Macdonald Retained By Allianz Of America To Lead New Entity Targeted To Retirement Income Market
Minneapolis, MN - Robert W. MacDonald, founder and chief executive of LifeUSA and retired chairman and CEO of Allianz Life Insurance Company of North America, through his consulting firm CTW Consulting, has been engaged by Allianz of America, Inc. to help build and lead a new independent company that targets the emerging retirement income market.
According to the sources, the only business of AIMS will be to "sell income," declared MacDonald, 63, who retired from Allianz Life in 2002 to form CTW Consulting. AIMS will develop and market both fixed and variable insurance products that provide an immediate lifetime income to those entering or near retirement. MacDonald has spoken and written extensively about the need and opportunity for products in the retirement income market. Although retained as a consultant on the AIMS project, he will initially serve as its chief executive to direct its operations and development, according to Allianz.
An exuberant MacDonald commented, "With the flood of 60-million Baby Boomers moving to retirement age in the next three decades and the virtual collapse of government and private pension security plans, this (retirement income) market represents the most dynamic opportunity to provide a valued consumer service and growth for both the insurance and financial services industry in over half a century."
MacDonald added that the new company will attempt be the first company in the insurance industry to operate virtually wireless and paperless. "The contacts and transactions of policyholders, field representatives and employees will be done electronically via the Web," he went on to explain. "AIMS will be open for business and available 24/7/365. Further, implementing such an operating platform will not only mean fast, efficient and convenient processing, but top-flight service for customers and field representatives in the industry."
SOURCE: Robert W. MacDonald, Allianz of America, Inc.