Mass Mutual Financial Group
Mass Mutual Financial Group is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the TermLifeInsuranceQuotes.com website.
Mass Mutual began its journey in 1851 in Springfield Massachusetts. Its founder, George Rice, was an insurance man from Hartford who was looking to set up a similar business venture in Springfield. At the time, the concept of a mutual business, one in which policy holders were also shareholders in the company, was just beginning to gain popularity. Since these businesses needed little in the way of capital, they were popular among the middle and lower-middle class as a way to purchase reasonable life insurance and still retain some interest in the company. Initially, the company was forced to come up with $100,000 in order to procure an initial stock subscription due to a Massachusetts law governing insurance companies. Rice convinced the 31 initial investors to supply this money, but by 1867 the company was able to retire the stock and focus on the mutual aspect of its operations. Legend has it that the company, which now boasts over 243 billion dollars in assets, began in a room with three chairs, a table, and a map of the city of Springfield on one wall.
The first Mass Mutual policy was sold to one of its agents in 1851, and roaming agents came to be the foundation on which the company built its early success. Insuring almost every type of individual and business, the company sold higher-premium Mass Mutual term life insurance polices to gold rushers, steamship workers, and explorers. By 1855, the company had expanded westward along with the country, and had agents in centers like New York and Chicago. In 1868 - ahead of the new railroad - the company reached the west coast and established a base in San Francisco.
The company saw steady growth for the next 100 years and in the 1970s, was one of the first insurance companies in the nation to adopt not only computer technology, linking field agents to the central database, but also focus on increasing worker satisfaction with innovations like flextime. The late 70s saw an industry continuing to grow, but Mass Mutual found itself lagging behind. In 1981, the company began issuing universal life insurance policies, and in 1983 was re-organized into four divisions, one of which focused on investments. By the 1990s, this re-organization had paid off, and the company was ranked as the 12th largest insurer in the nation. By diversifying and adding other products in addition to its highly successful Mass Mutual term life insurance policies, the company has been able to both move forward and position itself as a leader in the industry.
Free Insurance Quotes
Mass Mutual Financial Group is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the TermLifeInsuranceQuotes.com website.
Mass Mutual began its journey in 1851 in Springfield Massachusetts. Its founder, George Rice, was an insurance man from Hartford who was looking to set up a similar business venture in Springfield. At the time, the concept of a mutual business, one in which policy holders were also shareholders in the company, was just beginning to gain popularity. Since these businesses needed little in the way of capital, they were popular among the middle and lower-middle class as a way to purchase reasonable life insurance and still retain some interest in the company. Initially, the company was forced to come up with $100,000 in order to procure an initial stock subscription due to a Massachusetts law governing insurance companies. Rice convinced the 31 initial investors to supply this money, but by 1867 the company was able to retire the stock and focus on the mutual aspect of its operations. Legend has it that the company, which now boasts over 243 billion dollars in assets, began in a room with three chairs, a table, and a map of the city of Springfield on one wall.
The first Mass Mutual policy was sold to one of its agents in 1851, and roaming agents came to be the foundation on which the company built its early success. Insuring almost every type of individual and business, the company sold higher-premium Mass Mutual term life insurance polices to gold rushers, steamship workers, and explorers. By 1855, the company had expanded westward along with the country, and had agents in centers like New York and Chicago. In 1868 - ahead of the new railroad - the company reached the west coast and established a base in San Francisco.
The company saw steady growth for the next 100 years and in the 1970s, was one of the first insurance companies in the nation to adopt not only computer technology, linking field agents to the central database, but also focus on increasing worker satisfaction with innovations like flextime. The late 70s saw an industry continuing to grow, but Mass Mutual found itself lagging behind. In 1981, the company began issuing universal life insurance policies, and in 1983 was re-organized into four divisions, one of which focused on investments. By the 1990s, this re-organization had paid off, and the company was ranked as the 12th largest insurer in the nation. By diversifying and adding other products in addition to its highly successful Mass Mutual term life insurance policies, the company has been able to both move forward and position itself as a leader in the industry.
