The life insurance industry may be spending the next few decades coming up with new and better ways to protect the retirement savings that the baby boomers’ already have accumulated.[@@]
Barbara Goodstein, the new head of marketing and product development at AXA Financial Inc., New York, recently moved to AXA from J.P. Morgan Chase & Company, New York, where she was senior vice president of personal financial services. Before that, she got a close look at consumer needs and wants while setting up a Web-based retail trading system for Instinet L.L.C., New York.
Goodstein says the future of the insurance industry lies in creating financial guarantees.
State officials and rating agencies want to write tougher rules for product guarantees, to ensure that insurers are putting enough capital away to make good on their promises.
But guarantees are sure to gain new significance as questions about the viability of Social Security stay in the news, Goodstein says.