Financial Services Industry
Industry: Email Alert RSS FeedBanking On Insurance: Can MONY Life Insurance Company Beat The Bank Annuity Odds?
Insurance Networking News: Executive Strategies for Technology Management, December, 2002 by Reich-Hale, David
Annuities have been a mainstay product in banks since the 1980s, and over time, many providers have tried to push into the crowded channel. Has it gotten too crowded?
Given the litany of failed bank-channel programs-Sage Life and Massachusetts Mutual Life come to mind-that litter the annuity battlefield, the answer looks like yes.
But that's not the response being given by MONY Life Insurance Company of America, a $60 billion-asset insurer based in New York.
It makes sense
"We are in external discussions with banks, and we're talking to them about both variable and fixed annuities," says Richard E. Connors, a senior vice president and head of MONY's annuities division. "It's an extension that makes sense for us."
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