The Savings Bank Life Insurance Company of Massachusetts (SBLI) it is now actively conducting business in Connecticut under the name Centrian Life Insurance.
The Savings Bank Life Insurance Company of Massachusetts has been licensed by the Connecticut Insurance Department to do business in the state for nearly six years, but the company has not actively promoted itself or its life insurance products there, according to company officials. To a large degree, they said, this was because of the potential for customer confusion that SBLI of Mass. felt would arise with two separate companies having similar names in the market place. VantisLife Insurance Company does business in Connecticut under the name of the Savings Bank Life Insurance Company but is in no way affiliated with SBLI of Mass.
The solution was to launch the Centrian Life Insurance brand, offering consumers in Connecticut the same products with the same premiums, terms, and benefits as those extended through the SBLI of Mass. brand.
The products that will be offered in Connecticut under the Centrian Life Insurance bran include tyerm life, guaranteed level premium, whole life, annutities and guaranteed issue senior life.
“Today, nearly 5,000 Connecticut residents own life insurance policies with our company, which is an impressive share of the market given that we have not and cannot actively market our products and services in Connecticut under the SBLI brand,” said Robert K. Sheridan, president and CEO of the Savings Bank Life Insurance Company of Massachusetts. “Centrian Life Insurance
may be a new name, but it represents a company that that has been protecting families with high-quality life insurance for nearly 100 years.”
The Savings Bank Life Company of Massachusetts enjoys a 23 percent market share in Massachusetts, the largest share of any life insurance provider in the state.
To introduce Centrian Life Insurance in Connecticut, the company said it will launch an aggressive advertising campaign in newspapers and distribute a direct mail to piece to 100,000 homes
Source: Centrian Life, http://www.centrian.com
Topics Carriers Massachusetts Connecticut
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