InsurBanc is headquartered in Farmington, Conn., and is a member of the Federal Deposit Insurance Corporation (FDIC). The bank, which operates in all 50 states, was jointly developed by the 300,000-member Independent Insurance Agents & Brokers of America (IIABA), Alexandria, Va., and the W. R. Berkley Corporation, Greenwich, Conn., an insurance holding company. InsurBanc offers a complete line of business products and services tailored to the independent insurance agent, including acquisition and perpetuation financing, cash management and remote deposit. InsurBanc also offers a full range of consumer banking products, such as free checking, certificates of deposit, home equity lines of credit and residential mortgages.
Renaissance Alliance Selects InsurBanc for Custom Payment System and Cash Management
Renaissance Alliance Insurance Services, LLC, a network of 89 independent agencies in New England, has selected InsurBanc for a suite of banking services, including a secure Web-based commission payment system, a comprehensive cash management solution, and online banking services.
InsurBanc created a customized electronic process that allows Renaissance Alliance to efficiently pay insurance commissions to its independent agency members via InsurBanc’s business online banking system. Along with this custom solution, InsurBanc provides Renaissance Alliance with complete cash management products and services including remote deposit, operating accounts and investment accounts.
Renaissance Alliance, based in Wellesley, Mass., operates in Massachusetts, Connecticut and Rhode Island and is expanding to Maine, Vermont and New Hampshire. An integrated network providing specialty services tailored to independent agencies, Renaissance Alliance provides its members with access to carrier markets and administrative and technology services to help them enhance profits and grow—while allowing them to retain independent, local presences.
The relationship began with InsurBanc’s assessment of Renaissance Alliance’s cash flows and assets, along with a review of the firm’s banking needs and growth objectives. InsurBanc then created the customized banking program, combining technology tools, deposit products and services, and customer service standards and processes.
Renaissance Alliance and InsurBanc share a philosophy of specializing in serving the needs of independent agencies. Explained Bruce Cochrane, CIC, president of Renaissance Alliance: “We make life simpler for independent agencies by doing things centrally for them, without taking away their independent nature as insurance agencies. Working with independent agencies as a service provider requires us to understand the psyche of the independent agency owner. This is where we and InsurBanc have parallels: InsurBanc provides banking products that fit the specific needs of agencies—and their commitment to customer service matches up well with Renaissance Alliance.”
Mary C. Grazen, executive vice president and chief operations officer of InsurBanc, noted: “InsurBanc and Renaissance Alliance each provide a unique set of capabilities and services to independent agencies to help make them more efficient and boost profitability. We allow the agencies to focus on what they do best—and rely on a banking partner that understands its needs, provides a suitable suite of banking products, and backs it all up with technology tools and customer service.”
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Published on December 2, 2010
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