Scotiabank Enters the Property & Casualty Market With a Little ...
They open up an insurance location adjacent to their banking branch, and are able to use all marketing vehicles available to the bank. This includes mailing lists to all existing bank customers, account holders, mortgage holders, credit card holders, and even links from the bank’s website. Scotiabank isn’t forcing anyone to buy their insurance, but they certainly have more prospects and marketing funds than the independent broker channel. Is a call center agent interested in you developing a relationship with them that could last years – to the point where they recognize your voice on the phone when you call ? Perhaps this same call center agent is just watching the clock to see when the workday is over, and then showing up on Friday to collect a paycheque?
One trick to saving money on auto insurance is to get in with the right crowd. Premiums will be lower if you and other drivers are the least likely to be involved in collisions and submit expensive claims.
If you are injured in a collision you will tend to have jobs you can return to quickly, and would wish to. You have medical benefits to pay for at least some treatment before auto insurance must start to pay. Not only will your premiums be lower, the insurer’s profits may also be higher.
Toronto-Dominion Bank found this sweet spot by marketing to middle-aged university alumnae when, through its purchase of Canada Trust, it acquired the Meloche-Monnex agency and its underwriter, Security National Insurance Co.
Toronto-Dominion offers competitive prices while earning a 21 per cent average return on equity over the past five years.
Royal Bank of Canada has been less successful in finding a niche and growing much beyond a quarter the size of TD’s general insurance arm. Canadian Imperial Bank of Commerce tried, but gave up and sold its mid-sized insurance subsidiary, The Personal Insurance Co., to the Quebec credit union movement’s Desjardins Group.
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