree stated, 'The first role of the leader is to define reality.' Remember, the reality of this tremendous opportunity is not completely a matter of dirty diapers-nor wholly a scenario of 'good night sugar.' It's a balance of both. So change the diapers and enjoy the good night sugar.

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Getting life insurance in can be the responsible choice if you are a significant earner in your family. And it may be the most selfless thing you ever do. Protecting you family financially in the event of an untimely death can give you a great sense of comfort and peace of mind. Failing to do so can leave loved ones with incredible stress and a financial burden that can be overwhelming. The payouts from life insurance can protect your family in the future should something bad happen to you. Part of the process involves considering your options for policies and providers and comparing quotes. A policy with a longer term and greater benefits is more expensive, but it is important to also understand the other factors that affect the quotes. Your Age and Gender Younger individuals can obtain less expensive life insurance because, simply enough, they are less likely to die and require the provider to pay benefits. On average, women can expect lower quotes than men of the same age. It’s not a question of favoritism toward women. The truth is that women have longer life expectancies than men. Your Lifestyle and Occupation Smokers are at higher risk for heart disease, certain cancers, respiratory illnesses, and death. If you smoke, your life insurance quotes are going to be higher than for someone who doesn’t smoke or use tobacco. Similarly, drinking is also associated with health risks, and heavy drinkers can expect higher quotes. You can get lower rates by quitting smoking or drinking. Individuals with high-risk occupations, such as police officers and dirt bike racers, have higher rates than those with low-risk occupations, such as those involving office jobs. Your Health Your quote considers your current health, health history, and family history because these all affect your risk of dying. Chronic conditions, such as cardiovascular disease, diabetes, and cancer can all raise your rates. You can lower your rates by managing certain chronic conditions. For example, keeping your blood sugar in check if you have diabetes can get you a lower quote. Since obesity is a risk factor for health complications and death, your quote is likely to be higher if you are obese. Losing weight can get you better rates.

What are exotic animal pets? Any animal that you would normally associate with the wild could be considered an exotic pet. Most people want to secure adequate insurance coverage for their exotic animals and pets. Our planet is home to diverse species of animals that many people haven't even heard of! Some of these exotic animals are becoming increasingly popular as pets in people's homes. The list may include and is definitely not limited to: Guinea pigs Rabbits Ferrets Foxes Wallabies Chimpanzees Hedgehogs Chinchillas Frogs, toads Sugar gliders Hybrid cats such as the caracal & the serval and even some species of spider! Two Points you may want to consider before adopting an exotic pet. Is it legal? Pet ownership laws differ from state to state. For instance ferrets are popular pets, but it is illegal to own a ferret in California or a hamster in Hawaii! Are you able to secure good veterinary care? You are directly or indirectly the reason why the exotic animal is not in the wild but in your home. Your pet is totally dependent on you for its survival. Suitable accommodation, proper nutrition and diet and most of all regular and timely visits to the veterinarian will ensure that your pet stays happy and healthy. These visits to the vet can be expensive. Specialized veterinary care is difficult to find and getting suitable insurance coverage can be even harder. What does exotic animal insurance cover? Most insurance plans cover unexpected visits to the vet as well as routine or wellness check-ups. It all depends on the type of plan you choose. Your pet animal can be insured against theft, injury, illness and even death. Your pet deserves the best, but you can avoid the financial burden of pet healthcare by taking out an insurance plan for as little as $9 a month. Think smart, be responsible & buy peace of mind, knowing that we have your pet's best interest at heart. Other types of related insurance - Insurance for reptiles, Insurance for Exotic Birds Understanding exotic animal coverage Exotic pet owners frequently look for policies that combine medical benefits with protection against liability exposures and theft. Coverage options and underwriting factors vary by insurer and by species; for an overview of dedicated marketplaces you can review Exotic Animal Pets Insurance to compare what different carriers offer. Common considerations include exclusions for certain pre-existing conditions, limits on species or procedures, and whether routine care is included. Risk management considerations — such as proper housing, transport protocols and secure enclosures — often affect premiums. If your pet is a reptile, detailed information is available in the Reptile Pet Insurance Overview. Transportation risks and specialist veterinary care are typical factors for exotic species; likewise, some plans impose surgical or hospitalization limits. If you own birds, see Does Pet Insurance Cover Exotic Birds? for specifics on avian coverage. Risk scenario: an escaped exotic animal injures a visitor could trigger a liability claim, illustrating why many owners seek policies that combine medical reimbursements with liability protection. Frequently Asked Questions Is exotic pet insurance available for all species?Availability depends on the insurer and the species. Some carriers will cover small mammals and birds, while others may exclude large or high-risk animals. Check policy details for species-specific limits and exclusions. What typical exclusions should I watch for?Common exclusions include pre-existing conditions, certain surgical procedures, pregnancy-related care, and claims arising from illegal ownership. Always review policy exclusions and ask for clarification from the insurer. How do premiums get determined?Underwriting factors such as the species, age, medical history, geographic location, and intended use (pet vs. breeding) influence premiums. Risk management measures like secure housing and routine veterinary care may improve insurability. Still have questions? Talk to a local insurance expert.