Ten Years of Midwest Bankers Insurance Services
Midwest Bankers Insurance Services (MBIS) will be celebrating its 10-year anniversary in December. Following several years of financial downturn throughout the U.S. and an increasing need for state association-run insurance agencies that could defend and advocate for the banking industry, MBIS was founded in 2011. What started as a purchase of BancInsure’s “Book of Business” flourished into policies that span multiple insurance carriers and specialization of offerings that better help protect local, Midwestern banks.
“Wisconsin Bankers Association (WBA) is a co-owner of MBIS along with the Minnesota Bankers Association (MBA). MBIS is an independent insurance agency focused exclusively on community banks” says Daryll Lund, MBIS president as well as WBA executive vice president and chief of staff. “As an association owned company, ultimately revenue we receive from our success in MBIS supports the overall mission of WBA. MBIS now serves over 225 bank clients in Wisconsin, Minnesota, and North Dakota.”
MBIS prides itself on their understanding of community banks, emerging claim trends, best practices, internal control guidance, and policy placement which provides safety and security to banks. “Insurance for banks by people who know banks” has allowed each of MBIS product offerings to be customized for insurance protection and a high level of policy education to meet the needs of member banks.
MBIS is comprised of a team of dedicated professionals who understand insurance and community banks. Along with Jeff Otteson, vice president of sales, the Wisconsin MBIS team members include Melissa Noonan, account manager, and Becky Gatzke, insurance assistant.
As well as providing professional insight and education, keeping up on industry trends that effect community banks is a priority for MBIS. “In my 32 years working with financial institutions, I haven’t seen a market harden [like] I’ve seen the cyber liability market” said Otteson. “This is primarily due to the huge increase in ransomware claim payments. The insurance carriers are requiring various internal controls, getting ahead of these internal control requirements before renewal date will be key to securing terms and to soften the premium increase.”
By proving the highest quality service and education, MBIS has helped community banks protect their earnings and capital in times of uncertainty while providing guidance ahead of emerging trends.
By Hannah Flanders
