Services Group’s life insurance unit, is undergoing a major revamp
aimed at enhancing its ability to harness US and global growth
opportunities. Central to the strategy of the US’ fourth largest
life insurer is creation of four market groups: individual,
employer, institutional and international.
“With this new structure in place, we can better align all of
our resources – financial, talent, product development and
distribution – around our most important assets, our customers,”
said Hartford Life’s president and CEO, John C Walters.
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The new structure replaces a two-group structure comprising US
Wealth Management and International Wealth Management and Group
Benefits.
Primary focus of the new structure is on retirement markets which
Hartford Life termed “a core area of opportunity now and in the
decades to come.” The insurer noted that with an aging world
population, declining traditional sources of retirement income and
increasing volatility in global markets it has identified a growing
worldwide demand among financial advisors, employers and
individuals for investment expertise, wealth accumulation and
protection solutions and retirement income guarantees.
Hartford Life provided an overview of each new market group:
• Individual: Combines the insurer’s North American retail
businesses, including mutual funds, college savings plans, variable
annuities and life insurance and wholesaling support
operations.
• Employer markets: This group will focus on providing US
businesses with employee benefits solutions.
• Institutional: Focus of this group is institutional investment
products and services including strategies for financing of balance
sheet liabilities and creation of executive compensation, retention
and benefit programmes.
• International: This encompasses existing businesses in Japan, the
UK and Brazil and will also seek to expand market share in Asia and
Europe.
In addition to the new four-group structure, Hartford Life has
established an operations team responsible for technology and
services for its distributors and customers. The objective, said
the insurer, is greater integration, flexibility and
speed-to-market capabilities.
