Springfield, IL. (September 15, 2014) - Community BancService Corporation, Inc (CBSC), the business services affiliate of Community Bankers Association of Illinois (CBAI), the state’s largest banking trade organization exclusively representing community banks, today announced that it has extended its partnership with Diversified Crop Insurance Services, a provider of crop insurance and grain marketing services. This agreement gives CBAI member banks access to tools that help their farm clients develop an overall risk management program.
During difficult times, selling crop insurance can help banks offset challenges to profitability while providing a service nearly every farm customer’s needs. “There are Illinois banks routinely earning $20,000 up to $500,000 annually selling crop insurance” said Mike Kelley, CBSC President. “Farm Credit Services and local agents are selling crop insurance. The local community bank should also have the same opportunity to sell it and provide valued crop risk management services to their farm customer.”
“We are excited about continuing our partnership with CBSC to provide CBAI members with access to the tools they need to help their farm customers better manage risk” said Scott Crumbaugh, regional marketing manager at Diversified. “Our partnership with the Association helps us deliver tools bankers need to help educate and inform their farm clients. For example, we recognize the new farm bill may be difficult to understand. It is our job to understand every nuance and provide education resources.”
Diversified has worked with community bankers to develop a Farm Bill Seminar for farmers. Banks schedule a day, time and location for the seminar and invite their AG customers. Diversified provides the 2-hour seminar free of charge. “ It’s proven to be a popular program among the farmers and bankers” said Crumbaugh.
There are 17 Approved Insurance Providers (AIPs) authorized to sell crop insurance. While the federal government sets the rates and terms, which are the same for all AIPs, the quality of the service each provides is not. Additionally, AIPs are authorized to pay an annual bonus to agencies based on profitability.
“Not all AIPs are profitable” said Mike Kelley. “ Diversified has an impressive track record of paying profit bonuses.”
For more information about crop and hail insurance, please contact Scott Crumbaugh , regional marketing director at Diversified, via email at email@example.com or phone at 989-513-0833.
About Diversified - Founded in 1997, Diversified provides services to hedge and manage price, yield, and other risks involved with agricultural commodities for farmers, processors, and investors. It offers grain marketing, commodity brokerage, crop insurance, and accounting programs. One of seventeen Approved Insurance Providers (AIP) in the nation authorized to sell and service federal crop insurance services, Diversified also provides administrative, marketing, and adjusting services for federal crop insurance programs. Headquartered in Jacksonville, Illinois, Diversified employees 500 people, operates 13 offices in Illinois and another 55 offices in 16 states.