September 11, 2020

Episode 158: Bank on Yourself®: What’s in it for Insurance Companies? with Matt Berman

45 minutes

In this episode, we ask:

Why would insurance companies offer the products for Bank on Yourself® whole life insurance type policies?

Who is Matt Berman?

What is Foresters Life Insurance and Annuity Company?

How is a member different than a customer?

What is a fraternal benefit society?

How is the Foresters experience different than a stock based company?

What are the benefits?

How might life insurance promote a social benefit?

What space does Foresters create to provide service to the community?

What is Caring Through Crisis?

What about the legal support?

What is the Charity Benefit Rider?

What about the profitable business model?

How does Foresters stay profitable through these hard times?

What about the strategic plays?

What about managing low rates and uncertainty?

How is this an exciting time?

How does Foresters rise to the occasion?

What’s in it for Foresters?

What about diversification of risk?

What about consistency?

What about needs?

How does the Foresters spectrum of products serve different needs?

What about term life insurance?

What about permanent cash value life insurance?

What about premium levels?

What about retirement needs?

What about unanticipated life events?

When do profits emerge for life insurance company?

How is it that a company can lose money in the first year of a new policy?

What is an acquisition expense?

How do profits emerge over time?

What about premiums paid over time?

What about a strong persistency?

What about the diversification of the company’s risk?

What about the price point?

What is a long duration liability?

What about reinvesting back into membership?

What about stakeholders and constituents?

How long has Foresters been going strong?

What about purpose driven DNA?

How does Foresters operate?

What about innovation?

What about being purpose driven?

What about focusing on social good?

What happened in 2019?

What about wellness?

What about a rewards system based on wellness?

What are the takeaways?

Would you like to join us live tomorrow for Profit First and Bank On Yourself®, Saturday, September 12, 2020 at 11am ET?

As Chief Distribution Officer of Foresters Financial, Matt Berman is responsible for life insurance and annuity product development, pricing and sales across the United States and Canada.

Matt has over 25 years of experience leading strategic planning, sales, marketing and product management organizations in insurance and investment banking. He has worked in global organizations, including AXA, AIG and Zurich Insurance, motivating customer-focused teams in both the property and casualty, and life and savings sectors.

Matt holds a Bachelor of Arts in English from the University of Pennsylvania and a Master of Business Administration from New York University, Stern School of Business. Matt is an avid tennis player, skier and surfer, and active in community service.

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