Theodore E. Affleck, as a qualified life insurance company product expert, brings a combination of Home Office mentality and plaintiff empathy (for litigation matters), the ability to create spreadsheet models that demonstrate various dynamics inside a life insurance contract, and access to numerous supplemental resources (actuarial, accounting, legal, administrative).
Philosophy of Engagement
During the 12 years Mr. Affleck managed the Competitive Support Department at Connecticut Mutual, he was often asked by agents for help in dealing with seemingly lower-priced products from other companies. Mr. Affleck found that the following quotation, attributed to John Ruskin, a noted 19th century English economist, always shed some light on the issues and provided an important perspective –
"It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money, that’s all.
When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do.
The common law of business balance prohibits paying a little and getting a lot – it can’t be done.
If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that, you will have enough to pay for something better."
Jacob L. Greene, the 5th president of Connecticut Mutual (from 1878 to 1905), when making a somewhat controversial pricing decision on a new product series, proclaimed –
“No life insurance is safe which is not more than safe.”
These two men from the 19th century probably didn’t know each other. But their words speak volumes to the issues confronting the life insurance industry in the 21st century, particularly with respect to how it has priced and marketed its products in the past, as well as how it continues to do so now and into the future.
In all of his consulting activities, Mr. Affleck endeavors to uphold the spirit of what these two men had to say – with insight, with integrity, and with an uncanny ability to simplify the complicated world of life insurance.
Finally, a quote that Mr. Affleck believes originates with him that is a variation on the proverbial "sniff" test.
"If something doesn't smell right, there's usually nothing wrong with your nose!"