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I was reading the obituary of Paul Amos, who founded American Family Life Assurance Company with his brothers. You know the company – it’s the one with the talking duck who repeats the abbreviated name “Aflac.”

 

Here’s what struck me in the NY Times obituary:

 

While most insurers sold policies by knocking on doors, Paul had the company emphasize cluster selling and worksite marketing. Instead of making presentations to individuals, the company’s sales representatives often went to companies to make sales pitches to groups of employees. Today, most of Aflac’s United States policies are bought through payroll deductions.

 

Sounds like Bank at Work, or perhaps Insurance at Work. Aflac built a $121 billion company on this strategy.

 

We’ve been saying for a long time that Bank at Work can be a highly effective and efficient acquisition channel by reaching prospective customers at their workplace. And it’s a natural fit for banks that have commercial relationships with employers, or credit unions based on their historical SEG (Select Employer Group) heritage.

 

But before you charge headlong into this program, read our articles and presentations: Ten Myths about Workplace Banking, Keys to a Successful Workplace Banking Program, and Banking on Bank at Work.

 

And to know more, reach out to Paul Corrigan who is one of the leading experts on Workplace Banking. He managed the very successful programs at Citibank and RBS Citizens, and has consulted with credit unions, community banks, and national banks in the United States, Canada, and around the world. His expertise with Workplace Banking initiatives covers the full range from strategy to execution and includes considerable experience in program implementation and channel management. Paul can be reached at paul.corrigan@ppcgroup.com

 

 

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