Life Insurance Sales Up 38% For New York Life
New York Life Insurance Company announced earlier this month that their US individual life insurance sales were up 38% which is much higher than the overall industry growth which was only 4%. This is the second year in a row New York Life has seen double digit life insurance sales growth according to their website. They also saw significant growth in staff. They added 3400 agents in 2010 and have had a 16% compound annual rate of growth in the number of agents since 2005.
They attribute their impressive numbers to strong sales through quality agents and increasing their focus on cultural markets. Mark W. Pfaff, executive vice president of New York Life, says more and more families and businesses are viewing life insurance as an asset to be maximized rather than an expense. He sees consumers engaging more with reputable companies they can trust as the economy struggles. They recognize how crucial it is to make responsible financial decisions to ensure the security of their families.
Juan R. Job, vice president in charge of the Cultural Market for New York Life says that 41% of the company's new life insurance sales were from Cultural Markets for 2010. Their focus on cultural markets is a key factor to their success and their commitment to growing the number of families who have life insurance protection. This particular department was created in 1996 to offer financial guidance to consumers in the African-American, Chinese, Asian Indian, Hispanic, Vietnamese and Korean markets.
As of 2011, New York Life has 31% of their agent force working in these cultural markets and finding great success. They work hard to ensure they understand the needs of these various markets and strive to offer the most appropriate products through a supportive experience.