Eagle Bank and Trust licenses ProfitStars' insurance system

Source: Jack Henry & Associates

Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated computer systems and ATM/debit card/ACH transaction processing, today announced that the turnkey insurance agency outsourcing solution provided by its ProfitStars Insurance Agency Solutions Group has been selected to support the existing property and casualty (P&C) insurance agency owned by Eagle Bank and Trust Company of Missouri.

According to Michael Walsh, CEO of Eagle Bank and Trust, "Approximately three years ago, Eagle Bank acquired a local insurance agency. To-date, like many other banks that entered the insurance industry by acquiring existing agencies, we have not realized the organic growth that we expected from cross selling insurance to our existing retail and commercial customers. Since we still believe that expanding our traditional product and service offering with high-demand insurance products can benefit our bank and our customers, we investigated solutions that could accelerate our sales and ultimately generate the sales levels we expect. After thoroughly investigating our options, we are convinced that ProfitStars' unique insurance distribution solution will more cost-effectively and efficiently support our retail and commercial customers with a broader array of insurance products, proven sales professional and strategies, and extensive insurance industry experience."

Jeff Chesky, group president of ProfitStars Insurance Agency Solutions Group, said, "It is extremely rewarding when we are entrusted to assume the daily operations of an established insurance agency, including responsibility for existing customer care and nearand long-term sales goals. Considering our turnkey outsourcing solution enables us to transparently assume these responsibilities, and enables our clients to exclusively focus on their core competencies we expect more and more financial institutions to consider our outsourcing approach as a proven, cost-effective solution for reinventing under performing agencies. We welcome the opportunity to support growth-focused institutions like Eagle Bank and Trust with our insurance distribution solution, and believe that we have the infrastructure and experience to meet – and hopefully exceed – its expectations.

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