Extra Services for Extra Revenue

Extra services for extra revenue

Most businesses constantly look for ways to improve their bottom line. When costs have been pared as far as they can without sacrificing quality of service, creatively identifying alternative sources of revenue becomes a paramount concern. That’s the position one Post Office is taking when it recently signed a partnership agreement with an insurance company.

Earlier this year, MaltaPost announced that it had made an agreement with Middlesea Insurance to have a subsidiary of the postal agency become an agent of the insurance company.

Middlesea insurance provides home, car, travel, health, boat, wedding, and other insurance products to the citizens of Malta. As an official agent of the insurance company, MaltaPost will be able to offer the expanded service option to its own customer base.

As the decline in its revenue volume persists, MaltaPost continues to search for opportunities to diversify its business base and grow its revenue stream. Selling insurance isn’t the first unrelated business a Post Office has acquired in recent years, and it’s not likely to be the last.

Do you think the U.S. Postal Service could offer similar insurance products to its customers?

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3 Comments

  1. Andrew

     /  September 7, 2013

    NO.

  2. PO Clerk

     /  September 8, 2013

    We already do. We offer insurance on mailing packages.

  3. Jonn

     /  September 10, 2013

    Selling insurance has a low cost to entry as an agent of an insurance carrier and it would be easy to pay a bill in person since USPS is everywhere. I guess it would depend if the rates are competitive and if they choose a good partner. I could see a Geico or State Farm working with USPS on this. It would mean offices stay open longer and don’t close down in smaller communities. I’m all for that.

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