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CALIFORNIA | INSURANCE | THE STATE

Schwab May Start Selling Insurance Policies

June 03, 1997|(Bloomberg News)

Charles Schwab Corp. wants to sell insurance like it sells stocks, bonds and mutual funds--no frills, low commissions. Charles Schwab, chairman and founder of the San Francisco-based discount brokerage, said his company sees an opportunity because the insurance industry has a "vulnerability." Said Schwab: "Old-fashioned insurance has been done by highly compensated sales systems. We're not a part of that." Test-marketing efforts began last year with Englewood, Colo.-based Great West Life & Annuity Co. The venture has resulted in sales of 3,200 life insurance policies, which have a face value of $1.1 billion, a Schwab spokesman said.

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