Pacific Life Announces Plans to Enter Workforce Benefits Market
Pacific Life today announced its intent to enter the workforce benefits marketplace.
“Building a meaningful position in the workforce benefits market aligns well with our purpose to help consumers meet their future financial protection needs,” said Pacific Life Executive Vice President and Chief Operating Officer Adrian Griggs. “Not only will we create great insurance products that employees want as part of an attractive benefits package, but we will support employers who are looking for additional tools as part of their talent acquisition and retention strategies, and employee benefit brokers looking to expand their product portfolio.”
Leading the company’s efforts in this area will be Senior Vice President and Head of Workforce Benefits, Erich Sternberg. Mr. Sternberg joins Pacific Life from Kemper Corporation, where he most recently served as president of its life and health division. Prior to Kemper, he served as the CEO for Starmount Life Insurance Company, overseeing 18 years of double-digit growth and its eventual sale and integration into the Unum Group.
Over the next several months, Mr. Sternberg will complete a strategic review and build a leadership team and develop a deliberate plan to bring Pacific Life’s workforce benefits business to market.
“It is truly exciting to have the opportunity to bring Pacific Life’s fifth business to life,” said Mr. Sternberg. “As demonstrated by our extensive experience focused on consumer segments including our life and retirement solutions businesses, institutions through our Institutional Division, and insurance and reinsurance companies through Pacific Life Re, Pacific Life has a proven track record in developing growth-oriented businesses in substantial segments of the market. Our new venture targets a worthy segment, and we believe strongly that Pacific Life is uniquely positioned to deliver results as a new entrant in this space. I look forward to building the foundational aspects of our workforce benefits business over the coming months and entering the market with a differentiated and frictionless offering for this important area.”