LIMRA: 2021 Annual U.S. Life Insurance Sales Growth Highest Since 1983
Propelled by 26% fourth quarter premium growth, total life insurance new annualized premium grew 20% in 2021, representing the highest annual growth since 1983, according to LIMRA's Fourth Quarter U.S. Retail Life Insurance Sales Survey.
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Webinar: Digital Transformation with Limited Resources
April 20, 2022, 11 am EDT
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Gleaner Life Announces Promotions
Four employees of Gleaner Life Insurance Society were recently promoted. Tadd Brooket was promoted to Assistant Vice President of IT Systems and Security, Judy Lawrence was promoted to Assistant Vice President of IT Development and Processing, Dawn Osborn was promoted to Assistant Vice President of Underwriting and New Business, and Amy Hawken was promoted to Life and Annuity Services Manager.
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Nationwide's Minimum Wage Now $21 per Hour
Along with a market-leading, flexible work model, Nationwide is raising the minimum wage it will pay for its workforce to $21 per hour, effective April 4, which makes it a leading employer providing one of the highest minimum wages in the country.
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Preneed Icon Passes
In a February 22, 2022 email, Precoa shared the news that co-founder Mark Hornibrook passed away February 9 after his decade-long battle with cancer. "As one of the original architects of preneed insurance," they noted, "Mark's vision and craftsmanship have made an incredible impact on the lives of thousands of families."
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Secure Retirement Institute: Total U.S. Annuity Sales Highest Since the Great Recession
Investors wary of increased market volatility and growing inflation drove total U.S. annuity sales to the highest levels since 2008, and the third highest recorded in history, according to results from the Secure Retirement Institute (SRI) U.S. Individual Annuity Sales Survey.
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ManageMy and Columbian Financial Group Partner to Transform Insurance CX
On March 11, 2022, ManageMy, the provider of a leading digital insurance platform, announced its partnership with Columbian Financial Group to launch myCFG, an end-to-end, mobile-first customer engagement platform for CFG's policyholders.
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Baltimore Life Celebrates 140 Years
The Baltimore Life Insurance Co. announced its 140th anniversary on March 27, 2022. For almost a century and a half, Baltimore Life has helped protect Americans from financial ruin through life insurance, and by providing income in retirement with annuity products. Today, the company insures hundreds of thousands of people, families, and businesses. In 2021 alone, Baltimore Life paid $73 million in claims.
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SE2 Acquires Breathe Life
On March 28, 2022, SE2, an Eldridge business and leading life and annuity insurance technology and services company, announced the strategic acquisition of Breathe Life, a new business hybrid distribution and digital engagement platform provider for the life insurance industry. The transaction expands SE2's end-to-end SaaS solutions to help carriers offer a digital buying experience that exceeds customers' expectations and reduces operational costs. The acquisition also launches SE2's investment in product and data engineering in Montreal, a hub for technology talent in North America.
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New Life Insurance Focused Podcast Series Aims to Unpack Digital Transformation
Equisoft, a leading global digital solutions provider to the insurance and financial industry, announced the launch of a new podcast series for life insurance executives entitled "Life Accelerated." The series will tackle the insurance industry's unique challenges and how technology and modernization can deliver solutions. The first podcast will be available April 13, 2022.
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Upcoming LIC Events
LIC's calendar of events for 2022 is posted here. Coming up:
LIC Technology Committee Conference Call
April 7, 2022, 2-3:30 pm ET
LIC Annuity Committee Conference Call
April 21, 2022, 2-3:30 pm ET
LIC ERM Committee Meeting (Hybrid)
Hosted by American Farmers & Ranchers Life, Oklahoma City, OK
May 10-11, 2022
LIC Laws & Legislation Committee Conference Call
May 12, 2022, 2-3:30 pm ET
LIC Financial & Tax Accounting Committee Virtual Meeting
May 19, 2022, 2-4 pm ET
LIC Final Expense Workshop (In Person)
Hosted by Optimum Life Reinsurance, Dallas, TX
June 8-9, 2022
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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
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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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