Recognition Validates Strategic Plan in the Voluntary Market
ALEXANDRIA, VA – 5Star Life Insurance Company (5Star Life) was recognized for voluntary sales growth in the small carrier category ($10 million to $49.9 million in sales) by East Bridge Consulting Group based on its 2020 U.S. Voluntary/Worksite Sales Report.
“I am pleased to see 5Star Life recognized in the marketplace. I feel deeply grateful for the board’s guidance and unwavering support and extremely proud of our employees whose efforts this past year made this possible,” said 5Star Life President General Larry O. Spencer, USAF (Ret.).
The report recognized 5Star Life as one of five in the small carrier category to achieve voluntary sales growth in 2020 out of thirteen eligible carriers. At an industry level, voluntary sales were down 15.5% in 2020 over the prior year, as carriers were challenged by the pandemic. Employee communication and engagement required agility from brokers, carriers, and clients in finding a new path forward.
“Being recognized by Eastbridge Consulting Group is an honor. Our sales strategy over the past few years has been to strengthen relationships with sales partners while honing our market focus. This recognition is validation of those efforts,” said Kimo Wong, Senior Vice President and Chief Distribution Officer. “I look forward to building on the success of the team to continue growing the business.”
“Our value proposition is rooted in providing excellent service with steadfast attention to what matters most to our partners complemented by a growing product portfolio and engagement resources. Our brokers and sales partners know and understand the market, while our employees continue to deliver excellent service to brokers, employers, and customers,” said Sal Campanile, Vice President of Worksite & Group Benefit Sales. “We’ve built a strong and agile team, and I am excited about the future.”
About 5Star Life Insurance Company
5Star Life Insurance Company (5Star Life) is the primary underwriter of the Armed Forces Benefit Association (AFBA) member policies and is also a growing provider of group and worksite voluntary products. Its business model enables 5Star Life to serve the needs of a diverse clientele as an insurance advisor to individuals and organizations and as a trusted partner to brokers. Headquartered in Alexandria, Virginia, 5Star Life is currently licensed in 49 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and American Samoa.
About Armed Forces Benefit Association
With the support of the General of the Army, Dwight D. Eisenhower, the Armed Forces Benefit Association (AFBA) was established in 1947 in the basement of the Pentagon to ease the strain on military members and their families who, at the time, could not purchase life insurance that would pay a death benefit if the member was killed in combat. Today, headquartered in Alexandria, VA, AFBA continues to honor its mission, in war and peace, promoting the welfare of its members providing death benefits and other benefits to those who serve this great nation, including members of the uniformed services, first responders, government employees, and their families. AFBA has 535,000 members with $40 billion of survivor benefits in force and $2 billion paid since inception. AFBA survivor benefits are underwritten by its affiliate, 5Star Life Insurance Company (a Lincoln, Nebraska domiciled company).