I was reading Leslie Scism’s most recent article in the Wall Street Journal recently, and it spurred some interesting conversations. Leslie does a great job explaining different people’s perspectives on the same topic – that of insurers selling off portions of or all of their books to private equity firms. Recent examples include Allstate, Voya, Allianz, Hartford Financial Services Group, and Principal Financial Group.
While I found all the opposing viewpoints to be fascinating and educational, what I enjoyed most about this article was how it focused on the policyowner experience. Keeping the consumer top of mind as our market continues to shift is essential. Most clients probably don’t care to dig into the complexities and details of how our industry operates, so it’s up to us to be good stewards of their best interests on their behalf. We owe it to them to be educated and informed on what's going on in the business and what's going on with their policies/portfolios so that we can empower them with the information they need to determine what best aligns with their financial goals and objectives. I've always firmly believed that it is a disservice to leave our clients unprotected.
That's why that commitment to protecting the people who rely on their life insurance coverage to secure their families’ financial futures is central to our mission at Proformex. And both in reading this article and talking about it with our team, our partners, and our customers, it was something that resonated with all of us.
Our team would love to hear your thoughts about this current and evolving trend across carriers and our industry. If you'd like to share your insights, or if you're interested in learning more about how a system like Proformex can help you stay ahead of industry trends, reach out!