Our Industry is Rapidly Changing
In 2016, the insurance and financial services industry continued to experience dramatic change. It’s the inevitable outcome of several forces colliding:
- Millennials are playing an increasingly influential role in the workforce and the economy. Many have graduated from college with high levels of debt, which changes the way they make decisions about spending and saving.
- Baby Boomers are either nearing or entering retirement and seeking solutions to transition from asset accumulation to ensuring assets last throughout retirement.
- Technology has put limitless information at the fingertips–quite literally–of every consumer. Mobile devices are empowering customers to connect to the world around them in unprecedented ways. This democratization of technology allows customers to drive the conversation and engage with companies on their terms.
- Venture capital is flowing into the insurance industry. Many Financial Services Technology, or FinTech, companies are seeking to disrupt the traditional model by providing new and improved customer experiences.
In this rapidly evolving marketplace, customers are in the driver’s seat more than ever before. Insurance and financial services companies and advisors must adapt and continue finding ways to provide the solutions customers are seeking and the experiences they expect.
Customer-Centricity: The Secret to Success
With all of this change, it’s more important than ever to partner with a company that understands customers and responds to their needs with value-added solutions and service.
At Mutual of Omaha, we’ve partnered with brokers over the past year to introduce solutions that meet the needs of customers in this rapidly changing marketplace:
- We introduced a new Indexed Universal Life (IUL) product called Income Advantage. This product further strengthens our life insurance portfolio, offering customers–including Millennials–multiple options to invest in and secure their financial future.
- We introduced two new plans to our Medicare supplement insurance portfolio. High Deductible Plan F and Plan N are fully underwritten, offer lower premiums due to their cost-sharing features and provide immediate coverage. This further solidified our position as a leader in meeting the health insurance needs of Baby Boomers.
- We conducted a significant amount of research to enhance our customers’ experience. And we invested in new technologies that will make us a company that’s even easier to do business with.
As a 107-year-old company, Mutual of Omaha’s customer-centric commitment also extends to fundamental aspects of our business that have been in place for many years:
- Our mutual structure. We’re owned by our policyholders, so our decisions are guided by what’s in their best interest over the long term.
- Our financial strength. The leading rating agencies continue to validate Mutual of Omaha’s financial strength:
- A.M. Best: A+ (Superior)
- Moody’s: A1 (Good)
- Standard & Poor’s: AA- (Very Strong)
- Our competitive insurance product portfolio, including:
- Life
- Medicare Supplement
- Long-Term Care
- Disability
- Critical Illness
- Cancer, Heart Attack, Stroke
In 2017, we’ll continue to invest in research, technology and solutions that enhance our relationships with brokers and customers. We look forward to working together to continue meeting the ever-changing needs of customers and ensuring our mutual success. [TG] [RM]
