Wachovia said Thursday it has expanded its insurance sales force to its core markets throughout the Carolinas and Georgia. The company also announced that it has launched a comprehensive direct marketing program to sell insurance.
Last year, Wachovia Insurance Services Inc. began offering the life, disability and long-term care insurance products of 10 nationally recognized insurance carriers under a pilot program in Winston-Salem, Greensboro, Charlotte and Raleigh, N.C. The program, which is directed toward individuals and small businesses, recommends insurance solutions in meeting estate planning, business continuation and general insurance needs.
Wachovia Insurance Services is expanding its efforts to serve private banking customers and small businesses in Atlanta, Marietta and Savannah, Ga.; Hilton Head, Greenville/Spartanburg, Columbia and Charleston, S.C.; and adding new North Carolina markets in Hendersonville, Greenville, Wilmington and Southern Pines. Wachovia plans to roll out the program in these markets in the first quarter and to hire 12 additional insurance representatives. In addition, the program will be expanded to Virginia later this year.
Also last year, Wachovia Insurance Services initiated a pilot program to market life insurance products through investment counselors in 10 North Carolina cities. Wachovia is expanding the program to include an additional 130 investment counselors in the Carolinas and Georgia during the first quarter.
“Investment counselors currently sell annuity, mutual fund and fixed- income securities, and the addition of insurance to their portfolio of products and services is a natural fit in meeting the financial needs of customers,” said David L. Holton, head of Wachovia Insurance Services.
“Wachovia’s insurance sales efforts have been well received by our customers, who welcome the opportunity to consolidate their financial services with a single institution that they trust. We look forward to making insurance available to customers located in these new markets this year.”
The sales force expansion is complemented by the launch of a direct marketing program to deposit and credit card customers. Wachovia expects to expand its offerings to include term life, homeowners, health benefit cards and other ancillary products in addition to its accidental death and dismemberment insurance, credit life insurance and credit disability insurance offerings. These marketing efforts will generate more than 10 million contacts with customers through the mail or telephone. Strategic database modeling and segmentation will be used in directing appropriate products to customers.
“Direct marketing of insurance is an important component of Wachovia’s mission to help customers conveniently meet their financial goals,” Holton said. “1998 promises to be an exciting year for Wachovia Insurance Services as we expand our operations. The successes recognized in our pilot programs confirmed that customers will purchase insurance through Wachovia.”
Wachovia Insurance Services Inc. is a wholly owned subsidiary of Wachovia Bank, N.A., the principal banking subsidiary of Wachovia Corporation (NYSE WB). Wachovia Corporation, which has dual headquarters in Winston- Salem, N.C., and Atlanta, is the 17th largest bank holding company in the country with assets of $65.4 billion.