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Q: What is SBLI USA?
A: SBLI USA Mutual Life Insurance Company, Inc. is a financial empowerment company whose focus is the value-conscious consumer. The Savings Banks Life Insurance system, which ultimately would become SBLI USA, was formed in 1939 with the mission of providing affordable, quality life insurance to people who previously were unable to obtain it. By partnering with community savings banks, the company quickly became a resource for average New Yorkers, enabling them to secure a degree of financial security for themselves and their loved ones. Today, SBLI USA proudly carries forward this role as it continues to build long-term relationships with its customers nationwide.
Q: Why did SBLI USA opt to become a mutual company, and what has changed since the conversion?
A: Converting to a mutual company has enabled SBLI USA to become a more flexible and entrepreneurial player in the insurance industry, to diversify its product offerings, launch new sales platforms, and expand into additional geographic markets throughout the United States. Since the conversion, the company has undergone a technological reorganization that has transformed it into a national financial services firm with a leading customer-focused e-commerce strategy. Under the direction of Vikki L. Pryor, president and CEO since 1999, the company has: achieved annual average sales growth of over 20 percent; created a fully bilingual Web site; developed an integrated marketing model of distribution channels featuring first-in-the-industry Customer Centers in New York City, Puerto Rico, Chicago and Buffalo and enabled the company and its subsidiaries to sell an expanding number of products in 52 jurisdictions. The company has consistently received high customer satisfaction ratings -- 97 percent -- over the past several years.
Q: How is SBLI USA different from other life insurance providers?
A: SBLI USA's mission is providing quality financial services products to value-conscious consumers who have historically been overlooked by the financial services industry. The company wants to help create greater financial security for America's working families earning $100,000 or less. While other companies may include this segment among their targets, SBLI USA is focused specifically on it. This dedication is reflected in SBLI USA's geographic expansion and product development process geared towards the needs of this niche market. The company has assembled a diverse executive team and workforce that understand the requirements of this market firsthand; they are committed to becoming a trusted financial partner and to building long-term relationships around their customers' needs, lifestyles and desires. SBLI USA's customer relationships average 18 years. To service its target markets, the company developed an innovative distribution system that allows it to pass on significant savings to customers.
SBLI USA also strives to be an innovator in good corporate citizenship. In January 2007, SBLI USA's Annual Gala raised over $180,000 for Earth Day Network and in January 2006 the event raised over $100,000 for the national literacy organization First Book. In 2007, Girls Inc. awarded SBLI USA its Corporate Vision award for its commitment to diversity and financial empowerment. In 2002, the Urban Bankers Coalition, Inc. honored the company with its Distinguished Community Service Award in recognition of SBLI USA's work with Toys for Tots, City Harvest, AIDS Walk New York, the American Cancer Society's Making Strides Against Breast Cancer Walk, as well as its support of the American Red Cross Disaster Relief Fund. In addition, SBLI USA offers its associates a unique paid benefit: Personal Service Days, during which associates perform volunteer work for the charity of their choice.
Q: How large is SBLI USA?
A: SBLI USA has more than $15.8 billion of insurance in force and more than $1.5 billion in assets, including $127 million in surplus capital, 200 employees and more than 300,000 customers primarily located in New York, New Jersey, Pennsylvania and Puerto Rico. The Company, together with its subsidiaries, is licensed to do business in 49 states as well as the District of Columbia, the U.S. Virgin Islands and Puerto Rico.
Q: Who makes up SBLI USA's target customer base?
A: SBLI USA is dedicated to providing value-conscious consumers with exceptional customer service, the right products to meet their needs, and sound financial guidance and education through what it hopes will be lifelong relationships. At the same time, the company is also focused on the large portion of Americans who are underinsured or who have no life insurance at all. According to LIMRA International, an industry association, 47 percent of the U.S. population has no life insurance. Millions of Americans are not being serviced by traditional insurance agents, who typically prefer to sell products with large face values and large commissions. African Americans, Latinos, Asian Americans and women make up a large proportion of our current customer base. Our target market includes more than 70 million Americans from diverse populations identified by the 2000 U.S. Census, whom we believe are underinsured and underserved.
Q: What is SBLI USA's current product offering?
A: SBLI USA offers term life insurance, whole life insurance, and, in addition, an array of direct response products such as "Simple Issue Term" - coverage of up to $150,000, generally with no medical exam needed. For seniors, the company offers a whole life policy of up to $20,000 with guaranteed acceptance that accumulates cash value. For children, the company offers term life insurance that can be converted to whole life when a child turns 21. Additional products include group life for small business owners and accident insurance. In addition to SBLI USA's insurance products, the company offers an SBLI USA Select Choice AnnuityTM.
Q: How does SBLI USA market and distribute its products to customers?
A: One of the things that differentiates SBLI USA is its friendly customer service and the many avenues it offers consumers for obtaining information and products. Rather than field an army of sales agents, SBLI USA uses several innovative methods to reach out and communicate with customers. Currently the company has six distribution channels: face-to-face, through a network of bank partners and walk-in Customer Centers; direct mail; the Internet and telesales in response to advertising. SBLI USA calls these channels its "Integrated Marketing Solution," in that they offer personalized customer care by allowing potential customers to decide how they want to interface with the company. To provide this access, SBLI USA has invested in a new state-of-the-art customer service infrastructure that operates 24 hours a day. The company's strong e-commerce capability includes a comprehensive Web site that is unique and innovative in the industry.
Q: How can customers learn more about SBLI USA and its products and services?
A: For a listing of products and services, as well as information on the options available to them, potential customers are encouraged to explore SBLI USA's Web site at www.sbliusa.com. Additionally, multi-lingual agents are available to provide sales and product information Monday through Friday between 8:00 a.m. and 8:00 p.m. (Saturdays 8:00 a.m. to 1:00 p.m.), and for customer service help Monday through Friday between 8:00 a.m. and 6:00 p.m. The toll-free number is 1-877-SBLIUSA.
*Note: All information is current as of the filing of the Company's most recent Annual Statement. The information contained herein may be subject to change.
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