Lincoln National Corp. will try to base future product development and marketing initiatives more on product types than on customer types.
Lincoln, Philadelphia, says it will be forming a retirement solutions division and an insurance solutions division to replace its employer markets and individual markets divisions.
Westley Thompson will lead the retirement solutions division, which will include the defined contribution and individual annuity businesses.
Mark Konen will lead the insurance solutions division, which will include the individual life, group protection and executive benefits businesses.
Lincoln Financial Distributors, the wholesale distribution organization, will handle defined contribution plan and executive benefit plan sales and relationship management, Lincoln says.
Lincoln Financial Distributors will emerge with about 900 wholesalers, the company says.
The changes will have no effect on the investment management, United Kingdom, retail sales or client advisory operations, the company says.