EAST WINDSOR, Conn., Jan. 31, 2013 /PRNewswire/ -- Insuritas, a leading provider of outsourced insurance agencies, said it has reached an agreement with Spencer County Bank to provide agency-integration insurance capabilities for the bank-owned insurance agency.
Officials at Insuritas report that the company will coordinate with Spencer County Bank to deliver their award winning, highly automated sales platform and their online agency capabilities to drive new levels of organic growth into the bank's customer base.
"Several years ago we purchased an agency with the objective of growing it organically – but struggled with committing the necessary capital to invest in technology, agent staff, and product offerings to drive the ROI the bank was looking for," Merle Kendall, CEO of Spencer County Bank, said in a statement.
Kendall added that Insuritas will operate under the SCB Insurance brand, focusing on the insurance needs of the bank's customers. "After researching multiple alternatives our executive team concluded that Insuritas' solution was the only answer. Creating an 'Insurance Aisle' in our stores, as they put it, will afford us the opportunity to profitably own an insurance agency, provide a complete product offering and the technology to leverage our bank's lending opportunity and online banking opportunities," Kendall, stated. "The Insuritas outsourcing solution enables us to accomplish our objectives for the bank without the costs and operational risks of building-out the technology rich operating environment needed to handle the increasingly commoditized insurance products."
Insuritas enables banks and credit unions to own a complete insurance agency solution without the significant capital investments required to build or buy an agency, or the inherent operational risks. Through a cost-effective outsourcing service, financial institutions leverage Insuritas' proven, end-to-end insurance agency solution. Insuritas is located in East Windsor CT. Additional information is available at www.insuritas.com.