I applied in-person and the process took 5 days - interviewed at Old Mutual (US) in January 2010.
Interview Details – OM suffers from lack of communication. I would call to confirm my appt. and subsequently someone would call to confirm it again. Or I would get a call to set up a time for an initial interview which had already happened. I had three separate interviews and got three different job descriptions and pay scales & benefit descriptions. This made me apprehensive about joining the culture of miscommunication at Old Mutual.
Interview Question – As a Claims Examiner, how would you explain commuted value to someone with little knowledge of financial terms? Answer Question
Reason for Declining – I found out that their annuity contracts are so poorly written that the average person cannot even figure out what their return on investment is. It turns out that the lump sum "commuted value" of many of their products gouges the estate of the annuitant for a whopping 30%! This information is not revealed in their agreements and most people find out only after they have signed up and it is too late.
I declined their offer for a position because I have scruples and ethics. I'm not going to be the one explaining to some 85 year old or their heirs why so much of their life savings has disappeared into the pockets of OM execs.
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