Over the next several weeks, we will communicate with you regarding transition plans, the closure of Empire General business operations, and the introduction of a new company platform. Please expect to hear more regarding:
§ The new underwriting philosophy – “Best of the Industry”
§ Enhanced compensation plans
§ Technology-driven application processes
§ Refined portfolio of products
Why the change?
§ Competition is intense
§ Redundant systems and processes
§ Technology is expensive, and more is required to support distribution partners and internal operations
§ Financial processes are changing
o Securitization
o Redundant reserves
What changes are being created?
§ The new company name will be West Coast Life Insurance Company
o West Cost Life is a bigger company in terms of assets, employees and customers.
o West Coast Life factors into the Chase acquisition as they are subordinating some of the Chase insurance companies under West Coast Life.
o West Coast Life is celebrating its 100th anniversary this year.
§ Combining the best practices of two outstanding organizations
o The strategy for this combination is to incorporate the best elements of Empire General and West Coast Life into the new organization.
§ The Empire General products will no longer be available for new sales after July 1, 2006. All Empire General applications must be signed and dated by June 30, 2006 and received in the Empire General Kansas City office no later than Monday, July 17, 2006.
§ The new company will retain the current highly competitive West Coast Life product portfolio and shift to the underwriting manual and philosophy utilized today at Empire General. This will allow us to offer very competitive underwriting in the standard and moderately substandard market as well as highly competitive Super Preferred and Preferred term rates.
Finally, if you have cases pending or are in the process of sending them in, no problem! These cases will be issued on Empire General paper and receive the same products that you were quoted.
