NU Online News Service, June 14, 4:09 p.m. – Pacific Life Insurance Company, Newport Beach, Calif., has added local life brokerage support services at 23 U.S. regional life offices.
Pacific Life made the move by combining its wholesaler and full-service brokerage operations.
“We’re merging these together to bring full service tools to the broker-dealers who used to have to work through the home office,” says Mike Bell, a senior vice president in Pacific Life’s life insurance division.
The new system “gives [broker-dealers] faster service, and a higher quality of service,” Bell says. “It is not in any way backing away from services. We’re not letting anyone go.”
Pacific Life’s local brokerage specialists will work closely with traditional independent life agents and brokers, but Pacific Life is especially interested in reaching out to broker-dealers.
“Broker-dealers have never really figured out how to get into the life insurance field,” Bell says.
Pacific Life hopes to attract broker-dealers by offering them more help at a time when other companies are reining in field offices.
The new regional brokerage system will give broker-dealers and other advisors assistance with marketing, case design, illustrations and underwriting, Bell says.