James M. Benson, CLU, a successful producer and executive of some of the top companies in the life insurance industry, was named recipient of the 65th annual John Newton Russell Memorial Award. The award recognizes sustained and meritorious service to the life insurance industry. Benson received the industry’s highest honor at a gala event during the 2006 National Association of Insurance and Financial Advisors (NAIFA) Convention and Career Conference this week in San Francisco.
John Henry Russell created the award as a tribute to his father, an influential leader in the life insurance industry who served as NAIFA’s president from 1916 to 1917, and was a contributing founder of LIMRA International, The American College and the Certified Life Underwriter (CLU) designation. Each year a committee comprised of officials of several life insurance organizations, past award recipients and NAIFA past presidents select the recipient.
The Illinois native began a 38-year career not long after earning a bachelor’s degree in economics from the University of Illinois and master’s in business administration from the University of Southern California. For 16 years, Benson served with Pacific Mutual Life Insurance Company where he distinguished himself as a top producer—he would eventually qualify for membership in the Million Dollar Round Table 18 years and earned Top of the Table status 8 times. At the company, Benson took on increasingly challenging positions in sales, marketing and product development, and led Pacific Mutual’s most successful sales office.
In 1984, Benson assumed a new leadership and producing role as president of the New York office of the Management Compensation Group, a leading corporate finance consulting firm where Benson specialized in advising top-tier corporate clients on executive compensation and benefit programs.
Benson’s leadership acumen was further evidenced by his appointments as president and chief operating officer of Equitable Companies and chief executive officer of its flagship insurance operation, the Equitable Life Assurance Society in 1993; in 1997, he was appointed president and chief operating officer of New England Financial, an affiliate of Metlife. Within the next year Benson became the company’s chief executive and chairman of its board. In February 1999, he took on the additional duties of president of individual business for the Metlife enterprise, which manufactured and distributed insurance and investment products through Metlife Financial Services, New England Financial, General America Financial, Metlife Investors Group, and Nathan and Lewis Securities.
Benson would later become president and chief executive officer of the John Hancock Life Insurance Company. After retiring from Hancock last year he became president and chief executive officer of Clark Benson, a leading public executive compensation and benefits firm.
“What makes Jim so special is the combination of experiences that he brings to the table. Over his distinguished career he has excelled as both a producer in the field and a home office executive,” said Richard A. Koob, CLU, ChFC, AEP, a NAIFA past president and chair of this year’s John Newton Russell Memorial Award selection committee. “That combination gives him a vision that makes him so unique.”
Benson has also been committed to the quality of the industry’s leading trade organizations and educational institutions, serving as NAIFA’s interim chief executive officer in 2002 and on the board of the Association for Advanced Life Underwriting (AALU) prior to that; he also served as the trustee of The American College and on The American College Endowment Fund as well as the LUTC board.
Besides his contributions to the industry, Benson has remained involved in a number of civic and charitable causes, including World T.E.A.M. (The Exceptional Athlete Matters) Sports. Benson founded and chairs the organization, whose work provides opportunities for people with disabilities through sports.
Founded in 1890 as the National Association of Life Underwriters, the National Association of Insurance and Financial Advisors comprises 800 state and local associations representing the business interests of 225,000 members and their employees nationwide. Members focus on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments.
Source: National Association of Insurance and Financial Advisors
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