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Millennials: Largest Opportunity for Life Insurance, and other industry news from LIC [The LICConnect version of the Bullet E-News]

  • 1.  Millennials: Largest Opportunity for Life Insurance, and other industry news from LIC [The LICConnect version of the Bullet E-News]

    Posted 16 days ago
    Edited by Audrey Wittenburg 16 days ago
    News and events round-up from the Life Insurers Council
    July 25, 2022

    Millennials: Largest Market Opportunity for Life Insurance  

    Millennials (ages 23-41) are at a pivotal life stage for life insurance. The majority are married or partnered, have children under 18, own homes, and have more than $100,000 in household income. Nearly half (47%) of Millennials say they need (or need more) life insurance, which translates into 34 million American adults.

    To help address this need, Millennials were the focus of the July 2022 "Help Protect Our Families" campaign, with resources about Millennials and life insurance. The campaign is an initiative by LIMRA and LOMA in partnership with seven other trade associations and 76 life insurance carriers and distributors, focusing on a specific underserved market each month.

    VISIT THE WEBSITE

    Viielentra Offers Free Scholarships to Families Purchasing Life Insurance


    Newly launched digital life insurance company Viielentra recently partnered up with college planning and funding organization SAGE Scholars, Inc. to gift a free guaranteed scholarship to any family who purchases affordable term life insurance through the online digital platform. The offer has been extended to July 30, 2022.

    READ THE PRESS RELEASE


    Industry Leaders to Examine Economic Shifts Impacting Insurance Markets at 2022 Supplemental Health, DI, and LTC Conference


    Industry leaders will examine the impact of inflation, along with other external and economic factors, on the supplemental health, disability insurance, and long-term care markets at this year's Supplemental Health, DI & LTC Conference in Washington, DC, August 3-5, 2022.  The conference is co-hosted by LIMRA, LOMA, and the Society of Actuaries. 

    VISIT WEBSITE


    New Annuity From Investors Heritage Helps Policyholders Grow Assets Into Retirement


    Investors Heritage Life Insurance Company announced the launch of its newest fixed index annuity – the Heritage Growth Advantage – designed to help policyholders grow their assets as part of their retirement planning. 

    READ THE PRESS RELEASE


    Liberty Bankers Releases Enhancements to On-the-Spot Underwriting 


    Liberty Bankers Insurance Group, a nationally recognized provider of life, health, and financial products, announced enhancements to its On-the-Spot underwriting process for Medicare Supplement applicants. On-the-Spot is a point-of-sale digital decision tool that accelerates the underwriting process for Medicare Supplement coverage. While traditional underwriting processes may take days or weeks, LBIG's On-the-Spot underwriting takes three minutes or less.

    READ THE PRESS RELEASE



    July 29 is Deadline for Insurtech NY Growth Stage Insurtech Accelerator


    Applications close July 29 for insurtech startups to participate in the Insurtech NY's 2022 Hybrid InsurTech Accelerator, a "no-fluff" accelerator that helps growth-focused insurtechs partner with leading carriers and brokers.

    VISIT WEBSITE


    LIC Preneed Forum Heads to Des Moines 


    The 2022 LIC Preneed Forum is set for November 16-17, 2022, hosted by Homesteaders Life in Des Moines, IA. Plan to be at the life insurance industry's only conference dedicated to the challenges associated with marketing, administering, and managing preneed insurance! 

    VISIT WEBSITE


    New Distribution Model Flips How to Sell Life Insurance Upside Down 


    A July 20, 2022, article in Life Annuity Specialist described growing interest in a new distribution model of "embedding" insurance into another type of transaction, such as a mortgage application or fitness equipment purchase. 

    READ THE ARTICLE
    (Subscription Required)



    Tim Wilson Is New Chief Investment Officer at Liberty Bankers 


    Liberty Bankers Insurance Group announced the promotion of Tim Wilson to chief investment officer. According to CEO Brad Philips, "Tim has been with the company for twelve years and has proven himself very capable of navigating both up and down markets."

    READ THE PRESS RELEASE


    Upcoming LIC Events

    LIC's calendar of events for 2022 is posted here. Some of our upcoming events: 

    LIC Summer CEO Forum
    Hosted by Optimum Life Re, Montreal
    August 29-31, 2022

    LIC Operations Committee Meeting
    Hosted by Security National Life, Salt Lake City
    September 20-22, 2022

    LIC Investment & Capital Management Committee Meeting
    Hosted by Parkway Advisors, Abilene, TX
    October 26-27, 2022

    LIC Laws & Legislation Committee Meeting
    Hosted by Locke Lord, Atlanta, GA
    November 2-3, 2022 

    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

    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
    ​​​​​

    LIC EVENTS PAGE


    LIC 2022 Premier Sponsors

    LIC's Premier Sponsors provide support to all LIC events throughout 2022.

    Parkway Advisors
    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
    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
    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
    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
     

    SEE ALL LIC SPONSORSHIP OPPORTUNITIES


    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.
     
    Copyright © 2022, All rights reserved.

    Our mailing address is:
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    ------------------------------
    Audrey Wittenburg ALMI, ACS
    Associate Director
    LIC
    Silver Spring MD
    (703) 975-5626
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