New life product reflects TIAA-CREF's new approach.TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund Life Insurance Co. has launched a new variable universal life product reflecting its revamped approach to designing and selling life insurance. But without a commission-based agency sales force, getting people to buy the product, particularly those unfamiliar with the parent organization's investment experience, may be a challenge. About 95% of all life insurance premium is sold through commission-based agents, said Bret L. Benham, appointed president and chief executive officer of TIAA-CREF Life in June. TIAA-CREF Life is part of the Teachers Insurance & Annuity Association-College Retirement Equities Fund, a U.S. retirement system for people working in the academic, research, medical and cultural fields. With more than $380 billion in assets, TIAA-CREF serves 3.2 million people at more than 15,000 institutions. But the 87-year-old TIAA-CREF's share of its market--once close to 100%--is now an estimated 70%. In June, Benham, 46, took the title of president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the life company from Bertram L. Scott, now TIAA-CREF's executive vice president for strategy, implementation and policy. Best's Review met with Benham, visiting from Charlotte, N.C., at TIAA-CREF's corporate headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Among the projects he's focused on is the company's new variable universal life insurance The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. product, dubbed dub 1 tr.v. dubbed, dub·bing, dubs 1. To tap lightly on the shoulder by way of conferring knighthood. 2. To honor with a new title or description. 3. "Intelligent Life," launched in June. The new variable universal life product offers more investment choices, easy-to-understand product design and greater flexibility, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a press release. "You understand what's in there--where the charges are and where the charges aren't," Benham said. The company is targeting its core market--educators, said Benham, who also serves as senior vice president for insurance and financial protection products for TIAA-CREE The company can take advantage of the parent organization's strengths--a loyal retirement plan participant base and its hallmark investment capabilities, he said. But it also is expanding more aggressively to the general public through Financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. . "It's certainly something that's not going to happen out of the box," he said. |
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