Securities analysts have been asking executives from Prudential Financial Inc. when the company’s financial wellness outreach strategy will lead to higher sales.
Prudential announced Thursday that it is making a deal that could help convert financial wellness outreach into sales.
The Newark, New Jersey-based company has agreed to pay $2.35 billion up front to acquire Assurance IQ Inc. of Bellevue, Washington.
If the Assurance IQ unit meets Prudential’s growth objectives, Prudential could make up to $1.15 billion in additional stock and cash payments.
Prudential and Assurance IQ say they hope to complete the deal between Sept. 30 and end of the year.
Assurance IQ gives consumers personalized advice they can use to buy products such as life insurance entirely online.
The company operates an online insurance shopping center at NationalFamily.com. The list of carriers with products available through the site includes New York Life Insurance Company, Mutual of Omaha and American International Group Inc.
Assurance IQ can also connect consumers who want to talk to live humans with live-human agents.
Prudential and Assurance IQ say in the deal announcement that they believe many consumers now do research on their own but prefer to talk to people when they actually make purchases.