Insuritas, a leading provider of outsourced insurance agencies, said it has reached an agreement with BancorpSouth to provide agency-integration insurance capabilities for the bank-owned insurance agency.
Officials at East Windsor, Conn.-based Insuritas on Friday said the company will coordinate within the parent bank’s BancorpSouth Insurance Agency to provide a highly automated sales platform to integrate insurance offerings for the bank’s retail and small business customers.
“Insuritas will supplement our core agency’s capabilities by providing their turnkey insurance agency distribution solution; including sales professionals, full technology integration, online shopping, complete back-office services including billing and claims processing, its award winning insurance agency web portal,” Scott Naugle, CAO for BancorpSouth Insurance Agency, said in a statement.
Naugle added that Insuritas will operate under the BancorpSouth Insurance Agency brand, focusing on the bank’s more than 350,000 retail and 50,000 small business customers.
Insuritas’ insurance agency web portal allows customers to shop online for all their various insurance products while visiting the bank’s website.
Along with online quotes and online binding -- where customers can buy personal lines of insurance immediately after reviewing quotes -- customer can also store, retrieve and organize all their insurance policies through their the website.
“The bank was strategically committed to providing its retail households and small businesses with a full-service insurance agency solution,” Markham McKnight, president of BancorpSouth, said in a statement. “The Insuritas outsourcing solution enables us to accomplish this objective for the bank without the traditional costs and operational risks of building-out a new agency complex to handle the increasingly commoditized personal lines and small commercial coverages.
Tupelo, Miss.-based BancorpSouth oversees more than $13.3 billion in assets.