Index insurance policies, which return depending on how well an index such as the S&P 500 or Dow Jones does, have been available for only 18 years, and still stump even the producers selling the product. To help solve this problem, Genworth Financial today launched The Index Institute, a virtual community, to offer their producers training, market insights, presentations, product information, and sales ideas.
"These products may appear to be somewhat mystical," says Charlie Gipple, national director of Index Products at Genworth, during a webinar. "Which is why we developed The Index Institute to teach advisors and these agents how these products work, how to sell these products and what consumers are [challenged] with today."
President of U.S. Life Distribution & Marketing at Genworth, Pat Foley, adds, "During extensive research with producers, they told us they needed resources to more easily help them bring the benefits of index products to their clients."
Genworth's Index Universal Life insurance business, which is pegged to the S&P 500, has gone from $330 million in 2006 to $1.5 billion in 2012. Read how technology supported the launch of the product.
Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio