In December 2011, Midwest Bankers Insurance Services LLC (MBIS) hired Jeff Otteson as sales director. MBIS is a joint venture of MBA and Wisconsin Bankers Association (WBA). MBIS has acquired BancInsure’s “book of business” in Minnesota and Wisconsin. Jeff has a well-deserved reputation for his product knowledge but more important, he is truly dedicated to serving the banks and works hard on their behalf.
Jeff, tell us about your background.
I grew up in the Madison, Wisconsin, area and still live there. I have a business degree from UW – Stout and have spent the last 22 years selling and servicing insurance products to financial institutions. For the past nine years, I have represented BancInsure in Minnesota and Wisconsin, selling Bankers Bond, Professional Liability (PLI or D&O), Commercial Package, Umbrella, Workers Comp - Lending Related Coverages – pretty much any insurance product a community bank would need I have sold and serviced.
What convinced you to accept the Sales Director position at MBIS?
While at BancInsure I greatly appreciated our relationship with MBA and WBA and I have gotten to know the association’s staff. MBA and WBA are really focused on serving their members’ needs, and long term relationships are what they are all about. At MBIS, I am working closely with Dan Melcher, President of MBIS. Joe Witt has been very supportive. I really enjoy visiting the bankers in Minnesota and Wisconsin and my car’s odometer can prove it!
How will your sales approach change at MBIS?
In addition to having the support and resources of MBA and WBA, we are able to represent many of the best insurance companies that play in the bank insurance arena – such as Travelers, CNA, FinSecure, Everest (ABA Program), and BancInsure. It’s really important to have access to multiple carriers to get the best coverage, service, carrier quality, and terms. Each carrier has unique differences – and I make sure we have the best fit for our member banks.
What are some of the current coverage issues for banks?
It really depends on the bank, as each bank is different. In the current regulatory environment, adequacy of D&O Liability coverage is really important, just as are policy language and exclusions. Regulatory, Lender, Privacy, and Employment matters are hot topics right now.
What do you like to do in your spare time?
I like to spend time outdoors – fishing, hunting, boating, snowmobiling, and hiking. Spending time with family is what is most important to me.