Dr. Kenneth Sherman
New York Life Insurance Company’s (NYL)firm financial strength and investment strategies that have been tested over time have provided constant value and sound financial protection for their clients and their families for over 160 years.Since becoming the first American life insurance company to pay a cash dividend to policyholders in the 1800s, New York Life has continued to build a history of innovation, revamping their existing product lines, designing new financial products, and sustaining a diversified portfolio to best service theircustomers’ changing needs and demands. (About, 2008)
New York Life the leading mutual life insurer in the US has had its roots planted in New York State since its inception. By acknowledging their core business that is life insurance and annuities the company is able to venture out to incorporate innovative products to their line of business. Some examples of products addedare mutual funds for individuals, investment management services to institutional investors, healthcareand special group policies sold through AARP and other groups. The company, through its International department, is also expanding globally, pursuingcountrieslike Mexico and India where the life insurance markets are not yet established. (New, 2008)
The business of life insurance is unique in that people pay premiums for many years and receives nothing in return except a promise that the company will be there; strong and solvent years from now to help pay a claim, fund a retirement, or meet nursing home costs. For this reason it is important that NYL remain a mutual insurance company. (About, 2008) Which makes New York Life, in essence, a partner in their policyholders financial planning.An in depth strategic plan will be developed for New York Life Insurance Company (NYL) that will be geared towards their customer service department with an objective of improving efficiency.... [continues]
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