Liberty Life Insurance Co. Announces Strategic Marketing Alliance with Prism Mortgage Company

Strategic Insights -

Liberty Life Insurance Co., a subsidiary of Royal Bank of Canada, has entered into a national strategic marketing alliance with Prism Mortgage Company to offer mortgage life insurance through Prism loan officers. This agreement enables Liberty Life to tap into the customer base of one of the nation's largest mortgage loan originators, leveraging the expanding U.S. market presence of Royal Bank. The partnership aims to provide customers with value-added products and services, building loyal customer relationships and driving profit growth. LibertyDirect, the direct marketing unit of Liberty Life, will offer mortgage life insurance products primarily via direct mail and through loan officers at the point of origination.

Key Takeaways:

  • Liberty Life Insurance Co. has entered into a national strategic marketing alliance with Prism Mortgage Company to offer mortgage life insurance.
  • The agreement enables Liberty Life to tap into Prism's customer base, leveraging the expanding U.S. market presence of Royal Bank.
  • LibertyDirect, the direct marketing unit of Liberty Life, will offer mortgage life insurance products primarily via direct mail and through loan officers at the point of origination.
  • The partnership aims to provide customers with value-added products and services, building loyal customer relationships and driving profit growth.
  • Liberty Life is the second-largest marketer of optional mortgage protection insurance to customers of financial institutions.
  • Prism Mortgage Company has over 160 branches in 27 states and closed more than 55,000 loans in 1999.
  • The partnership is part of Royal Bank's strategy to provide sister companies with products and expertise that can enhance customer lifetime value.
  • Mark Filler, chief executive of Prism, stated that the company is delighted to provide customers with mortgage life insurance and take advantage of Liberty Life's products and expertise.
  • Robert Evans, Liberty Life's president, emphasized that the partnership is key to steady profit growth, as it builds loyal customer relationships through expanded product offerings.

Sources:

  • "Liberty Life Insurance Co. today announced its direct marketing unit, LibertyDirect(TM), has entered into a national strategic marketing alliance with Prism Mortgage Company..." - Liberty Life Insurance Co. press release
  • "Prism Mortgage Company is a subsidiary of Prism Financial Corporation, a leading national retail mortgage banking company that originated approximately $8 billion in loans in 1999." - Liberty Life Insurance Co. press release
  • "Royal Bank of Canada (TSE & NYSE: RY; LSE: RBC), Canada's largest financial services institution..." - Royal Bank of Canada press release

Statistics:

  • LibertyDirect is the second-largest marketer of optional mortgage protection insurance to customers of financial institutions.
  • Prism Mortgage Company has over 160 branches in 27 states.
  • Prism closed more than 55,000 loans in 1999.
  • Prism originated approximately $8 billion in loans in 1999.
  • Royal Bank has 49,000 employees who serve 10 million personal, business, and public sector customers in 30 countries.
  • Royal Bank operates through several business units, including Royal Bank, RBC Dominion Securities, Royal Investment Services, RBC Insurance, and Global Integrated Solutions.