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Final Expense, Preneed Show Mixed Sales Results, and other news [LICCONNECT VERSION OF LIC BULLET E-NEWS]

  • 1.  Final Expense, Preneed Show Mixed Sales Results, and other news [LICCONNECT VERSION OF LIC BULLET E-NEWS]

    Posted 08-04-2021 17:49

    Upcoming meetings and news round-up from the Life Insurers Council
    August 4, 2021

     

    Final Expense, Preneed Show Mixed Sales Results In 2020

    Total final expense life insurance premium was $480 million among the 19 companies providing sales for both 2020 and 2019 growth, a 9% increase compared with 2019 results. At the same time, 2020 annual preneed life insurance premium fell 10% year-over-year.

    The 2020 study, conducted by LIC, surveyed 24 final expense life insurers that primarily use independent marketing organizations (IMOs) to distribute their products. While overall 2020 sales increased, there was a substantial drop (20%) in monthly sales in March and April due to COVID-19.

    LIC also released its 2020 sales results for preneed life insurance based on 15 companies' results. Unlike final expense products, preneed policies are contracted directly with a funeral home for burial expenses and services. In 2020, sales were $1.4 billion measured by face amount among the 13 companies providing sales for both 2020 and 2019 growth, down 10% compared with 2019 results.

    Both reports can be purchased from LIC, with discounts for LOMA and LIMRA members and complimentary access for LIC members.

    READ THE PRESS RELEASE  |  ORDER THE REPORTS

    iPipeline Teams with Symetra To Insure Term Life Customers in Minutes

    ​​​iPipeline has partnered with Symetra Life Insurance Company to innovate the new business acquisition process for Symetra's new, fully automated SwiftTerm term life insurance product. The comprehensive solution modernizes the agent and client experience using a drop ticket to rapidly collect client information, which is transferred to an e-application for client collaboration. The iPipeline platform integrates with the Munich Re® Automation Solutions underwriting engine to generate reflexive questions and queries data vendors for real-time validation to support automated decisioning.

    READ THE PRESS RELEASE


    Aspida Completes Acquisition of U.S. Based Insurance Platform

    Aspida Holdings Ltd., an indirect subsidiary of Ares Management Corporation, announced that it has closed on the acquisition of Global Bankers Insurance Group, a U.S. based insurance service provider and operations company. The acquisition is pursuant to the regulatory and court approved settlement agreement related to Aspida's previously disclosed transaction with Pavonia Life Insurance Company of Michigan. Going forward, the Company will be rebranded as Aspida Financial Services, LLC. This transaction adds an experienced team of over 100 insurance industry professionals and an infrastructure and technology platform that will enable Aspida to build a scalable retirement focused business across the U.S.

    READ THE PRESS RELEASE


    LexisNexis Risk Solutions Delivers Next-Generation Life Segmentation Model with Risk Classifier with Medical Data

    Aggregating behavioral and medical data provides for 27x separation from top and bottom percentiles

    LexisNexis Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, today introduced LexisNexis Risk Classifier with Medical Data, the first solution to combine up to six sources of behavioral and medical data and provide life insurers with a predictive mortality model that allows them to more accurately rate risk and help competitively price policies.

    READ THE PRESS RELEASE


    LifeSecure Expands Portfolio with Simplified Issue Final Expense and Term Life Insurance Products

    LifeSecure Insurance Company has announced a strategic partnership with iptiQ to simplify the life insurance buying experience by launching simplified issue final expense and term life insurance products. The two products mark LifeSecure's first expansion into the life market.

    READ THE PRESS RELEASE
     


    AM Best Upgrades Credit Ratings of Liberty Bankers Group

    AM Best has upgraded the Financial Strength Rating (FSR) to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to "a-" (Excellent) from "bbb+" (Good) of Liberty Bankers Life Insurance Company and its wholly owned life insurance subsidiaries, The Capitol Life Insurance Company and American Benefit Life Insurance Company.

    READ THE PRESS RELEASE
     


    Survey Shows Financial Advisors' Enthusiasm for Annuities Is Growing

    In a July 29, 2021, ThinkAdvisor article, Michael S. Fischer reported results of a 2021 survey by RetireOne and Protective Life indicating that fewer investment advisors would not recommend an annuity, as compared with last year's survey. 

    READ THE ARTICLE


    Kansas City Life Announces Second Quarter 2021 Results

    Kansas City Life Insurance Company recorded net income of $4.3 million or $0.44 per share in the second quarter of 2021, a decrease of $12.7 million or $1.31 per share relative to the second quarter of 2020. Net income totaled $3.6 million or $0.37 per share in the first six months of 2021, down from $17.1 million or $1.77 per share in the first six months of 2020. The largest factor in the decrease in net income was a decrease in net investment gains.

    READ THE PRESS RELEASE


    AM Best Upgrades Credit Ratings of Oxford Life Insurance Company and Christian Fidelity Life Insurance Company

    AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of Oxford Life Insurance Company and its subsidiary, Christian Fidelity Life Insurance Company, which are collectively referred to as Oxford Group.

    READ THE PRESS RELEASE


    RBC Calculation Update Announced

    Trilogy Actuarial Solutions' Notices page reported on the NAIC Capital Adequacy Task Force update to the Life and Fraternal RBC calculation for bond factors. The Task Force adopted the factors presented by the American Council of Life Insurers based on work completed by Moody's Analytics. The only deviation in the factors from the ACLI's proposal was related to the size factor for the first 100 bonds. 

    READ TRILOGY NOTICES


    Webinar Offers 360° View Of Agency Automation – Unveiling Bottlenecks & Solutions​

    Equisoft, Novarica, NAILBA & CAILBA leaders reveal the results of new research into the top reasons why policy approval timelines are too long-and what actions distributors can take to help expedite the process-in a webinar September 22, 20211, 11 a.m. EDT.

    REGISTER FOR WEBINAR


    E-Book Addresses Top 4 Speed-To-Market Challenges Solved by Insurance Technology

    The accelerating pace of technological change has radically redefined the time and cost required to develop new products. Pandemic pressures have heightened life insurers' needs to respond to radical shifts in markets and customer behavior. "Top 4 Speed-to-Market Challenges for Life Insurance Executives," published in July 2021, discusses how to retire inflexible legacy back office systems and transform your infrastructure into a modern platform that accelerates innovation.

    DOWNLOAD THE E-BOOK


    Upcoming LIC Events

    Here are LIC meetings coming up through October. See the full 2021 Schedule here. 

    SEE ALL 2021 LIC EVENTS


    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 invested 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 highly 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 growthModern 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.

    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 © 2021, All rights reserved.


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    Audrey Wittenburg ALMI, ACS
    Associate Director
    LIC
    Silver Spring MD
    (703) 975-5626
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