S&P issues credit ratings that help decide what bonds life insurers can buy. S&P ratings also help determine how much interest life insurers have to pay when they borrow money. McDonnell appeared at a conference session in front of an audience full of top-level lenders and investment managers.
McDonnell told those high-powered audience members that advisors continue to play a key role in the financial services sales process, especially for Penn Mutual and other midsize players.
“Technology is an enabler on the front end,” McDonnell said.
Consumers do like to use the web to learn about insurance products, but, once consumers are getting ready to make a purchase, they often want an advisor to help make the decision, McDonnell said.