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Independent agents own and control their accounts, policy records, and renewals. If an independent agent’s contract with a particular insurance company terminates, the agent retains the rights to active accounts and may place them with another insurer. Competition exists between exclusive agents and independent agents.
The Bankers Life and Casualty Company was established in 1932 as a mutual life insurance company in Chicago, Illinois. [6] In contrast to most other life insurance companies, whose costs included salaries for accountants, sales agents, officers, and actuaries, Bankers Life minimized its overhead as a means of undercutting the monthly insurance premiums of its competitors.
PFG was first founded under the name Bankers Life Insurance Company. [2] Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady. [3] The bank was founded in 1879 with Temple as president and Phineas Casady as vice president. [4]
Independent agents in insurance represent multiple companies and, therefore, may be stretched a bit thinner in regard to in-depth knowledge. Less support for the agent
These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail. CNO Financial Group is the parent company of seven insurance companies, including Bankers Life and Casualty Company and Colonial Penn Life Insurance Company. [5]
Ameritas Life Insurance Corp. (established in 1887 as Old Line Bankers Life Insurance Company of Nebraska) is a mutual insurance company. [1] It is owned by Ameritas Mutual Holding Company, headquartered in Lincoln, Nebraska , United States .
The Cincinnati Insurance Company was founded in 1950 by four agents, including brothers John Jack Schiff and Robert Cleveland Schiff. [3] The Cincinnati Life Insurance Company markets life and disability income insurance and annuities. CFC Investment Company supports the insurance subsidiaries and their independent agent representatives through ...
The company was founded in 1956, and as of 2019 it has about 275 employees and 25,200 contracted independent agents and operates in 49 US states. On 1 January 2020, National Western Life Insurance Company (NWLIC) confirmed the formation of The Sterling Group, a strategic partnership between itself and six large regional marketing organizations.