Iowa Bankers Insurance And Services, Inc.

What Iowa Bankers Insurance And Services, Inc. does

Iowa Bankers Insurance And Services, Inc. (IBIS) is a private, full-service multiline insurance agency headquartered in Johnston, Iowa, founded in 1971 to provide insurance and service solutions on a minimum-cost basis to community banks. The company traces its roots to 1900 through the Iowa Bankers Association and operates with close institutional ties: the IBIS president (Chad J. Ellsworth, CPA) also serves as COO and CFO of the Iowa Bankers Association, and the IBA President/CEO sits on the IBIS board. IBIS is Iowa's only full-service Wellmark Blue Cross and Blue Shield general agency and administers the Iowa Bankers Benefit Plan (IBBP), a self-funded multiple-employer welfare arrangement (MEWA) structured as a tax-exempt VEBA that covers nearly 30,000 lives across 13,000+ employees of member banks in Iowa and Minnesota.

The company's product portfolio spans approximately 120 insurance offerings organized into three core divisions: Insurance For Banks (lender protection, management/D&O, financial institution bonds, cyber liability, and the Mid America Financial Institution Safety Group written through Chubb), Employee Benefits (IBBP health, dental, vision, life, disability, flex spending, retiree plans, supplemental voluntary benefits), and Insurance Agency Support (commercial lines, personal lines, agricultural lines, health, disability, life, annuities, long-term care, and ancillary products). Digital infrastructure consists of the IBIS Group Benefits Portal and an Agent Portal for self-service administration and quoting; no proprietary AI/ML or advanced technology platform is disclosed. Operations are supported by 30+ staff, including territory representatives across Iowa, Minnesota, and Illinois, and a dedicated Privacy & Compliance Officer. MABIS (Mid America Banking Insurance Services, Inc.) operates as a wholly-owned subsidiary extending coverage into Illinois and the broader Midwest.

IBIS generates revenue primarily through insurance commissions on premium placed with carrier partners, operating a sales-led, consultative go-to-market model via territory representatives combined with a channel-partner model through the Agency Services division serving 185 agents. Customer concentration is distributed across 210 community banks and the agent channel, with no external private equity or institutional investor ownership identified. The company earned the 2020 Wellmark Promise Award, has administered the Chubb Safety Group for over 20 years returning millions in experience refund dividends, and has served the banking industry for 50 years since its 1971 incorporation.

Name

Iowa Bankers Insurance And Services, Inc.

Legal name

Iowa Bankers Insurance & Services, Inc.

Website

https://bankers-ins.com

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

11–50 employees

Short description

Iowa Bankers Insurance And Services, Inc. (IBIS) is a private, full-service multiline insurance agency serving 210 community banks in Iowa and Minnesota and 185 independent agents, operating as Iowa's only full-service Wellmark general agency and administering a self-funded employee benefits plan covering ~30,000 lives.

Ownership category

akta.pro rank

Product category

Insurance Agency Services

NAICS

Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242), Other Insurance Funds (52519)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

Keywords

• Community bank insurance
• Employee benefits administration
• Insurance agency services
• Financial institution coverage
• Lender protection products

Headquarters

HQ city

Johnston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Commissions: Revenue generated through commissions from selling and administering insurance products including health, dental, life, disability, property & casualty, and bank-specific coverages. Acts as a general agency for Wellmark and other carriers.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Iowa Bankers Insurance and Services, Inc. is a full-service multiline insurance agency that provides insurance products and services to community banks, independent insurance agents, and employer groups. Its core offerings include lender protection coverages, employee benefits administration through the self-funded Iowa Bankers Benefit Plan, and agency services for independent agents. The company operates as the only full-service Wellmark General Agency in Iowa and extends its services into Minnesota through subsidiary MABIS.

Product overview

Iowa Bankers Insurance and Services, Inc. (IBIS) is a full-service multiline insurance agency serving community banks and independent agents, operating as Iowa's only full-service Wellmark General Agency. The company offers a unified portfolio of insurance products organized into three core divisions: Bank Coverages (lender protection, management/D&O, financial institution bonds, cyber liability, and Safety Group products), the Iowa Bankers Benefit Plan (IBBP) employee benefits program (health, dental, vision, life, disability, retiree plans, flex spending, and supplemental benefits), and Agency Services (commercial lines, personal lines, agricultural lines, health, disability, life insurance, annuities, and ancillary products). The company also operates MABIS (Mid America Banking Insurance Services) as a subsidiary for Midwest bank coverage. IBIS provides digital platforms including the IBIS Group Benefits Portal and Agent Portal for administration and quoting.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance for Banks (Lender Protection & Financial Institution Coverage) A multi-line insurance package designed for community banks covering lender-related risks. Includes financial institution bonds, D&O, cyber liability, commercial multi-peril, property and casualty, workers compensation, and additional bank-specific coverages.
• Iowa Bankers Benefit Plan (IBBP) A self-funded employee health benefits plan with stop-loss coverage, serving participating community banks and employer groups in Iowa. Provides pooled cost advantages and is administered through IBIS's Benefits Portal.
• Insurance Agency Services Full-service agency support for independent insurance agents, providing access to a portfolio of 120+ products, policy administration, and back-office services via the Agent Portal.
• Safety Group Program An experience-rated commercial insurance program available to community banks, with annual earnings distribution back to participants based on loss experience.
• MABIS Banking Insurance Services (Minnesota) Subsidiary of IBIS providing bank-specific insurance coverages and agency services to community banks in Minnesota.
• Wellmark General Agency Services As Iowa's only full-service Wellmark General Agency, IBIS provides access to Wellmark Blue Cross and Blue Shield health and ancillary products for community banks and employer groups.

Quantifiable outcome

• Insuring nearly 30,000 covered lives under health plans
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• Wellmark Blue Cross and Blue Shield of IowaflagshipStrategic or Co-development PartnerIowa's only full-service Wellmark General Agency. Wellmark administers health benefits for IBBP and provides extensive health plan network access. Strategic partnership includes joint marketing and exclusive distribution arrangements for Iowa market.
• Delta Dental of IowacoreStrategic or Co-development PartnerStrategic partner providing dental benefits administration under IBBP. Part of comprehensive employee benefits offering.
• The StandardcoreStrategic or Co-development PartnerUnderwriter for group term life insurance under IBBP since 1991. The Standard processes claims while IBIS manages administrative functions. Currently protects approximately 8,000 employees.
• Chubb Group of Insurance CompaniesflagshipStrategic or Co-development PartnerInsurer for Mid America Financial Institution Safety Group program. Coverage includes property, liability, auto, workers' compensation, and umbrella. Experience earnings distribution when loss ratio falls below 40%.
• Mid America Banking Insurance Services, Inc. (MABIS)coreOthersWholly owned subsidiary offering bank insurance products and Safety Group memberships to community banks throughout the Midwest, specifically serving Illinois market exclusively.
• GeoBlueminorChannel Partner/ Reseller/ DistributorLicensee of Blue Cross Blue Shield providing international health insurance coverage for traveling employees.
• Frost FinancialminorImplementation/ SI/ Consulting PartnerPrivately held third-party administrator referenced for lender protection products, specifically Blanket Mortgage Protection.

Scale indicators9 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• AssuredPartners: National insurance brokerage built through roll-up acquisitions, providing P&C, employee benefits, and financial institution coverage across the U.S. Comparable to IBIS as a multi-line agency serving mid-market and financial institution clients.
• Cincinnati Financial / Cincinnati Insurance Companies: Property/casualty insurer and agency group serving businesses and banks across the Midwest and beyond. Comparable to IBIS in serving community bank and small commercial accounts, though as a carrier-plus-agency platform rather than a pure broker.
• USI Insurance Services: Large national insurance brokerage serving middle-market and commercial clients across all major lines including employee benefits and P&C. Competes with IBIS in the bank-and-agent segment but operates at far greater scale and geographic breadth.
• Lockton Companies: Large independent insurance brokerage with strong financial institutions practice and employee benefits capabilities. Comparable to IBIS in product breadth (P&C, benefits, D&O, cyber) but at a much larger scale and broader geographic footprint.
• Marsh McLennan: Global insurance brokerage and risk advisory firm covering all major commercial and financial institution lines. Overlaps with IBIS in financial institution insurance but operates as a broad incumbent rather than a community-bank specialist.

Direct peers

• Holmes Murphy & Associates: Independent insurance brokerage with deep specialization in community and regional bank insurance programs, including property/casualty, employee benefits, and lender protection. Comparable to IBIS in its bank-centric focus, multi-line agency model, and association-affiliated distribution channels.
• The Plexus Groupe: Insurance and financial services firm focused on community banks and financial institutions, offering bank package, executive lines, and employee benefits. Comparable vertical specialization and bank-association channel model to IBIS.
• M.J. Hall & Company: Insurance brokerage specializing in serving community banks and financial institutions with bank package policies, D&O, bond, and lender protection products. Highly comparable niche overlap with IBIS's bank coverage division and similar customer base.

Emerging players

• CUNA Mutual Group / TruStage: Insurance and financial services provider to credit unions and their members, operating a self-funded, member-owned model analogous to IBIS's MEWA/VEBA IBBP structure. Comparable in pooling/cooperative benefits architecture, though serving credit unions rather than community banks.
• Hilb Group: Mid-Atlantic insurance brokerage offering commercial, personal, and employee benefits solutions to community-oriented businesses including financial institutions. Comparable to IBIS in multi-line agency model and mid-market customer focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/iowa-bankers-insurance-and-services-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iowa Bankers Insurance And Services, Inc.