Securian Enters Bank Channel for Annuity Distribution
Securian Financial has entered the “$41.5 billion bank distribution channel” for individual annuities with customized products and a new sales team “knocking on doors” to share the insurer’s value proposition.
To kick-start its efforts, Securian hired Kate McLees Hannon and Karl Krause as regional sales vice presidents, and plans to hire four more regional sales vice presidents for the bank channel by the end of the year. The company will offer its complete portfolio of individual annuities to banks. This includes fixed, indexed, variable and immediate income annuities, as well as annuities offering accelerated death benefit features for clients looking to ease the potential future burden of care for chronic or terminal illness. Securian is also developing specific annuity products for banks.
“Our history as a highly rated insurer that operates with a conservative, long-term perspective makes us an attractive option for banks looking to diversify their mix of annuity carriers. We know through our conversations with banks that they have many risk-averse clients who traditionally purchase CDs. Annuities are an increasingly attractive alternative for bank advisors interested in generating a higher return on their clients’ investments. We believe there is opportunity here both with products we currently have available as well as those in the works.” – National sales VP, retail life insurance and annuities at Securian Financial, Chris Owens.