Hispanic Consumers' Coverage Impacted by Financial Concerns
According to the 2022 Insurance Barometer Study, Hispanic consumers report higher financial concerns than other groups and that these financial concerns could be contributing to their lack of coverage. The top two reasons uninsured and underinsured Hispanic Americans give for not buying life insurance are:
- It's too expensive
- Other financial priorities.
Today, just 42% of Hispanic adults have life insurance coverage, which is lower than any other race or ethnicity. For October, National Hispanic Heritage Month, the Help Protect Our Families Campaign focuses on how our industry can better engage and serve this community.
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Faithlife Financial Rebrands to Serenia Life Financial
FaithLife Financial, one of Canada's few member-based insurance providers, has announced the launch of their new brand name, Serenia Life Financial. Under the Serenia Life Financial brand, the business will continue to offer great products and services, while promoting its core values and giving back. This brand transformation began in 2021, with a complete redesign of their suite of life insurance products, making coverage more accessible to more Canadians.
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AM Best Assigns GCU A- Rating
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to GCU (Beaver, PA). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect GCU's balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management.
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LIC is Hiring
LIC is hiring! This is a tremendous opportunity for the right candidate to participate in the satisfaction of helping smaller companies improve their performance through shared excellence.
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Magnifact Announces Pilot Integration with DTCC's Insurance Information Exchange (IIEX) Platform
Magnifact has announced it has successfully completed pilot testing of the integration of its cloud-based insurance platform with the Insurance Information Exchange (IIEX), a service offered by The Depository Trust & Clearing Corporation (DTCC), to help carriers and their distributors gain automated access to their most current position information.
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Workplace Life, Disability and Supplemental Health Premium Rebounds in Q2 2022
New annualized premium for workplace life insurance, disability insurance and supplemental health products increased in the second quarter of 2022, according to LIMRA's workplace benefits sales surveys.
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John Baker to Retire from NGL
National Guardian Life Insurance Company announced the upcoming retirement of John Baker, Vice President, Strategic Partner Development in December 2022. Baker's experience in the funeral service industry spans three decades.
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iCover adds Jim Sorebo as Chief Distribution Officer
iCover, a Missouri-based insurtech that provides an algorithmic underwriting and QUI based eApp Service for life insurance companies has announced the appointment of Jim Sorebo as its Chief Distribution Officer.
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LIC Membership Directory Update Available
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CL Life Launches New MYGA Product To Market in 8 Weeks with FireLight
Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the life and annuities insurance industries, announced that CL Life and Annuity Insurance Company has launched FireLight® e-Application. CL Life implemented FireLight with its new MYGA product released this month. According to Gary Sorensen, Director of Marketing & Sales, CL Life, "We were able to go from concept to implementation in just eight weeks."
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Preneed Forum To Feature Homesteaders Senior Management Discussion of Strategic Direction
Homesteaders Life, host of the LIC Preneed Forum November 16-17, 2022, will present a panel discussion with CEO Steve Shaffer and other chief executives, on Strategic Direction. The Forum, with over a dozen preneed companies planning to participate, offers a unique opportunity for sharing ideas and practical solutions to advance the preneed business.
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Benekiva and MRS Announce Partnership
Benekiva and Management Research Services Inc. (MRS) announced that they will partner to bring together Benekiva's SaaS claims and servicing platform and MRS's comprehensive underwriting rules engine. This collaboration enables carriers to offer new insurance and financial services products to claimants during the claim disbursement process through a technologically enabled new business automation.
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Strategic Leadership Experience 2023 Announced
LIMRA and LOMA, in partnership with Wharton Executive Education, offer a highly interactive industry focused executive development program. The next cohort of up to 100 leaders will launched in August 2023.
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Funeral Directors Life Acquires American Life & Annuity Company
Funeral Directors Life Insurance Company has recently finalized the acquisition of American Life & Annuity Company (ALAC) in Hot Springs, Arkansas. President and CEO of FDLIC Kris Seale and ALAC President Claude Holloway worked closely together to ensure a smooth transition process for both companies, their respective funeral home clients, and the families they serve.
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First Consulting Reports Life and Health News
The October 2022 issue of First Consulting & Administration's L&H newsletter includes fraud reporting legislation in California, filing requirement updates in California and South Carolina, reserving updates in DC and Montana, plus a Connecticut bulletin on managing financial risks of climate change.
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Upcoming LIC Events
LIC's calendar of events for 2022 is posted here. Here's what's coming soon:
LIC Annuity Committee Meeting
Hosted by AAM Insurance Investment Management, Chicago, IL
October 18-20, 2022 (Remote Participation Available)
LIC Investment & Capital Management Committee Meeting
Hosted by Parkway Advisors, Abilene, TX
October 26-27, 2022 (Remote Participation Available)
LIC Laws & Legislation Committee Meeting
Hosted by Locke Lord, Atlanta, GA
November 2-3, 2022 (Remote Participation Available)
LIC ERM Committee Conference Call
November 10, 2022, 2-3:30 PM ET
LIC Preneed Forum
Hosted by Homesteaders Life, Des Moines, IA
Nov. 16-17, 2022
LIC Financial & Tax Accounting Committee Conference Call
December 1, 2022, 2-3:30 PM ET
LIC Supplemental Products Committee Conference Call
December 8, 2022, 2-3:30 PM ET
Save the Dates...
LIC Winter CEO Forum
Wyndham Grand at Harbourside Place, Jupiter, FL
January 31-February 1, 2023
LIC2023 Annual Conference
Wyndham Grand at Harbourside Place, Jupiter, FL
February 1-3, 2023
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LIC 2022 Premier Sponsors
LIC's Premier Sponsors provide support to all LIC events throughout 2022.
Parkway Advisors is focused on being the best most respected provider of service in the insurance industry. Parkway offers asset management, consulting, and statutory investment reporting services that are customizes to the needs of each insurance client. Through Parkway's emphasis on personal service, custom solutions, and strong communication, our clients have enjoyed historically strong performance success, especially during the financial crisis and the low interest environment that has followed. www.parkwayadvisors.com
iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management. www.ipipeline.com
Trilogy Actuarial Solutions: Let Us Be Your In-House Actuaries. We are a trio of actuaries with a combined 45 years of experience providing exceptional service to insurance companies, fraternal benefit societies, and marketing organizations. We can support your existing actuarial staff or serve as your entire in-house actuarial department. We understand the value of a dedicated in-house team and we will endeavor to replicate this experience for you. Our goal is to seamlessly integrate into your organization and culture. www.trilogyactuarial.com
thinktum is a technology company with a strong commitment to innovation, leadership and a responsibility to give back to the communities in which we serve. thinktum's dimmpl platform offers modular InsurTech systems that support true end to end functionality via multiple distribution models. Whether it be face-to-face or non-face-to-face, affiliate or direct-to-consumer, dimmpl supports you from early prospecting straight through to policy delivery. www.thinktum.com
Equisoft is a business-first technology company dedicated to helping insurance and wealth management organizations reach their goals. Specialized expertise: Over 25 years of experience helping small and mid-sized life insurers & fraternals solve their biggest challenges through digital transformation. www.equisoft.com
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About The LIC Bullet
The Bullet is the official e-newsletter of the Life Insurers Council, which has been providing networking and practical business solutions for life insurers since 1910. As a council of LOMA, LIC serves the unique needs of small-to-midsize member companies, offering a personal network of peers with practical solutions to shared challenges. The Bullet delivers immediate and relevant industry news and editorial.
LIC E-News Online Community: As a networking organization, we welcome dialogue and input from our readers – therefore we are transitioning the Bullet to its new home in the LIC E-News online community at LICConnect. All Bullet subscribers have access to this forum, and others can request access by contacting lic@loma.org.
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