CEOs share the secrets of their companies’ success

LAS VEGAS - Leaders of several life and annuity carriers shared how they built their businesses: the decisions, partnerships and lessons learned along the way during Protectors 2026.

The most important thing that allowed Oceanview Life and Annuity to establish itself as a carrier was raising $1 billion in capital, said Bill Egan, the company’s CEO.

Another factor in Oceanview’s success was its commitment to keeping its products simple, he said. But there’s a downside to that.

“The downside is that it’s easy for people to compete with us when you keep products simple. So we needed to serve the various niches within the space we operate,” he said.

Raising capital is important, but it’s not the only factor influencing a company’s success, said Todd Shriber, CEO of Malibu Life Insurance.

“If you are going to win in this space, you have to come to market with a vision – how will you win? Do you have the capital, the talent, the capabilities to compete? What is it besides that big pile of money that will enable you to build relationships with distributors and reach customers?”

Aaron Shapiro, CEO of Fortitude Life, said his company wants “to make sure our products are competitive but the way we can make them shine is through technology.

“There is no shortage of stories of how difficult it is to do business with carriers. Our goal is to use technology and customer service to eliminate those issues. If we can make doing business frictionless, we'll be incredibly competitive.”

Rick Hodgdon, president of CL Life, said his company “wasn’t going to have a product for the sake of having a product.”

“We wanted distribution to look at us and see that we were unique but also competitive. This is a relationship business. People know they can call me anytime and talk. We also didn’t buy legacy technology. I told my team the only mistakes we were going to make were our mistakes - and we weren’t going to make mistakes.”

Advisors and IMOs crucial to success

Shapiro said agents and independent marketing organizations are crucial to his company’s business.

“When the advisor is there to guide the customer - that’s not going away. How can we help the producer and the IMO to be more successful and help the customer who is retiring?”

Shapiro said he is “bullish about the future.

“I don’t think 401(k)s give the consumer the right service. I think every retirement plan should be anchored in annuities. The opportunity we have as an industry is to make that become mainstream, and I think that’s achievable over the next decade.”

Life insurance and annuities are sold and not bought, Hodgdon said.

“When you have an advisor out there to bounce ideas off of, that is what it’s about,” he said.  “People who have tried direct-to-consumer have failed at it. People want an advisor. People need help with retirement solutions. We have to find a way to work with distribution to come up with answers.”

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Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at susan.rupe@innfeedback.com.