With its purchase of Acordia five years ago to supplement its own insurance presence, San Francisco-based Wells Fargo became a major player in the industry. The recent appointment of Peter Wissinger as the first head of the bank's entire insurance operation was another big step in its effort to move into the top ranks of the brokerage arena.
"By having all the insurance operations report to one person and having them work in closer proximity, we can get leverage between the businesses," according to Mr. Wissinger.
Thus, the "skill and scale" within Acordia can benefit the Wells Fargo personal lines operation, while a "single technology" platform will boost overall operational efficiency. "Why would we have two different technologies serving these businesses?" he asked.
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