NEWS FROM VANTIS LIFE INSURANCE COMPANY
For Immediate Release
Contact: Michael London
PREMIUM GROWS 22% WHILE INDUSTRY REMAINS FLAT IN 2010
WINDSOR, Conn., – Jan 25, 2011 – Vantis Life Insurance Company today announced that its 2010 recurring life insurance sales jumped by 22 percent compared to just a three percent industry-wide increase for the same period.
The company also reported a 170 percent increase in single premium life insurance sales in 2010 over 2009.
"Our business plan continues to prove successful in the bank insurance marketplace," said Craig Simms, senior vice president at Vantis Life.
"Our simple, complete product menu and best-in-class online technology for sales agents make Vantis one of only a few life insurers who are able to succeed in the bank channel," Simms said. "This, coupled with attentive field wholesaling and training, allows us to provide a better life insurance experience for financial institutions who want to offer protection products to their customers and create stronger customer relationships."
"While Vantis is comparatively small, our specialization in the financial institutions channel has allowed us to achieve a rapid growth rate," Simms said. "We are optimistic about continued strong growth in the future."
The Vantis Life results contrast sharply with those reported industry-wide. According to data compiled by LIMRA International (a worldwide industry research association serving insurance and financial services companies), industry growth in recurring premium sales totaled only three percent last year over the previous year.
The company attributes Vantis' record performance to strong growth in the number of client relationships as well as large year-over-year growth from existing Vantis partners. In 2010, 100 banks and credit unions offered Vantis products nationally, compared to 86 in 2009.
Vantis' new relationships, initiated during 2010, include such well-known names as Capital One, Sovereign/Santander Bank and Emigrant Bank, among others. The growth trend of 2010 continues in 2011. Several new banks and credit unions are launching insurance programs with Vantis Life in the first quarter, including the $42 billion New York Community Bank (NYCB), serving customers throughout Metro New York, New Jersey, Florida, Ohio, and Arizona.
"Another reason for our success is our unique business model. We insist on offering superior wholesaling and training support to our bank partners," Simms said. "Vantis University, our proprietary national sales development program further distinguishes us from our competitors by allowing us to provide ongoing sales training and a wealth of marketing information to the licensed bank and credit union personnel who interact with consumers on a daily basis."
A.M. Best, in a recent rating report, noted "Vantis Life is the only bank distribution-focused life insurer that offers a full selection of easy-to-sell simplified issue and fully underwritten products from a web-based platform."
Vantis Life is focused solely on providing financial institutions and their customers with a variety of life insurance and annuity products. These products are offered by licensed bankers via an award-winning online process and supported by best-in-class wholesaling and access to Vantis University, the company's exclusive online, WebEx and in-person training and development resource.
About Vantis Life Insurance Company
Vantis Life Insurance Company was established in 1942. From its inception, the company's primary goal has been to provide families with affordable life insurance and annuity products available through their financial institution. With nearly $5 billion of life insurance in force, more than $850 million of assets and a rating of A-Excellent from A.M. Best, Vantis Life prides itself on providing simple, easy-to-afford products to middle and upper middle income families. Sales and marketing information is available at 1-866-826-8471 or www.vantislife.com/able.