| |
buying property abroad
News and Information Article
- Financial Services Organizations Leverage Turnkey Solution to Offer
High-Demand Property and Casualty Products -
MONETT, Mo., June 22 /-FirstCall/ -- Jack Henry & Associates,
Inc. (Nasdaq: JKHY), a leading provider of integrated computer systems and
ATM/debit card/ACH transaction processing, today announced that its
ProfitStars Insurance Agency Solutions Group has been contracted to provide
its outsourced property and casualty (P&C) insurance agency solution for
three financial services organizations -- Louisiana-based Red River Bank,
Texas- and Oklahoma-based First National Bank of Weatherford, and
Tennessee-based ORNL Federal Credit Union.
The ProfitStars Insurance Agency Solutions Group enables financial
institutions to own complete insurance agencies without the significant
capital investments required to build or buy agencies, or the inherent
operational and reputation risks. Through a cost-effective outsourcing
service, financial institutions leverage ProfitStars turnkey insurance
agency solution to offer the high-demand personal and commercial lines of
insurance that are provided by many of the industrys leading carriers.
This turnkey insurance distribution solution also provides proven sales
professionals and strategies; complete back-office services; and ongoing
access to insurance industry experts.
Red River Bank
Red River Bank serves the commercial, retail, and wealth management
needs of central Louisiana residents; and also is in the process of
expanding into the Shreveport and Bossier City markets in northwest
Louisiana. According to Wylie Cavin, the banks vice chairman and COO, "As
a bank that is strategically focused on the growing needs of the local
markets we serve, we recognize the need and benefits of offering our
customers a full slate of financial products and services. We identified
property and casualty insurance as a key product addition that will allow
us to deepen our customer relationships, enhance customer convenience, and
further strengthen our competitive edge. We believe the ability to
establish and operate a full-service P&C insurance agency backed by the
industry expertise and the competitive P&C insurance products provided by
ProfitStars will expedite our time-to-market and maximize our near- and
long-term success."
First National Bank of Weatherford
Texas-based First Baird Bancshares, a four bank holding company that
includes FNB Weatherford, FNB Mid-Cities, FNB Baird, and FNB Munday; and is
affiliated with First Security Bank in Beaver, Oklahoma, serves a diverse
market that includes commercial, retail, rural, and agricultural customers.
Zan Statham, director, said, "Based on the growing demand for property and
casualty insurance products that we are experiencing, we decided to expand
our insurance offering with P&C products for our retail and commercial
customer bases. We evaluated our operational alternatives and decided an
outsourcing relationship with ProfitStars is the most efficient and
cost-effective approach for expanding our banks insurance offering.
Partnering with ProfitStars will enable us to own the agency and the entire
book of business, will require minimal start-up costs, and will provide
ongoing access to highly competitive P&C products, proven sales support,
and complete back-office services."
CU Community, LLC
CU Community, LLC is a wholly-owned subsidiary of ORNL Federal Credit
Union, a Tennessee-based community credit union with approximately $1
billion in assets and more than 100,000 members. According to Linda Morris,
president of CU Community, LLC, "Our decision to incorporate a property and
casualty insurance agency into our business operations was based on our
desire to provide credit union members with the ability to obtain access to
a wide variety of cost-effective insurance products and services with the
ease and efficiency of one-stop shopping. ProfitStars insurance agency
outsourcing solution provides us with a full-service agency that will
support our focus on member service as well as providing the CUSO with a
new avenue for revenue generation. We are excited about the opportunity to
offer the P&C products provided through ProfitStars to ORNL FCU and other
credit unions through our CUSO."
Jeff Chesky, group president of ProfitStars Insurance Agency Solutions
Group, said, "We believe the diversity of these new clients demonstrates
the broad appeal that our insurance agency outsourcing solution has. As
financial services organizations of all asset sizes and charters look for
new sources of non-interest income, new ways to expand wallet share, new
points of competitive distinction, and additional ways to reinforce
customer retention, we expect continued interest in our outsourced
insurance agency solution. Our ability to dampen the capital risks and
virtually eliminate the operational and reputation risks associated with
launching an insurance agency solution makes our outsourcing approach
extremely attractive for financial institutions that own or are considering
purchasing a local agency."
About ProfitStars
ProfitStars, a division of Jack Henry & Associates (Nasdaq: JKHY),
provides best-of-breed solutions that improve the performance of financial
institutions of all asset sizes and charters, and diverse corporate
entities. These solutions facilitate revenue and growth, risk mitigation
and control, and cost control; and complement virtually any core
information processing platform. Additional information is available at
http://www.manageforperformance.com or by calling 877-827-7101
About Jack Henry & Associates
Jack Henry & Associates, Inc. is a leading provider of integrated
computer systems and processor of ATM/debit card/ACH transactions for banks
and credit unions. Jack Henry markets and supports its systems throughout
the United States, and has more than 8,700 customers nationwide. For
additional information on Jack Henry, visit the companys Web site at
http://www.jackhenry.com .
| |
|
|
 |
buying property abroad |
|
|
|
|
|
|
|
|
|
Locations
