BANKING/FINANCE

With a revised package of group health and life insurance benefits, Pacific Mutual Life Insurance in Newport Beach is renewing its efforts to garner more business from companies with 25 to 100 employees.

Pacific Mutual, the state’s largest life insurance company, will begin marketing its package of three group insurance programs on April 1, said Richard Underweiser, assistant vice president of group sales.

Like competing companies, Pacific Mutual had been offering one program with a host of options. But it stopped pushing that product last fall as it looked for more cost-effective ways to supply employers with group benefits.

Market research in four cities persuaded the company to change its strategy and offer three programs, each with a series of options, Underweiser said.

The first program is intended to provide basic life and medical coverage for new companies or those struggling in tough industries. A second program is aimed at growing companies that can afford such options as dental coverage. The third program is for mature companies that need better benefits to attract and keep good employees.

Underweiser acknowledged that Pacific Mutual was not offering a new product, just “restructuring an existing product to position ourselves better.”