Pacific Life today announced its intent to enter workforce benefits.
“Building a meaningful position in the workforce benefits market aligns well with our purpose to help consumers meet their future financial protection needs,” Adrian Griggs, Pacific Life Chief Operating Officer and Executive Vice President of Pacific Life, said:. “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. Pacific Life’s new president is Erich Sternberg, who previously served as the president of Kemper Corporation’s life and health division. He was previously the CEO of Starmount Life Insurance Company. This company saw 18 years worth of double-digit growth, and eventually its sale to 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. We believe that Pacific Life has the unique ability to succeed in this market segment. 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.”