Latest insurance news for life market
New York Life has announced that it had once again achieved the position of top seller of new life insurance last year, with a solid 10.7 percent of the market share right through the last quarter of 2011.
The sales of individual life insurance at New York Life experienced a steady increase throughout the year, having risen by 12 percent over the year before. This was the result of the work done by the insurer’s 12,250 licensed agents across the country.
The head of the Insurance Group at New York Life, Chris Blunt, stated that “These terrific results are a credit to New York Life agents, the most educated and knowledgeable career agents in the industry. They work tirelessly with their clients in communities across the country to meet their accumulation, protection and retirement income needs.”
Blunt also pointed out that as there are approximately 1,000 life insurance companies currently in operation in the United States, it is quite notable that any single insurer has been able to obtain more than a 10 percent share of the marketplace. Since the start of the record keeping by LIMRA, not a single other life insurance company has been able to break the 10 percent mark in the life insurance sector.
The head of the insurer’s Agency Operations, Mark Pfaff, has applauded the highly positive results from last year, giving credit to the field force’s continual efforts to meet the needs of people and families throughout the United States.
Pfaff also pointed out that New York Life has continued the strength of its cultural marketing as a primary driver of last year’s outcomes. He explained that over 44 percent of the insurer’s new customers were from Cultural markets, “which is a key focus for the company”. He said that the company’s agents are aiming to meet these communities’ needs throughout the country, including within the cultural markets which are experiencing significant and fast growth.
The company’s unit for Cultural Markets was first created in 1996, concentrating their efforts on providing financial guidance to businesses, individuals, and families in the Hispanic, African-American, Chinese, Asian Indian, Vietnamese, and Korean demographics.