Pacific Life Insurance Co. has eliminated nearly 300 jobs, with the bulk of layoffs coming in Orange County as the company looks to realign its workforce in the face of low interest rates and the COVID-19 pandemic. In an email, company spokesman Steven Chesterman said most of the cuts were made last week, although some will take place during the first quarter of 2021. “The majority of employees impacted reside in Orange County but included others throughout the country,” he said. “We are constantly evaluating our business to ensure Pacific Life has the right structure to accomplish its goals and best serve the long-term interests of our clients.” The move comes less...
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Iselin, N.J., April 22, 2020 (GLOBE NEWSWIRE) -- FAST, a Verisk (Nasdaq: VRSK ) business, announced today that Pacific Life, a leading provider of life insurance, annuities, and mutual funds, has licensed FAST software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve its policy administration, and enhance its distribution management for its Life Insurance and Retirement Solutions divisions. “We were looking for a platform that could address our needs across both Life Insurance and Retirement Solutions, while providing cutting-edge technology that would allow us to adapt and quickly react to challenges in the...
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Eliminating data-prep chores Pacific Life —an insurance industry leader for over 150 years—employs many brilliant data scientists. But, before the company’s move to the Snowflake Data Cloud, their skills were underutilized. Instead of spending the bulk of their days building data science models and analyzing the results, they had to hunt down and wrangle data. “It’s not fun—to a data scientist, it’s busy work,” says Paul Pohoresky, a Slalom director. “It’s moving data and loading data and manually cleaning it up. It’s draining and time-consuming. With new tools and solutions, the data scientists can concentrate on more high-level, valuable tasks.” Slalom’s work with Pacific Life evolved...
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NEWPORT BEACH, Calif.--( BUSINESS WIRE )--Pacific Life has been named one of the 2021 World’s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on five categories, including: its ethics and compliance program; culture of ethics; environmental and societal impact; corporate governance; and leadership and reputation. This marks the fourth consecutive year Pacific Life has been recognized by the Ethisphere Institute, which honors companies demonstrating exceptional programs and practices. Pacific Life was one of only three honorees in the insurance industry. “ We are proud to be...
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Pacific Life Licenses FAST Software to Enable Digital Transformation of Its Life Insurance and Retirement Solutions Divisions Iselin, N.J., April 22, 2020 — FAST, a Verisk (Nasdaq:VRSK) business, announced today that Pacific Life, a leading provider of life insurance, annuities, and mutual funds, has licensed FAST software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve its policy administration, and enhance its distribution management for its Life Insurance and Retirement Solutions divisions. “We were looking for a platform that could address our needs across both Life Insurance and Retirement...
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Pacific Life Term Life Insurance provides affordable death benefit protection for a specific period of time, up to 10, 15, 20, 25, or 30 years. Your Family A family brings joy and challenges, pride, and responsibilities—all things that make life meaningful. A family also brings obligations. Part of providing for your family is planning ahead. If you should die prematurely, life insurance can provide proceeds that may help: Replace your lost income for your family’s financial well-being Cover tuition for your children’s education Your Life Insurance Protection Needs The amount of life insurance coverage you may need is based on your individual situation and the expenses you may need to cover...
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Pacific Life Insurance Co. is moving downstream in the term life insurance market to less affluent investors through an acquisition of Genworth Financial Inc.’s technology platform for new term-insurance business. Completion of the deal, announced Friday, gives Pacific Life broader market reach because the platform can be used to sell a term life product both direct to a consumer or through a financial adviser, according to spokesman Tennyson Oyler. The companies didn’t disclose terms of the deal. Term life represents about 2.5% of Pacific Life’s total life insurance business. “This opens up the mass market to us without impacting our core focus and processes around...
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Pacific Life announced today that Louise Pentland, executive vice president and chief business affairs and legal officer of PayPal, Inc., has been appointed to the board of Pacific Mutual Holding Company, the ultimate parent company of Pacific Life Insurance Company. She began her term on August 1, 2020. Ms. Pentland is PayPal’s executive vice president and chief business affairs and legal officer, having joined the company in 2015. She oversees the company’s financial, regulatory and legal requirements, as well as the corporate affairs and human resources functions. Since joining the company, Ms. Pentland has been instrumental in shaping PayPal’s culture, driving leadership excellence,...
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A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.' Why I bought life insurance before contributing a penny to my 401(k) Three evenly spaced dots forming an ellipsis: "...". Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. My wife and I married in our early 20s, and when we started having...
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Pacific Life, Allianz Talk Possible Sale Newport Beach-based Pacific Life Insurance Co., California’s largest insurance company, is in talks that could lead to it being sold to German insurance giant Allianz AG for more than $3 billion. The company is Orange County’s largest privately held concern and one of its largest employers with 2,200 workers. It is also a leading corporate citizen, overseeing a $2.4 million charitable foundation that has provided support for such events as AIDS Walk Orange County and Race for the Cure. The negotiations were disclosed Tuesday in a filing with the Securities and Exchange Commission and are separate from the pending $3.3-billion acquisition by Munich-...
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