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Business Strategies of Massachusetts Mutual Life Insurance Company - Case Study Example

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The paper "Business Strategies of Massachusetts Mutual Life Insurance Company" discusses the management and financial strategies of one of the biggest life insurance companies in the world and has been successful at attaining 93rd rank in the Fortune 500 list…
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Business Strategies of Massachusetts Mutual Life Insurance Company
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Download file to see previous pages The company has also been successful at paying its policyholders with dividends since the year of the 1860s. By earning financial strength ratings, the company has achieved a remarkable position in the particular sector. The company’s trained professionals comprise of thousands of agents situated all over the United States. The main task of the agents is to understand the customers’ financial goals and therefore serve them to formulate their financial strategies accordingly. Although since inception the company’s core product has been life insurance, it has also been offering its customers with numerous other insurance schemes as well as investment products designed for the individuals, businesses and the families. The institutional investors, as well as the nonprofit, corporate, governmental and union employees, can as well avail the company’s retirement services (Massachusetts Mutual Life Insurance Company, “Our Company”).

The company was incorporated by George W. Rice who had been a young insurance representative, selling policies for the company named Connecticut Mutual Life in Connecticut. His objective was to initiate a business in neighboring Massachusetts. Between the year 1843-1851, Rice’s Massachusetts Mutual had been one of the companies among dozens other to leap into existence. The mutual companies had been quite attractive in the burgeoning insurance industry as very little working capital was required. According to Massachusetts State Law, the insurance companies required an initial stock subscription of approximately $100000. Therefore, Rice made an attempt to persuade 31 investors to buy stock in the new venture. It was in the year 1867 when the phenomenon of retirement happened with MassMutual and therefore it was capable of being what it wanted to be. The first president of the company had been Caleb Rice.

It has been noted from the financial results of MassMutual that there have been strong revenues and sales growth in the last nine months till September 30, 2011. It also recorded a huge level of surplus as well as capital. There has been a rise in the revenue to $14459 million for the nine months ended September 30, 2011, in comparison to $11, 294 million during the same time in the year 2010. In addition to these, the net income had been $374 million in comparison to $477 million during the year 2010 (MassMutual Financial Group, “Consolidated Statutory Financial Highlights of Massachusetts Mutual Life Insurance Company (MassMutual) Nine Months Ended September 30, 2011”).

It is worthy of stating that the company has received top rank among seven numerous groups in the 2011 Top Performers in the awards of Contact Center Industry Awards of America Region on June 14, 2011(Massachusetts Mutual Life Insurance Company, “Press Release 2011”).
The main customers of the company are individuals, families, key business executives, corporations, businesses and institutions, advisers, consultants, retirement plan sponsors, capital market participants and intermediaries (Massachusetts Mutual Life Insurance Company, “The MassMutual Fact Sheet”).

It has been noted that the main reason behind the achievement of numerous ranks has been the quality of products as well as services that the company provides to its customers along with the quality of management and people management. The company practices certain code of conduct which is applicable to sell the employees of MassMutual. ...Download file to see next pagesRead More
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