3/15/2024 0 Comments Primerica online oklahoma![]() Agents reach prospects through personal contact Primerica does not advertise in the media. Primerica pulls off these feats through a grass-roots effort, what Addison refers to as the "PeopleNet." Most of its agents work only part time while keeping their full-time jobs. The in-force amount has grown to $534.2 billion through the third quarter of 2004, up from $395 billion in 1999. As of early December, it was on track to top $90 billion in 2004. In 2003, the company reports it issued 264,440 life policies in face amounts totaling $82 billion. This market has become a huge Primerica niche and a fertile ground for future sales. Perhaps the most significant of Primerica's peculiarities is that it sells the old-fashioned way: over the kitchen table to middle-income America, the part of the public that most life insurers can't or no longer know how to reach. Over the years, the strategy has evoked the wrath of disciples of permanent insurance. ![]() And, oh yes, Primerica guides clients to "invest the difference" between the low cost of term coverage and the higher costs of cash-value policies, a strategy that harkens back to Primerica's early ties with the A.L. While other big life insurers depend on creating a constant flow of sophisticated new products, Primerica sticks with term insurance. While most companies forsake the career agency system as being too expensive and instead build distribution relationships with banks, independent general agents, stock brokers and financial planners, Primerica sticks with its career system. At a time when the number of agents in the life industry is shrinking, for example, Primerica's has grown the past five years to 107,000 from 79,000. Primerica is the renegade, the black sheep, the company that dares to be different and succeeds. That may be because what Primerica does is unusual in the life industry, and probably unique. What they do is often fun, the pair admit. There's a comfort level, a trust level and a competency level we're both very good at what we do." He and I aren't jockeying for the next big promotion. The other thing that makes it work is that our career goals are to run Primerica. "The way we operate now is the way we operated when I was chief marketing officer and he was the CFO," said Addison. Part of the reason is that the two forged a relationship of trust and appreciation over many years. Even Weill and John Reed could not long hold together a co-CEO arrangement at Primerica's parent company, Citigroup, the company that emerged from a 1998 merger of Travelers and Citicorp.įor Addison and Williams, however, sharing the CEO position comes naturally. Power sharing rarely lasts in a corporate world influenced by egos, office politics, back-stabbing or just bad luck. They're very different personality-wise, but that's one reason it works." Rick has a Wharton MBA and was the chief financial officer who worked with Sandy Weill before Commercial Credit bought Primerica. "John is the leader of the sales force and the motivational speaker," said Mark Supic, Primerica's head of corporate relations. I won't make decisions in marketing without consulting him, and Rick won't make decisions on the financial side until we collaborate." So I do the marketing, and Rick does the financial half, but we collaborate. He's very methodical he goes through the facts and digs through the numbers. Rick's background was in mergers and acquisitions. Sometimes I'm too quick to make a decision. "I am clearly the marketing side of the brain," said Addison. In fact, the two are polar opposites in personality and skills. Both hold master's degrees in business administration and have been employed by the company for a long time, but that's where the similarities end. ![]() Splitting the duties since 1999 are John Addison, 47, and Rick Williams, 48. So it should be no surprise that when it comes to top leadership, the Duluth, Ga.-based company is one of the few to successfully divide power between two chief executive officers. There is hardly anything conventional about Primerica Life Insurance Co. ![]() An extra surprise is that co-CEOs head up its management. Primerica Life Insurance Co.'s vibrant business with middle-income Americans defies the norm in today's life industry. ![]()
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