Broker World

MetLife announced recently that its new individual dental product, MetLife TakeAlong DentalSM, has rapidly begun receiving state insurance department approvals, and will be available in the marketplace in the first quarter 2016. With this product, businesses of all sizes will be able to expand coverage to more of their employees, such as part-time or retired workers, whom they may have not been able to include previously in a traditional dental plan due to administrative burdens or cost. 

“We know from MetLife’s 13th Annual U.S. Employee Benefit Trends Study that dental insurance is a key benefit for many workers, with more than two-thirds listing it as a ‘must have’ benefit,” said Christen White, senior vice president and head of group dental and vision at MetLife. “Compared to those who don’t have dental insurance benefits, employees who have dental are significantly more likely to indicate they will stay at their employer—81 percent versus 70 percent—and that they are satisfied with their benefits—87 percent versus 50 percent—so the implications for employee loyalty are significant.” 

Added White, “At MetLife, we’re focused on helping employers find the right benefits solutions to better balance costs and employee needs, so we have designed a product that gives employers the opportunity to expand dental benefits at no cost to them, and with little to no administration, yet still provide their employees with quality dental insurance. We are especially excited that one private exchange has already signed up to provide TakeAlong Dental as soon as it launches.”

Unlike many individual dental offerings that only feature a percentage discount card or provide very limited coverage and networks, TakeAlong Dental will provide covered services similar to group plans, including the same network of pre-screened providers, online access and claims handling that are available to all of MetLife’s group benefits customers.  

“With the number of part-time workers and pre-retirees growing in today’s workforce, the need for a voluntary dental solution has never been greater. Employers and brokers who have been unable to find a dental insurance solution to fit the unique needs of their diverse workforce will appreciate TakeAlong Dental,” added Matthew Gallina, vice president, growth strategies, MetLife. “Since MetLife supports the end to end administration from enrollment to employee billing to ongoing service, the workload on employers is minimal. And for employees, we’ve made it simple: it’s guaranteed issue, affordably priced, and portable so they can take it with them. This will allow employers to be confident that they have made the best decision for their business.”

To date, MetLife TakeAlong DentalSM has been approved in Georgia, Indiana, Illinois, Louisiana, Michigan, Nevada and West Virginia, and is pending approval in the remaining states, D.C., Puerto Rico and the U.S. Virgin Islands. Brokers and agents will be able to provide TakeAlong Dental to their clients in these and other states by the end of the First Quarter, 2016. To learn more about MetLife’s Group Benefits offerings, please visit https://www.metlife.com/brokers/benefit-products/group-employee/index.html.

MetLife, Inc., through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Legal & General America (LGA) announced the promotion of Troy Thompson, FSA, to senior vice president and chief actuary. Thompson has been LGA’s vice president of product management since June, 2014.

In his new role Thompson will be providing overall direction on the company’s product design and pricing strategy and ensuring the development, application and consistent administration of actuarial principles and statistical/modeling techniques to ensure sound financials. He will help drive new ideas and implement strategies that provide profitable growth opportunities for Legal & General America and all consolidated subsidiaries.

Thompson will continue to chair the company’s pricing committee and related subcommittees and will be a director on the boards of Banner Life Insurance Company and William Penn Life Insurance Company of New York.

Gene R. Gilbertson, president and CEO, said:  “Troy has done an exceptional job in directing LGA’s product management and pricing strategy. He is a highly qualified individual who possesses the technical and managerial leadership qualities necessary to succeed in the position of chief actuary. I have tremendous confidence in Troy’s abilities and look forward to working with him in his new senior leadership role.”

“It is my great privilege to serve LGA in this capacity, “said Thompson.” “With a solid financial profile, leading expertise in mortality and increasing synergies with our global parent and US affiliates, the future is very bright. I am excited to work with the great senior leaders and staff of LGA as well as our highly valued distribution partners to find new and innovative ways to secure the financial futures of more Americans.”

Frank T. Gencarelli, senior vice president, sales and marketing, added: “Troy’s actuarial and financial acumen, his penchant for simplicity and clarity, and his demonstrated rapport with a broad audience of stakeholders, from stock owners to distributors, are rare in the role of chief actuary. We are lucky to have someone with Troy’s skill set and passion for the noble purpose of life insurance in this important leadership position.”

A mathematics graduate with honors from The University of Texas, Thompson is a Fellow in the Society of Actuaries.  Prior to joining LGA, he was vice president, USAA, in San Antonio, TX, where he was first the strategic leader of life and investment company operations and then a leader in an enterprise transformation initiative. This initiative aided the shift from a product line centric organizational underpinning to a shared distribution multiproduct solutions orientation.

As senior VP of fixed life products, universal life products and term life products at Genworth Financial, Thompson led the development of term and UL portfolios resulting in over $200 million in annual sales, $300 million in after-tax income, and annual growth rates as high as 70 percent. In doing so, he also artfully managed capital with structures that funded noneconomic AG38 and XXX reserves, including the industry’s first securitization.

For over 65 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and its subsidiary William Penn Life Insurance Company of New York. With more than $73 billion in new coverage issued in 2014, LGA ranked fifth in the U.S. and ended 2014 with in excess of $634 billion of coverage in force with nearly 1.2 million U.S. customers.

OneAmerica Rolls Out Low-Cost Income Rider

OneAmerica® has launched Freedom Builder Plus, a unique and guaranteed new retirement income strategy.

Freedom Builder Plus, or FBP, is an indexed guaranteed income rider available with the fixed indexed annuity Freedom Builder. Freedom Builder Plus, available to individuals in 47 states, is an economical option that offers guaranteed growth toward a lifetime income payment and potential for increased payments tied to future U.S. Treasury rates.

“OneAmerica is responsive, and our team developed this forward-thinking product in that spirit because it provides a unique and valuable way for our customers to improve their retirement income,” said Patrick M. Foley, president, Individual Life and Financial Services for OneAmerica. “For half the cost of similar competitor options, Freedom Builder Plus can be a flexible and valuable addition to a personal retirement portfolio.”

Offered through American United Life Insurance Company®, a OneAmerica company, FBP is available to clients for an annual fee of 0.45 percent, half what many competitors charge.  

Freedom Builder Plus provides five percent simple interest for 10 years to an income base that can be used for lifetime income payments. FBP also offers an opportunity for the contract holder to receive increased income payments based on changes in the 10 year U.S. Treasury rate. If rates change by the time lifetime income payments begin, the payments will be calculated using an index multiplier that may increase payment amounts up to 30 percent. This flexibility can overcome contract-holders’ concerns of locking in a benefit determined by today’s low interest rates.

“It’s a tremendous value,” said Foley. “While preparing for retirement you may want protection from market volatility, opportunity for increased income, and the ability to create a guaranteed stream of income you can’t outlive.”

OneAmerica is the marketing name for the companies of OneAmerica. Products issued and underwritten by American United Life Insurance.

Genworth Launches The LTC Source^SM  

The impact of a long term care event on a client’s well-planned retirement can be devastating.  Fortunately, more products are available today than ever before to help protect clients’ retirement from a long term care event. The challenge for financial professionals becomes, how do you know which is an appropriate solution for your client?

 Genworth, a leader in long term care insurance, has launched a new online resource to help financial professionals help their clients understand how different types of insurance products can meet their varied needs. Genworth’s The LTC SourceSM offers educational training, sales and marketing information for financial professionals of all experience levels.

 The centerpiece of the site is a Solution Selector tool that helps financial professionals quickly determine possible long term care funding solutions by answering a few simple questions about their client’s needs.  Those needs may range from concerns about the financial risks of long term care and outliving their income in retirement to providing a death benefit for their loved ones. So the solutions range from traditional, stand-alone long term care insurance to life insurance products with long term care riders and flexible annuities with features that can provide more income when confined to a medical care facility. 

 Genworth’s Let’s Talk Research1 shows that 57 percent of consumers have not talked to anyone about the potential need for long term care, despite the fact that at least 70 percent of people over 65 will need long term care services and support at some point.2

 “Financial professionals are in an ideal position to start that conversation and propose a solution,” said Lou Hensley, chief commercial officer of Genworth’s U.S. Life Insurance division. “Our goal with The LTC Source is to provide the education, tools and support necessary to help financial professionals—whether they’re just starting to learn about long term care insurance or are seasoned pros—ignite a conversation about long term care planning and better counsel their clients on the role these products can play to help them achieve their financial goals.”

 Genworth’s U.S. Life Insurance companies offer multiple solutions that can help fund long term care and other financial needs:

• Privileged Choice® Flex products, traditional long term care insurance policies.
• Total Living Coverage®, a linked benefit product that combines the power of universal life insurance and long term care insurance in a single flexible policy.
• An optional accelerated benefit rider for long term care services that can be added to an index universal life insurance policy.
• SecureLiving^® Growth+ with Income Choice rider, a fixed index annuity with an income rider than can double the available income withdrawals for up to five consecutive years when the contract owner is confined to a medical care facility.

Visit: https://www.genworth.com/theLTCsource.com.

1:  “Let’s Talk Research”, Genworth, March 2015

2:  2015 Medicare & You, National Medicare Handbook, Centers for Medicare & Medicaid Services, Revised September 2014.

International travel insurance and specialty benefit management company Seven Corners, Inc. announced it will now offer comprehensive trip protection packages to non-U.S. residents through its latest product RoundTrip International. The new product allows non-U.S. residents traveling outside of their home country to purchase all-encompassing trip cancellation, medical and baggage and personal belongings protection.

Global travelers outside of the U.S. can enjoy RoundTrip International’s protection against unforeseen events that may occur before or during a trip, covering financial investments and the health of the traveler. RoundTrip International’s trip protection package benefits include:

• Trip cancellation: In case of an unforeseen event that prevents travel and jeopardizes a financial investment, such as a sudden illness or natural disaster, RoundTrip International covers the cost of the trip in addition to trip interruptions, delays or missed connections. 

• Medical insurance: RoundTrip International protects against unexpected medical expenses that a customer’s standard health insurance may not cover while outside of their home country including accidents, injury, sickness and medical evacuation. 

• Baggage protection: Personal belongings and luggage are covered under RoundTrip International in case of loss, theft, delay or damage. There is also coverage for sports equipment rental if equipment is damaged, lost, delayed or stolen. 

“For many years, Seven Corners has offered comprehensive trip protection to U.S. residents traveling internationally,” said Jim Krampen, co-founder and chief revenue officer of Seven Corners. “Our debut of RoundTrip International extends our already robust suite of coverage to non-U.S. residents, thus providing peace of mind to the ever-growing market of global travelers seeking protection for and during their trip.”

RoundTrip International is supported by Seven Corners’ outstanding 24/7 travel and medical assistance services led by its multilingual team for any emergency and non-emergency needs. Travel assistance includes local weather details, currency rates, local embassy contact information, passport recovery and additional pre-trip information. Its medical assistance services help travelers locate appropriate medical care, coordinate emergency medical evacuations, secure transportation home and provide family care in case of a medical emergency. 

For more information on its products, visit www.sevencorners.com. 

Q: What tips and experience can you share about the process of grooming agency successors into leadership roles?

Ash Brokerage
First, you have to have willing people—people who have a passion and intelligence about the business—and their skills will come with time. We believe it’s not as important to teach someone as it is to give them the opportunity to learn and grow. Back when Tim was learning the ropes, I brought him to an event and asked him to speak—there were no presentation courses or prep work, I just let him think on his feet. It turned out fine, and with more experience, he became an excellent public speaker.  

So the best advice we can give a leader is to say, “Help us find a better way.  What ideas do you have to solve this?” Give people freedom and opportunity to try their creativity.  It doesn’t always work, but we gain wonderful knowledge going through the process.

Brokers Alliance
One of the greatest advantages David had when taking over as the CEO was that he had worked in every division of the company.  From case management and licensing to marketing and IT, David spent time actually doing the work of the employees he would soon manage.  Without having that level of experience, he would not have had the perspective he did when taking over.  This perspective is what led to the integration of new technologies and processes to make each division more efficient and more profitable. Prior to taking on that endeavor, David started a company at the age of 19 and grew it to 14+ employees by the time he was 22. David already had the propensity and entrepreneurial spirit to succeed when I ended up asking him to merge his businesses with Brokers Alliance. I felt that the online marketing and technology based organizations he built would couple perfectly with the type of revolutionary growth I envisioned for the company.

Insurance Designers of Dallas
Brokerage is changing faster than at any previous time in its existence.  There is more pressure on the agency in terms of pay outs, knowledge and service.  The key is helping strike the right balance for the future generations to protect margin while not losing market share.  Also positioning the agency in all possible markets such as wirehouses, property and casualty, and other producer categories.  Being in a 12 person office allows “walk around management.”  We are generally aware of what each of us is working on.  We can readily exchange “best practices” advice for transitioning. 

Q: What steps does your agency take to maintain, respect and accommodate “old school” long-standing producer relationships?

Ash Brokerage
We remain very hands-on in managing relationships, especially with our most loyal producers. As our structure grows and changes, we try to respect the bonds that advisors may have made with particular team members (RVPs, case managers, underwriters, etc.) and do our best to ensure they can continue to work with them. Any changes we make should be to help them, so any disruptions should be kept to a minimum. 

We also prefer to keep a lot of “feet on the street” with visits and events. Personally, I flew more than 120,000 miles this year to attend industry meetings, Ash Brokerage Roadshows and other events where we can meet one-on-one with advisors. Though I know how to send emails, I still respect the power of a handshake. 

Brokers Alliance
It was really important for Brokers Alliance to ensure we maintained bedrock relationships while building new ones.  To accomplish this, the succession plan was designed to take place over a period of time.  I spent a lot of years still maintaining these relationships while including David more and more in each of them.  Over time, David has grown a culture of renewed purpose and expanded possibilities with the legacy producers and their successors, and innovation to enhance the foundation that I originally laid 35 years ago.  Although David purchased 100% of the stock in Brokers Alliance six  years ago, I still stay on as an advisor and provide guidance and advice on how to maintain old relationships and build new ones while facilitating the marketing of new competitive products with carrier partners.

Insurance Designers of Dallas
Our philosophy is to provide the best service and total experience as possible regardless of who their marketing representative is.    We try to foster a team environment so that a producer feels they can reach out to anyone in our agency.  Training and sales meetings for our producers are a great time for them to get familiar with all of the staff.

Q: What are some key ways the thinking of the younger generation has been instrumental in the growth of your agency?

Ash Brokerage
A lot of people call Tim a visionary, and I agree. His vision for the future of our firm—and the entire insurance industry—has been a driving force in our business. We understand the need for change and we want to be a leader in change, but we want to always remain true to our foundational values. A lot of the younger people we’ve added to our team are also visionaries in their own respects. We do our best to empower them to make necessary changes, not only to keep up with new trends, but to discover new opportunities that will help us all succeed. 

Brokers Alliance
Technology and Energy.  Those two elements have made a huge difference in how Brokers Alliance evolved from an agency that focused on impaired risk term insurance to an all-around life, annuity, LTC, DI, RIA, and medicare supplement firm.  The energy is the obvious part, with David bringing on a young executive team that could spend the time and effort to create new departments and strategy.  The technology was what really amazed me, and the rest of the industry.  I knew David would implement technology to be more efficient internally while integrating agency management and data management tools to help us process business faster.  What I didn’t expect was the thinking beyond that level—to look at technology to improve marketing and the sales process for producers.  What they are doing with technology to learn about the consumer’s buying habits, to connect to the consumer and agent more efficiently, and to build insurance products that are different than anything we have ever seen is truly amazing.

Insurance Designers of Dallas
Focusing on relationships with young career agents and other markets where we have found new producers is the key here.  Our agency has no minimum face amounts and we treat all cases as important.  We want to help teach these younger agents the brokerage ropes and make them more confident to expand their practice.  We put special emphasis on their business as you never know who will be the next star. 

What “old” is still essential, what “new” is inevitable and how does your agency build for the future?

Ash Brokerage
Still essential are relationships, service and a desire to always improve. You must keep the things that work and eliminate the things that don’t. Learning the best ways to communicate with and serve our producers will never stop being important—as their needs change, so must our offerings. 

Inevitable is technology and the need to be innovators in this business. We’re tirelessly curious, and we know there’s no such thing as standing still—we’re either going forward or backward. We build for the future by constantly looking ahead and keeping our minds open to new ideas and opportunities. Being privately held, we have the advantage of not needing to be focused on the next quarter’s results—we’re focused on the next quarter century for our producers and our team members. 

Brokers Alliance
The “old” that is essential would be to continue to understand that this is a relationship business.  As wholesalers we have the relationships with our carriers and our agents.  As agents we have the relationship with our BGA and our client.  The “new” is how we maintain and fuel these relationships and it’s inevitable that we will continue to evolve our way of communicating.  I think education comes with a “new” label as well.  We continue to see video and the “digital university” become a major part of doing business and we have to embrace that if we want to survive.  The future is going to continue to move toward technology and that is a never ending “new” that we must stay focused on.  There are a lot of changes facing our industry, including the recent legislation proposed by the Department of Labor.  Controlling costs and constantly striving for efficiency is how an organization like ours will continue to grow despite the challenges this legislation will bring.  Technology will be the patch to keep those costs down and allow us to remain profitable during this phase in our industry.

Insurance Designers of Dallas
“Old” is still hands on service. Helping agents through rated and declined cases.  Being available at all times for questions and guidance.  This never changes.  “New” will be adapting to processes like E-applications and other drop ticket concepts.  We have to really double down on teaching producers new market and sales opportunities.  This is our new challenge.   Carriers are developing new and more consumer friendly products but they are ever more complex.  The challenge is to get the producer on board with the significant and certain changing product and market landscape. This is not an easy task. We are truly in a period that will test the brokerage model as a viable distribution tool.  There could be changes in the whole definition of what a brokerage agency is or is not.  

Ash Brokerage
Headquartered in Fort Wayne, IN, Ash Brokerage has been a family-operated insurance brokerage firm since it was founded by Jim Ash in 1971. They’ve grown to become the largest independently owned insurance brokerage general agency in the United States, serving financial professionals nationwide. As a gateway to more than 80 top-rated insurance carriers, they seek to give objective, unbiased solutions for risk management, including life insurance, annuities, disability income and long-term care. 

Today, Jim remains active as a member of the Ash Brokerage board of directors, and he works from his home office in Naples, FL. Tim joined the company when he was young and worked in nearly every position before becoming CEO. Many other family members are active in the business as well.

Ash Brokerage can be contacted via telephone at:  800-589-3000.  Website:  www.ashbrokerage.com.

Brokers Alliance
Brokers Alliance has been a presence in insurance distribution and support for over 35 years. Founded in Illinois by Joseph Racich, a recognized pioneer and visionary in insurance distribution and support for independent professionals, Brokers Alliance relocated to Fountain Hills, Arizona, in 1995.  Since its inception, Brokers Alliance has grown steadily to become one of the largest major distributors of life insurance, annuity, long term care, disability insurance, and RIA solutions with offices in 11 states.

Joe started writing life insurance as an independent broker in 1978. He founded his general agency, RAAN Marketing, Inc., in 1982. Joe founded the first Brokers Alliance in the town of Homewood, IL, and expanded in 1995 by establishing the Fountain Hills, Arizona office.  Joe’s ability to see opportunities in his field are unparalleled. Thus, he is seen as a pioneer of innovation in the insurance marketing industry and has been awarded top contracts and annual sales awards each year. 

A new era began when Joe’s son, David Racich, acquired Brokers Alliance and merged his online marketing and software development company into Brokers Alliance. David was a leader in the early days of internet marketing at developing and operating online platforms and sales call centers. David’s associate in those early years of internet marketing, Eric Palmer, has assumed the chief marketing officer leadership role for the firm, while long-time staffer Jessica Lopez took on the responsibility of chief operating officer. Today, Brokers Alliance boasts a staff of 50+ associates working at the corporate offices in Fountain Hills, AZ, and throughout the United States. Joe Racich remains involved in developing innovative insurance product solutions.  For more information about Brokers Alliance visit www.brokersalliance.com.

PRODUCT NEWS

Sentry Life Insurance Company/NAIM

Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) recently announced a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free.

“Commit to Quit’s premiums are lower than those of most policies for tobacco users, but that’s only part of what makes it different,” says Steve Knez, senior director of individual life and annuities at Sentry Insurance. “It is structured to provide real incentives to quit smoking.”

The premiums of traditional smokers’ policies are typically more than twice those of non-smoker premiums. Commit to Quit offers level premiums that can be 20 percent or more below premiums offered by other life policies rated for tobacco use. Commit to Quit achieves these lower premiums by reducing the death benefit in later years if the insured continues to smoke. However, if the insured quits tobacco entirely, no benefit decrease occurs. “This incentive can be the push a smoker who wants to quit needs,” says Knez. The policy is also convertible to permanent life insurance without a medical exam.

The agreement between Sentry and NAIM puts Commit to Quit in a spotlight. “We feel a product this different deserves a high profile launch,” says Knez. “This cooperative effort combines Sentry’s insurance expertise and financial strength with NAIM’s national network of elite insurance agents.” Sentry will manage administration and claims.

“Family life insurance coverage with smoker premium rates is very expensive, and this often leaves the family underinsured or uninsured due to the very high premiums,” says Rick Stolz, NAIM chairman of the board and president of Diversified Insurance Brokers, Inc., Norcross, GA. “This innovative product, backed by an insurance carrier with an A+ rating, is designed to help insure smokers.” 

COMPANY NEWS

Petersen International Underwriters

Petersen International Underwriters, Valencia, CA, has announced that they have received the exclusive rights to offer the only 10-year policy term product in the excess/supplemental disability insurance market. Working with a high-rated European insurance company, Petersen International has developed a personal income-protection disability product that is guaranteed and non-cancellable for 10 years, which is double the maximum five year term length found in the rest of the market.

According to Thomas Petersen, vice president of Petersen International, “This new 10-year term offering will prove to be revolutionary to the high-limit disability industry, locking in rates and commissions for a longer period than ever before. We have designed an incredible tool and asset for every life and health insurance advisor to provide to their clientele.” The new “own occupation” disability product guarantees premium rates, benefit schedules and policy definitions for 10 years at a time.

Petersen International Underwriters specializes in unique disability insurance programs for individuals, small businesses and large corporations. They can be reached at 800-345-8816 or at piu@piu.org.

PEOPLE

The American College

The American College of Financial Services recently announced the appointment of Dr. Ajamu “A.J.” Loving as the director of academic partnerships and assistant professor of financial planning. Dr. Loving, who earned his PhD in personal financial planning from Texas Tech University, will lead The College’s new initiative to establish closer connections with financial planning and risk and insurance programs at other colleges and universities.

“Dr. Loving’s work reflects a new direction for The American College,” said Dr. Robert Johnson, president and CEO of The American College. “He is the perfect ambassador to promote our graduate degrees and designations and to ensure that our partners have access to The College’s world-class curriculum and content.”

“I believe that quality financial services hinges upon a lifelong commitment to education among its professionals,” said Dr. Loving. “I also believe that The American College, partnering with other institutions of higher learning, will be able to deliver that education in an impactful, elegant, value-added way. I’m excited to be a part of shaping the future of our noble profession.”

Prior to his appointment at The American College, Dr. Loving was assistant professor of finance at Texas A&M University–Commerce. He served as chairman of the learning and teaching committee and was responsible for coordinating business program academic assessment for the university, as well as the College of Business (COB). He was responsible for redesigning the assessment process for the COB to successfully retain AACSB status. The committee also oversaw the management of curriculum for the college and implemented changes to keep the academic programs current and challenging. Dr. Loving taught courses in personal finance, investments, derivatives, and corporate finance, and served as the departmental undergraduate advisor for students. He has published articles in The Review of Black Political Economy, The Journal of Housing and The Built Environment, and GSTF Business Review. His research focuses primarily on wealth building in minority populations. Before academia, Dr. Loving was a financial consultant at LaSalle Bank (now Bank of America) in Chicago, IL. He worked in a bank branch providing investment and insurance advice to bank clientele and seminars for the community and surrounding businesses.

The American College is the nation’s largest non-profit educational institution devoted to financial services. Holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others since 1927. The American College’s faculty represents some of the financial services industry’s foremost thought leaders. For more information visit www.TheAmericanCollege.edu.

PEOPLE

Voya Financial

Voya Financial, Inc., announced recently that it has appointed David Wilken as president of the company’s individual life business, effective immediately. In this role, Wilken will be responsible for the implementation and execution of a refined vision and strategy for the business, which supports Voya’s broader focus on helping customers as they plan, invest and protect their savings for retirement. He will have overall responsibility for the strategy of the individual life business and will directly manage product teams, distribution and sales, business development and underwriting. He will also join Voya’s operating committee. Wilken reports directly to Insurance Solutions CEO Michael Smith, who oversees the individual life, employee benefits and closed block variable annuity segments.

“With nearly 30 years of finance and sales leadership experience for Voya and its legacy companies, Dave has a true passion for life insurance and how it can help customers grow, protect and enjoy their retirement savings,” said Smith. “Dave has been instrumental in our journey as Voya and has helped our individual life business adapt to a dynamically changing market. His strong industry and institutional knowledge, along with a deep understanding of consumers and distributor needs, makes Dave the ideal candidate to lead the business as we advance Voya’s vision to be America’s retirement company.”

In his most recent role as head of individual life distribution, Wilken was responsible for the leadership and management of all individual life sales distribution channels, with a focus on growth in the accumulation and indexed market segments. He previously served as head of the company’s independent life sales channel and in various accounting and finance positions for the life and annuity businesses.

“Insurance consumers at every age and life stage expect a provider that knows how to meet their needs—with the products, services and solutions that are most meaningful to them,” said Wilken. “I’m extremely proud of what Voya’s individual life team has accomplished in recent years. We’ve refined and realigned our distribution strategy; we’ve pioneered new digital selling systems and capabilities; and we’ve re-focused our suite of products to better guide Americans on the path to a more secure retirement. I’m thrilled to take on this opportunity, and I look forward to leading Voya’s individual life business during its next phase of growth and evolution.”

Wilken earned a bachelor of science in accounting from the University of Minnesota and a master of business administration from the University of St. Thomas. He currently serves as a member of the Association for Advanced Life Underwriting (AALU) and a board member of BestPrep, a non-profit that helps educate Minnesota students on business, career, financial literacy and life skills.