Regions Bank 2014 Annual Report Download - page 17

REGIONS 2014 ANNUAL REVIEW 16
Coverage Targeted to Customer Needs
Centered on customers’ needs; built on strong relationships;
successful at leveraging specialized expertise; powered by
talented associates; these are the attributes Regions Insurance
shares with our banking business. It is a formula that delivers
growth. Today, Regions Insurance is ranked among the top
30 insurance brokers in the United States, and is the nation’s
third-largest bank-affiliated insurance agency. In 2014, this busi-
ness delivered 8% growth in revenues. Currently, with more than
600 employees in 28 offices across 10 states, Regions Insurance
is on target to continue to grow, expanding both organically and
through strategic acquisitions.
Why an insurance brokerage subsidiary for Regions? It’s
an opportunity to fulfill additional customer needs through
Regions360™ while providing a more complete set of financial
solutions to customers. Our insurance offerings include a full line of
commercial property and casualty, employee benefits and personal
lines. It is also an important source of non-interest revenue, deliver-
ing a stable earnings stream and consistent profitability.
Creating a Better Relationship
As in banking, strong relationships and an emphasis on superior
customer service are differentiators that win in the insurance broker-
age business. Curren Coco, CEO of Regions Insurance Group,
notes that, “We represent just about every major carrier in the
world, but as a brokerage, we don’t control price, product or
feature – those are consistent, whoever serves as broker. What
we do control is service and product knowledge, and how well
we treat you as a customer. The reason you come to us and stay
with us is because we provide better service, more expertise
and create a better relationship experience.”
Metrics indicate that Regions Insurance is delivering against its
objective of superior customer service. The average duration of a
client relationship is well above industry norms. All 45,000 Regions
Insurance customers are surveyed each year and asked whether
they would refer peers to Regions Insurance. Approximately 93%
say yes – a superior measure within the industry. This high level of
performance has helped earn Regions Insurance recognition as
an Independent Insurance Agents and Brokers of America (IIABA)
Best Practices Agency every year since 2010.
Defined by Specialized Expertise – and Innovation
Effectively serving diverse businesses requires a high level of
understanding of specialized needs and requirements. The
insurance needs of an oil and gas exploration company are far
different from those of a hospital or a trucking concern. Notes
Coco, “Our people become industry experts in our clients’ busi-
nesses. For example, we insure one of the largest privately owned
contractors that builds petrochemical plants. The complexity and
difficulty of the insurance placement, the associated risks, the nature
of the timelines – it all requires us to have an intimate understanding
of our client’s operations and business.”
Regions Insurance is also a leader in applying advanced technology
to help customers prepare for and, when possible, avoid damage
from severe weather events. The Regions Insurance Severe Weather
Alert System combines NOAA real-time weather data with geocod-
ing of customer assets to proactively notify clients when tornados,
hailstorms, floods, wildfires or other severe events occur. This unique
capability is just another way that we can better serve our customers
and differentiate ourselves in the marketplace.
Leveraging Regions360™ – and a Strong Brand
Regions Insurance associates work collaboratively with their bank
counterparts to implement Regions360™ to offer a wide range of
solutions centered on customer needs. “Regions is a great brand
and a large stable bank, and we’ve leveraged the stability of that
within the insurance team – customers know their broker won’t
be disappearing overnight,” says Coco. “The other key piece is
ethics and culture. Those two things contribute to a compelling
value proposition that our clients appreciate.”
INSURANCE
SOLUTIONS
Above: (left to right) Stephanie S., Lynn M.