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September 22, 2003
Guardian Sees Banks' Entry into Insurance As an Opportunity to Grow
Guardian Sees Banks' Entry into Insurance As an Opportunity to Grow
A recent article in The National Underwriter highlighted Guardian's efforts to align with banks in the sale of life insurance products.
In February 2002, Guardian launched a program to work with smaller banks, which generally lacked experience in insurance sales. The results so far are encouraging, according to Jennifer Snider-Tornetta, Manager of Strategic Alliances. To date, Guardian has agreements with 12 banks, is close to signing with another 4, and has an additional 9 banks in the pipeline.
Guardian's program to align with banks was in response to the Gramm-Leach-Bailey Act, passed in 1999, which permitted banks to enter the insurance business. Banks so far have not proven to be tough competitors as originally feared, according to the article.
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