Monday, January 23, 2012
Security Benefit® Corporation, a Guggenheim Partners Company, today announced that four independent marketing organizations (IMOs) have been selected to participate in a unique product manufacturing and distribution model for its subsidiary, Security Benefit Life Insurance Company (SBL)
Topeka, KS, January 23, 2012 - Security Benefit® Corporation, a Guggenheim Partners Company, today announced that four independent marketing organizations (IMOs) have been selected to participate in a unique product manufacturing and distribution model for its subsidiary, Security Benefit Life Insurance Company (SBL).
SBL, marking its 120th year of helping people build retirement savings, also announced plans to launch a fixed index annuity (FIA) product early in the second quarter, specifically designed for exclusive distribution through four select IMOs. The organization became one of the fastest growing fixed index annuity providers in the industry last year with the introduction of its Secure Income Annuity (SIA)*.
“The limited distribution model, implemented with SIA, revealed incredible efficiencies while diversifying the revenue stream. Bringing that success together with elite IMOs who have highly efficient marketing and sales models, allows us to build more benefits into the product that may make it more advantageous for the client,” says Michael Kiley, Security Benefit’s Chief Executive Officer.
Criteria, such as the ability to meet the high demands of top U.S. agent producers and the IMOs’ overall agent service models, were part of the firm selection process. Furthermore, each IMO is limited to an initial 500 agent participants in keeping with the exclusive offering.
As evidenced in the sales results, consumers have been extremely receptive to the Secure Income Annuity. This provided an opportunity for SBL to leverage that success and apply those components to this unique effort. SBL recognized that establishing exclusive partnerships with prestigious marketing groups was a critical part of the equation. Further educating consumers on the advantages of fixed index annuities is important to the organization; an effort they hope further emphasizes their commitment to the FIA marketplace.
A Guggenheim Partners Company
In 2010, Security Benefit was purchased by a group of investors led by Guggenheim Partners, a privately-held, diversified financial services firm with more than $125 billion in assets under supervision. As a Guggenheim Partners company, Security Benefit has moved to capitalize on Guggenheim’s superior general account management capabilities to provide more consumers with better retirement income solutions.
With focus on retirement income for our clients, Security Benefit built on its long history of product development to become one of the fastest growing retirement product providers in the industry. With the launch of the firm’s first fixed index annuity last year, Security Benefit has garnered much attention with their growth and has quickly become one of the leading issuers of FIAs in the U.S.
About Security Benefit
Security Benefit, a Guggenheim Partners Company, is a leading provider of retirement plan services throughout the nation, and offers a variety of compelling and customized annuity products. The firm’s se2 division is an award-winning and nationally recognized provider of administrative services for the insurance and financial services industry. To learn more, go to www.securitybenefit.com.
About Guggenheim Partners
Guggenheim Partners, LLC is a privately held global financial services firm. The firm provides investment management, investment banking and capital markets services as well as insurance and investment advisory solutions for institutions, corporations, governments and agencies, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 25 offices in nine countries.
The Security Benefit Secure Income Annuity (Form 5800 (11-10) and ICC10 5800 (11-10)), a flexible premium deferred fixed index annuity contract, is issued by Security Benefit Life Insurance Company. Product features, limitations and availability may vary by state. Not available in all states. Not a deposit. Not insured by any federal agency. Guarantees are backed by the financial strength and claims-paying ability of Security Benefit Life Insurance Company. May go down in value.
*According to a ranking from AnnuitySpecs.com’s Indexed Sales & Market Report, 3Q2011, of all the Indexed Annuity products sold, Security Benefit went from unranked on 1/1/2011 to number 13 in Indexed Annuity Sales as of 9/30/2011.
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