Western & Southern Helps Businesses Through Institutional Markets Unit
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Klaiber interviewed three Western & Southern executives for his article:
Bultema said that Western & Southern formed the Institutional Markets unit to focus on new markets where Western & Southern's strengths could be leveraged. The company is a great partner to businesses because of its strong balance sheet and superior credit ratings.
One of the ways Institutional Markets helps employers is with pension risk transfer (PRT). Employers that offer pensions, from small manufacturers to Fortune 500 companies, can use Western & Southern's PRT product, PensionAssistTM, to replace pension benefits with annuity payments. This pension risk transfer reduces the employer's workload and expenses, and increases efficiency.
DiMartino described another service provided by the Institutional Markets unit: bank-owned life insurance (BOLI). Launched in 2016, Western & Southern's BOLI product is a variable universal life insurance policy sold by Western & Southern member companies that provides a tax-efficient method of funding employees' benefit packages.
Also within the Institutional Markets unit is IPS, led by DalSanto. IPS provides a cobranded, direct-to-consumer digital insurance platform built specifically for banks, wealth management firms and finance companies. The platform allows bankers to "manage the insurance conversation without managing the paperwork."
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