Robert MacDonald, a veteran of the life insurance business, is trying to create an industry first–a wireless, paperless company for the emerging retirement income market.
“The insurance industry is significantly behind the rest of the world in terms of using technology to provide faster, more efficient, and more productive service,” MacDonald contends. “I felt there was an opportunity to leapfrog [the rest of the industry] and create a virtual company that could process a lot of business in an effective way using existing technology.”
Launched in August 2006, Minneapolis-based Allianz Income Management Services (AIMS) plans to develop and sell fixed and variable insurance products to those entering or near retirement. With financial backing from Allianz Life of North America, AIMS currently offers a bridge annuity product issued via paper. By late spring/early summer, it will offer a new product that will be issued only electronically. Eventually, all contacts and transactions among policyholders, agents, and employees will be conducted electronically.
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