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SBLI USA Mutual Life Insurance Company, Inc. is a leading financial services provider for working Americans, committed to its mission to educate and empower value-conscious consumers nationwide.
In 1939 the Savings Banks Life Insurance Fund, which would ultimately become SBLI USA, was created through the vision of former U.S. Supreme Court Justice Louis Brandeis. For 60 years, its products were marketed solely by representatives at participating "community savings" banks in New York, influenced by the belief that ordinary working people should have access to affordable, quality, life insurance.
The expanding landscape of the financial services industry in the 1990s created a unique opportunity for SBLI to merge the SBLI Fund and 16 separate affiliated insurance departments of issuing banks. In 1999, with the full support of banking and insurance regulators and the New York State Legislature, a single mutual company was formed and renamed SBLI USA Mutual Life Insurance Company, Inc.
As a company that serves average American consumers, an underserved and often difficult group to reach, SBLI USA is consistently and purposefully retooling to best anticipate these needs. Our Company has diversified its product offerings, launched new sales platforms and expanded nationwide. A holding company and several subsidiaries were created to accommodate new markets and lines of business. Together with its subsidiaries, SBLI USA is currently licensed to do business in 49 states, as well as the District of Columbia, the U.S. Virgin Islands, and Puerto Rico. The expansion brought new challenges, but the diversity of SBLI USA associates demonstrates their ability to serve every American. SBLI USA associates are 57% female and 62% multicultural--breadth of diversity in both gender and culture allows us to meet these challenges head-on.
SBLI USA has invested in an innovative e-commerce capability. Its state-of-the-art technology infrastructure, aimed at enhancing the efficiency of its customer service and core business processes, paved the way for SBLI USA to be named first runner-up in the sales and marketing category of the Cisco Growing with Technology Awards in 2007. SBLI USA's Integrated Marketing System allows interaction with each customer according to individual preference--by mail, by phone, over the Internet, or in person at Customer Centers in New York, NY, Buffalo, NY, Chicago, IL, Glendale, CA, and Bayamon, Puerto Rico. Agents are conveniently located for walk-in consultations in our Company's key communities. The success of these efforts is evident--SBLI USA has experienced several years of double-digit sales growth since 1999, and consistent customer satisfaction ratings of 97 percent.
Our socially responsible company has also made a major commitment to public service by reaching out to support over 50 different community and cultural initiatives both locally and nationally. These contributions have involved both financial support, $750,000 over 6 years, and strong employee participation through paid customer service days and regular outside community involvement.
Today SBLI USA has over $15.8 billion of insurance in force and more than $1.5 billion in assets, including $127 million in surplus capital. Our Company has approximately 200 employees, and over 300,000 policyholders. Products include term life insurance and whole life insurance, along with a variety of direct response products such as Simple Issue Term, SeniorLife and Accidental Death and Dismemberment insurance. A single-premium, tax-deferred annuity with a guaranteed interest rate is also available. More information about SBLI USA's products and services can be found at www.sbliusa.com.
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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