New York Life: Serving, Growing
Wednesday - August 10, 2011
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By Mike Ceci
Managing Partner, New York Life Insurance Co.
New York Life Insurance Co. has been serving Hawaii residents and businesses for more than 130 years. We started back in 1878 with a single agent on Fort Street Mall. Today we have approximately 100 agents, still in the middle of downtown Honolulu, serving clients across the islands. Life insurance continues to be a primary reason why people come to us for guidance and planning to ensure their family is taken care of and their legacy is secure.
Another trend we’ve seen with local families in recent years is their concern about options for long-term care whether it’s for themselves, parents, grandparents or other aging loved ones. In fact, according to a recent study by Scarborough Research, 13,000 Hawaii residents expect to shop for long-term care and/or related facilities during the next 12 months. The need is incredible and the financial resources required demand sound planning. Consequently, our agents have developed deep experience in helping clients prepare for and alleviate what is often a stressful issue for people.
Another issue keeping our agents busy? Helping business owners in their succession planning. Most everyone has heard of (or may even know of) family-owned businesses that have shut down after a founder or key principal decides to retire or passes away, leaving the remaining principals in upheaval and the business at risk. A well-structured life insurance policy can fund a buy-sell agreement that ensures the financial health of the business and its viability as it transitions to the next generation of owners.
A key initiative for our company in 2011 is to add 60 agents. It’s an ambitious recruiting goal, but we know it’s achievable because of the level of talent that is available in our business community and local universities. One way we’re attacking recruitment is by partnering with universities to connect with business students even before they graduate. For example, we’re working with the Shidler College of Business at the University of Hawaii to bolster the number of juniors and seniors who intern with our company each semester. Internships are a great way for students nearing graduation to test the waters with New York Life and vice versa. If it’s a good fit, the student has a job waiting for him or her upon graduation. And we love it whenever we can help launch the career of another homegrown graduate.
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