"We see an abundance of new business-development opportunities within a myriad of financial service markets. They reside within local and regional CPA firms, estate planning law firms, trust companies, bank insurance operations and individual insurance and wealth advisers."
Timothy C. Moynihan is senior vice president and director of risk appraisal for Providence-based Brokers’ Service Marketing Group. He was appointed to that position in September, with previous experience as president of CBIZ Special Risk Insurance Services for 12 years. His other experience during his 25 years in the life insurance industry includes home office underwriter for Connecticut General Life Insurance Company, as well as manager of CIGNA Associates Impaired Risk Division.
Moynihan has a bachelor’s degree in English from Amherst College.
PBN: Underwriting large, complex and difficult life insurance risks is a specialized skill. In the current economic landscape, especially in Rhode Island, what do you see as the biggest challenge in your new position as director of risk appraisal for Brokers’ Service Marketing Group?
MOYNIHAN: One of the primary challenges facing our large-engagement underwriting operation at Brokers’ Service Marketing Group is not exclusive to Rhode Island, yet our initial focus is here in our backyard. The challenge comes with exposing high-end financial advisers to the intimate nuances of mortality assessment and its significant impact upon the underwriting of life insurance risks. Capturing financial adviser awareness of the unique benefits tied to differentiating one individual mortality risk from the statistical morass of actuarial tables, which is also known as the law of large numbers, is key to driving success in our large case underwriting endeavors.
PBN: You have spent more than 25 years in the life insurance business. What is it about the industry that keeps you up at night?
MOYNIHAN: I am concerned about pseudo-industry professionals who do not adhere to the fundamental values of our business – loyal relationships, integrity and compliance – with a premise based upon “always doing the good and right thing.” Those are the foundation principles upon which Brokers’ Service Marketing Group is based. Moreover, attempts to manipulate our industry’s products and their unique tax benefits to concoct sales strategies as a money-grab, without due care or respect for our customers or our industry as a whole, can cast an undeserved shadow on all the firms that uphold the commitment to the highest standards of our business.
PBN: In your position, a main focus will be to seek out new business development opportunities for the company. What segments of the marketplace will you be looking at for those new opportunities?
MOYNIHAN: We see an abundance of new business development opportunities within a myriad of financial service markets. They reside within local and regional CPA firms, estate planning law firms, trust companies, bank insurance operations and individual insurance and wealth advisers. Specifically, any financial service entity involved in the sale or fiduciary oversight of life insurance holdings, we see as a new business development opportunity for our risk differentiation underwriting services at Brokers’ Service Marketing Group.
PBN: With more than 25 years of experience in the life insurance industry, you’ve developed a unique skill-set utilized to differentiate mortality risks. In your experience handling difficult risks, as well as working with attending physicians, medical directors and insurance company home office underwriters on behalf of financial advisers, how do you see these skills leading to new business in the current economic environment?
MOYNIHAN: The concept of “risk differentiation” – the favorable separation of an individual life insurance risk or insured from the objective data base – the actuarial statistics – amassed by life insurance companies is the preeminent skill set behind our team’s business strategy. Our goal is to add risk differentiation strategies as a practice enhancement, a unique value-added to a financial adviser’s arsenal. It is an opportunity for an adviser to differentiate his or her practice within a highly competitive insurance planning environment.
PBN: What are your first orders of business in your new position in Rhode Island? Do you see yourself changing strategies for this area or will you focus on a national market?
MOYNIHAN: Our first order of business was the internal adoption within our Providence, Wellesley, Mass., and Virginia Beach, Va., offices that underwriting differentiation is its own revenue engine rather than a pure administrative function. With this priority item accomplished, our goal now is to market our risk differentiation message regionally throughout Rhode Island and New England, and, thereafter, on a national scale. This requires complete staff buy-in, as each Brokers’ Service-Marketing Group team member is an ambassador for our risk differentiation platform.