News and events round-up from the Life Insurers Council
September 27, 2021 |
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Workplace Life Insurance Plays a Critical Role in Protecting Families
According to the 2021 Insurance Barometer Study, 57% of U.S. workers have life insurance through their workplace, and new LIMRA research finds two-thirds of employed Americans rely on workplace life insurance (theirs or another family member's) to meet their life insurance needs.
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New Strategic Leadership Experience Is Coming
LIMRA, LOMA, and LL Global recently announced the launch of their new executive development program, the Strategic Leadership Experience, developed in partnership with Wharton Executive Education and leaders from member companies. A preview webinar October 7, 2021 (12-1:30 EDT) will explain the program's purpose and target audience, nomination process, and content.
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Maria Ferrante-Schepis Appointed to BetterLife Board
The BetterLife Board of Directors has appointed Maria Ferrante-Schepis as a director on the board to replace Tom Johnson upon his retirement. She will assume this role on January 1, 2022.
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First Catholic Slovak Ladies Association Announces New Name
First Catholic Slovak Ladies Association announced its new marketing name: the fraternal benefit society is now rebranded as FCSLA Life. The new name and look will support its mission to provide financial security to members while embracing its Catholic values and Slavic traditions.
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Virtual Customer Experience Workshop Coming Up October 19
At LIC's August 2021 CEO Forum, Maddock Douglas, Manage My, and McGuffin introduced the idea of a collaborative effort to elevate LIC member results in marketing, cross-selling, service and overall customer experience in their presentation "Your Customers Deserve Better (And So Do You)."
A follow-up virtual workshop and demonstration will be held for LIC member companies October 19, 2021, 10-11:30 am EDT. Please contact Stuart Johnston, stuart.johnston@managemy.com for more information.
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LIMRA and SOA Announce New Partnership on Experience Study Data Collection
LIMRA and the Society of Actuaries Research Institute announced a new three-year partnership to collect and process data to be used in industry-wide experience studies. Through this partnership, LIMRA and the SOA Research Institute will be able to continue developing in-depth experience study reports and analytics, leveraging LIMRA's powerful data analytic capabilities and the SOA Research Institute's historical knowledge of experience data.
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iCover Announces New Seed Funding and Partnership with KSKJ Life
iCover, a Missouri-based insurtech that provides an algorithmic underwriting Platform as a Service for life insurance companies, raised an undisclosed amount in seed funding to expand insurance distribution through a direct-to-consumer offering, increase technical staff and expand sales and marketing efforts. iCover also announced a multi-year partnership with KSKJ Life, headquartered in Joliet, IL, that allows iCover to onboard KSKJ Life's full suite of products including final expense, term life, whole life and annuities on the platform to digitize their new business processes.
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WAEPA Offers Civilian Federal Employees Additional Coverage with $100,000 Guaranteed Issue Life Insurance Program
For a limited time, WAEPA (Worldwide Assurance for Employees of Public Agencies) is offering up to a $100k in Guaranteed Issue Group Term Life Insurance coverage. The opportunity is reserved for Civilian Feds and their families under age 50, who can easily apply online, with no medical test or health questions, until November 5, 2021.
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Two LIC Members Cited Among Fastest-Growing Small Annuity Issuers
An August 27, 2021, article in Life Annuity Specialist identified "Six Fast-Growing Small Annuity Issuers," including LIC member Prosperity Life Insurance Group, up 282% in 2020. Another member, SILAC Insurance, was acknowledged for its 102% growth, although its sales volume exceeded the article's small-company definition.
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CUNA Mutual Group Acquires Assurant's Global Preneed Business
Assurant's Global Preneed has joined CUNA Mutual Group as of August 2, 2021. The transition of the Global Preneed business is an exciting opportunity, with CUNA Mutual Group being a broad financial services provider that protects nearly 30 million consumers. As part of CUNA Mutual, the Preneed business will become the Preplanning Solutions business and will continue to help partners and customers take the complexities out of planning and funding their end-of-life arrangements. "We're excited to join the CUNA Mutual Group family and be a strategic part of future growth opportunities," commented Tammy Schultz, President, Preplanning Solutions. "CUNA Mutual Group is a company built on the principle of 'people helping people' and the strong alignment between our cultures and purposes promotes a commitment to customers, partners, and employees."
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Pet Insurance Emerges as Employee Retention Tool
A September 22, 2021, article in Life Annuity Specialist cited research from the National Association of Insurance Commissioners indicating employee benefits packages are the fastest growing form of pet insurance distribution.
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Upcoming LIC Events
Here are LIC meetings coming up in October. See the full 2021 Schedule here.
LIC Operations Committee Meeting (Virtual)
Wednesday, October 6, 2021, 10am-3pm EDT
LIC Laws & Legislation Committee Conference Call
Thursday, October 14, 2021, 2-3:30pm EDT
LIC Technology Committee Meeting (Virtual)
Wednesday, October 20, 2021, 10am-3pm EDT
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LIC PREMIER SPONSORS
LIC's Premier Sponsors provide support to all LIC events throughout 2021.
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
Management Research Services
MRS provides a high-end technology product to life, health, and annuity insurance industries. MRS has inv
ested heavily in our technology platform to create a foundation for the next revolution in life insurance. MRS's No-Code platform gives you all the tools needed to build a hig
hly secure, complex application that efficiently collects voice and electronic data without writing a single line of code. The result is a vastly reduced time to market with no initial or ongoing maintenance costs making the total cost of ownership substantially lower than status quo solutions. managementresearchservices.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
thinktum inc
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
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
Equisoft
Over 25 years' experience helping small and mid-sized life insurers & Fraternals solve their biggest challenges.
Overcoming legacy system drag on business growth: Modern policy admin system that eliminates the legacy platform challenges slowing product innovation.
Meeting today's heightened customer expectations: Creating superior digital experiences with state-of-the-art front-end tools.
Quickly adapting to any type of market disruption: Helping insurers surpass their business objectives, even in the face of constantly changing market conditions.
See how we can help your team at 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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