Old Mutual Financial Network launches En Español brand.

Old Mutual Financial Network (OMFN) launched OMFN En Español, the Hispanic brand for OMFN life products and services. Having understood the value of the Hispanic Market in the United States, OMFN has committed to offer bilingual products that take into account specific values for this rather untapped segment.

Similar to the maturing baby boomer marketplace (estimated at 78 million today), the US Hispanic population (estimated at 75 million by 2025) represents the second most significant demographic shift scheduled to occur in our lifetime. Reaching this under-served market inspired OMFN to create alternative solutions to satisfy their needs, such as protecting large families, achieving “The American Dream” and having the same insurance ownership opportunities as everyone else.

Market penetration of insurance products is much lower with Hispanics than in the general population. The overall ownership of life insurance for Hispanics is 34% while the general population is 62% according to LIMRA International. “OMFN has invested in gaining a deep understanding of the different segments of the Hispanic market, their particular needs and the obstacles that are preventing them from acquiring life insurance products,” shares John Phelps, OMFN’s Senior Vice President, Life and Fixed Annuity Distribution. “As we’ve taken great care in tailoring our OMFN En Español brand to their specific needs, we demonstrate our commitment to delivering innovative and balanced financial solutions to the Hispanic market.”

OMFN En Español includes all the necessary capabilities and infrastructures to meet the needs of this market, including a dynamic Web site, updated marketing materials and a proficient bilingual sales and customer services staff. Leading the new En Español project is Jorge Enderica, OMFN’s Director, Business Development and Hispanic Marketing. “As a group, Hispanics are young and their buying power is growing at twice the rate of the general population,” explains Enderica. “We are looking forward to a long-time relationship with this market as their financial needs evolve.”