In some good news for those of us who use Allstate Life's NABCO Assignment Ltd, for non-qualifed annuities, structured legal fees and structured sales, it was announced today that NABCO's name will be changed to Allstate International Assignments, Ltd.
For anyone who has sat across from a trial lawyer, CPA, real estate professional or plaintiff and tried to explain who NABCO was, why Allstate didn't have their name on the subsidiary, and why money needed to be wired to Barbados, this comes as a breath of fresh air and common sense from a company that hasn't really wowed anyone with it's marketing acumen in the last few years. Sure they build some great products, but it seems like the sales process that follows the product creation was the forgotten step child.
The fact is the average consumer is the person typically buying the structured sale, non-qualified assigned annuity or structured legal fee, and the inclusion of Allstate in the assignment company name is going to get us past the silly, but very real, objections and questions about who NABCO is, and how do we know Allstate will actually stand behind them.
In sales it is often emotional reactions as opposed to intellectual reason that closes, and the failure to capitalize on one of the strongest brand names in the US financial community, i.e. Allstate, just showed a lack of awareness on the importance of letting everyone know that these are safe, secure and well managed annuity programs backed by a huge insurance conglomerate.
Good job Allstate.