Robert W. MacDonald, founder and chief executive of Minneapolis-based LifeUSA and retired chairman and CEO of Allianz Life Insurance Company of North America, through his consulting firm CTW Consulting, has been hired by Allianz of America, Inc. to help build and lead a new independent company that targets the emerging retirement income market.
That company, Allianz Income Management Services, Inc. (AIMS), was launched in August 2006 and will build on the successful business model of LifeUSA, which provided for shared ownership between the company, its employees and field representatives.
The only business of AIMS will be to “sell income,” declared MacDonald, 63, who retired from Allianz Life in 2002 to form CTW Consulting. AIMS will develop and market both fixed and variable insurance products that provide an immediate lifetime income to those entering or near retirement.
AIMS is actively recruiting marketing organizations, independent insurance agents and financial planners to work with the company to offer its initial product. Information regarding AIMS can be attained from its web site: www.allianzincome.com.
MacDonald has spoken and written extensively about the need and opportunity for products in the retirement income market. Although retained as a consultant on the AIMS project, he will initially serve as its chief executive to direct its operations and development.
MacDonald commented, “With the flood of 60-million baby boomers moving to retirement age in the next three decades and the virtual collapse of government and private pension security plans, this (retirement income) market represents the most dynamic opportunity to provide a valued consumer service and growth for both the insurance and financial services industry in over half a century.”
“I am personally excited by the challenge of responding to this opportunity and believe that, with the backing and financial strength of Allianz of America and the proven business model of LifeUSA, AIMS has the potential to become a leader in this emerging market.”
MacDonald added that the new company will attempt be the first company in the insurance industry to operate virtually wireless and paperless.
“The contacts and transactions of policyholders, field representatives and employees will be done electronically via the Web,” MacDonald said. “AIMS will be open for business and available 24/7/365. Further, implementing such an operating platform will not only mean fast, efficient and convenient processing, but top-flight service for customers and field representatives in the industry.”
The company has opened offices in the Interchange Office Park (400 South Highway 169) in suburban Minneapolis. Coincidentally, this is the same building that initially housed LifeUSA, which was formed in 1987, went public in 1993 and became one of the most successful companies in the 1990’s before it was acquired in 1999 by and merged with Allianz Life. MacDonald led the merged company until he retired in 2002.
Source: Allianz of America, Inc.
Topics Profit Loss Allianz
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