Product Sourcing

Finding the best possible partner in the areas of insurance and financial services for a Community Bank can be difficult.

The process has become even more complicated by third partner vendor vetting guidelines. It is difficult to assess such intricacies as policy design, costs or price, partner qualifications and more without insurance industry expertise- which is an overhead most community banks cannot afford.

  • Consulting services are available to provide critical expertise:
  • Form partner selection committee with appropriate bank personnel
  • Determine specific needs of the bank
  • Develop selection criteria based on industry standards and bank specific requirements
  • Determine potential partners available in the industry based on bank selection criteria
  • Develop and distribute request for information (RFI) document to potential partners
  • Review and report a summary of RFI response
  • Committee discussion of RFI summary and selection of partner for adoption or partners for presentation
  • Partner selection
  • Contract review and development
  • Implementation facilitation

In today’s complex environment, utilizing third party expertise can mitigate problems created by selecting a partner not appropriate for the bank, customer or product.

Contact Jim Sarosy at jjsarosy@CBAO.com or (614) 846-2170 to learn how CBAO can help you with partner sourcing.