Step into a Coastway Community Bank these days and you might get insurance advice along with banking services. Coastway has teamed with Starkweather & Shepley to launch Coastway Insurance Connection. Bill White, president and CEO of Coastway, answered five questions about it.
PBN: How will the Coastway Insurance Connection work?
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WHITE: Coastway Insurance Connection is simple. We provide our customers with a referral to a trusted source for their insurance needs. Once referred, our customers will be contacted to set up a free, convenient consultation with a Starkweather & Shepley professional to determine if he or she currently has the right insurance coverage and is getting the best rate. The customer can sign up to be contacted via the website, www.
coastwayinsuranceconnection.
com, or by using a simple referral card.
PBN: Has this type of partnership been tried before in the banking industry? Has it been successful?
WHITE: Yes. Several banks in the area have partnered with insurance agencies. For Coastway, the success of the program will show in how much assistance we can be to our customers.
PBN: Did the bank approach the agency, or the other way around? Why Starkweather?
WHITE: Coastway was approached by Starkweather & Shepley because of our longstanding relationship with the principals of the company. It was a natural fit. We deal with the partners we trust to provide the best for our customers.
PBN: Aside from the standard customer-services responses, what’s in it for Coastway to team with an insurance agency? Is this a revenue generator? Is Starkweather steering its clients to Coastway?
WHITE: When our customers visit our branches, often it’s around a life-changing event. Whether it’s an entrepreneur opening a new business account, or a couple coming in to sign mortgage papers, it’s usually a good time to be thinking about insurance coverage. What’s in it for Coastway is the opportunity to provide a full relationship – one-stop shopping – for the people we serve. Starkweather is not steering its clients to Coastway.
PBN: Will we see more of these types of partnerships at Coastway? In the banking industry?
WHITE: Coastway is open to any partnership that will benefit our customers. I believe other institutions will be as well.
