Insights from Peers

Banks have been using extended insurance products for over 20 years, and they handle these products in a variety of ways and “lean-in” to these products to varying degrees. Because they recognize the value these products can deliver, some institutions launch dedicated marketing campaigns around these account types to attract high-value accounts. These accounts can also be deployed more tactically with higher-touch, high-value members that are likely to appreciate the peace of mind offered by extended federal deposit insurance and have a dedicated relationship manager available to help them manage the account. When using Extended Insurance Accounts as a mechanism to acquire public funds, some larger institutions have dedicated salespeople covering these government member relationships, but oftentimes these relationships are covered by someone on the business banking side. While this is not the norm, we do work with a handful of banks that have deposit product specialists focused on specific business segment – e.g. VP, Public Fund Deposit Products.