27 Hoosier Banker July 2015 PSP SHOWCASE Insurance continues to be an everchanging challenge for banks. What coverage should I have? How much coverage do I need? What does the policy actually include? The questions are many, and the answers are hard to determine. ABA Insurance Services is a longterm, reliable and stable source of insurance for financial institutions. This bank-owned, banker-directed program with financial strength exceeding industry standards, has been supporting the banking industry for nearly 30 years. In conjunction with the American Bankers Association and 27 state banking association endorsements, over 1,450 financial institutions nationwide are insured through the program, with an average renewal retention rate exceeding 90 percent. One out of three banks have been with the program for 10 year or longer. ABA Insurance Services offers a full array of coverages including: • Directors and officers liability; • Bankers professional/lender liability; • Financial institution bond; • Property and casualty; • Internet banking/privacy liability; • Many other coverages. Having an insurance provider that deals primarily with banks and has expertise and understanding in banking operations is crucial. The experienced team of underwriting and claims professionals at ABA Insurance Services allows you to focus on banking, while they review and recommend the proper types and levels of insurance coverage appropriate for your bank. With this qualified and quality staff, customer service and prompt communication is a standard. Along with talented personnel, ABA Insurance Services utilizes a unique technology-driven platform supported by an in-house IT development and programming department. This technology has shown a proven capability to link to carrier rate/quote/bind systems. It also houses a fully functional accounting and administrative operations team. Not only does ABA Insurance Services offer products specific to the industry and trained personnel, it also helps mitigate risks by providing free loss control resources, such as SafeTalk® newsletters and SafeAlert® bulletins, webinars, employment practices helpline and HRRiskManager.com. In addition this program is the only professional lines program in the marketplace to offer a distribution back to the bank. The program’s reinsurer, American Bankers Mutual Insurance Ltd., has declared distributions to participating banks for 25 consecutive years, totaling $80.1 million. For more information regarding ABA Insurance Services, contact Richard Flenner at 216-2201325, email: rflenner@abais.com; or Rod Lasley of the IBA at 317-3879380, email: rlasley@indianabankers. org. t About the Author Rod Lasley is vice president-products & services of the Indiana Bankers Association, and also serves as president of the for-profit companies owned by the IBA. He can be reached at 317-387-9380, email: rlasley@indianabankers.org. Insurance Offerings Focused on Bank Needs A primary responsibility of the Indiana Bankers Association is to develop and maintain products and services that will benefit the IBA membership. In discharging this responsibility, there can be benefits to entering into a Preferred Service Provider (PSP) relationship. IBA’s rigorous selection process includes a thorough due diligence review: company history, financial statement analysis, reference checks and search of business records. Criteria for PSP designation include: • Value-added benefits available only to IBA members: cost savings and/or income enhancements; • Business opportunity for the IBA: Each PSP contributes financial support to the Association through marketing fees or royalty payments. For more information about PSP relationships, please contact Rod Lasley at 317-387-9380, email: rlasley@indianabankers.org. What Is a PSP?
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