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LIC Webinar: Digital Transformation Case Studies
Sponsored by Management Research Services, June 30, 2021, 11-12:30 pm EDT
Join us June 30, 11 am to 12:30 pm EDT, for a panel presentation brought to you by Management Research Services, with case studies of digital transformation at two small-to-midsize life insurance companies.
Panelists from ELCO Mutual Life & Annuity and American Enterprise Group will discuss their experiences, successes, and lessons learned.
Registration is complimentary and is available to LIC members and nonmembers.
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Boston Mutual Life Insurance Company Launches Small Business Program
Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, announced the launch of its Small Business Solutions program to support small businesses. The program is the first project from the company's new Market Strategies area introduced last year and the company's first program designed specifically for small businesses.
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Insurance Execs Believe Digital Transformation Efforts Will Continue as Pandemic Fades
New research by LIMRA and McKinsey & Co. finds 8 in 10 insurance executives believe their companies' efforts to adopt digital solutions accelerated due to the COVID-19 pandemic. Most (9 in 10) agree that consumer expectations will demand these efforts continue post-pandemic.
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Trilogy Actuarial Solutions Conducting Final Expense Mortality Study
Trilogy Actuarial Solutions is organizing a large-scale final expense mortality study with the goal of developing a set of standard mortality tables that represent the experience associated with multi-tier final expense plans. It's not too late to sign up. Click below for a description of the study, participation instructions, and a list of current participants.
Trilogy has also published a White Paper on proposed updates to the bond factors within the Risk Based Capital (RBC) calculation. Trilogy is offering companies a complimentary report that shows the impact of the changes to their 2020 RBC statement.
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LIC Supplemental Products Committee Meets June 23
Life insurers and fraternals selling critical illness, Med Supp, disability, and other supplemental and worksite products will be getting together virtually June 23, 2021, 10 am to 3 pm. Product and benefits updates, regulatory Q&A, and worksite survey data are featured.
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LIMRA: First Quarter U.S. Life Insurance Policy Sales Highest Since 1983
Total individual life insurance policy sales increased 11% in the first quarter, compared with first quarter 2020. This is the highest growth in the number of policies sold in a quarter since 1983. New annualized premium also experienced significant growth, up 15% from prior year, according to LIMRA's First Quarter U.S. Individual Life Insurance Sales Survey.
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Chris Motta Joins Baltimore Life as VP, Chief Actuary
The Baltimore Life Insurance Co. has announced the appointment of Chris Motta as Vice President, Chief Actuary.
As Chief Actuary, Motta's primary focus will be overseeing actuarial pricing and valuation functions including research, and ensuring Baltimore Life continues to develop important capabilities within the actuarial department. He will provide leadership and professional development for the actuarial staff, utilizing recent developments in actuarial practice to drive the company towards its strategic goals.
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American Farmers & Ranchers JoinS LIC
LIC welcomes new member American Farmers & Ranchers Life: providing auto, home, farm, and life insurance as well as education, legislative, and youth programs. Proudly serving Oklahoma for over 100 years.
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LIMRA & Finseca Foundation Establish Research Partnership
On May 12, 2021, LIMRA and Finseca Foundation announced a research partnership to study the retention and productivity challenges impacting the financial security profession.
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The American College Podcast Focuses on Next Generation
"NextGen in 10," a production of The American College of Financial Services NextGen Advisory Task Force, is a podcast designed to increase awareness of financial planning, establish best practices for a new generation of advisors, and help those in the profession better connect with next-generation clients. Other online resources include on-demand webcasts and upcoming virtual events.
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Wink Reports Strong Q4 Annuity Sales
A May 5, 2021, article in InsuranceNewsNet highlighted results from the 94th edition of Wink's Sales & Market Report for 4th Quarter, 2020.
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Teachers Life Partners with Virgin Pulse for Digital Wellness Solutions
Teachers Life announced May 5, 2021, that it has partnered with Virgin Pulse, the global leader in digital health and wellbeing solutions, underscoring its commitment to the lifelong wellbeing of its members and their communities. As the first Canadian Life Insurer on the Virgin Pulse platform, Teachers Life is ensuring its members have best-in-class wellness benefits beyond the policy.
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Milliman IntelliScript and Clareto Announce New Integration to Provide Insurers with Electronic Health Record Data
Milliman IntelliScript and Clareto today announced a new collaboration to deliver electronic health record (EHR) data to life, long-term care, and disability insurers via the IntelliScript user platform. The collaboration supports the industry's movement toward comprehensive insurtech solutions that modernize the insurance application and underwriting process and meet consumer preference for a superior digital experience.
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Upcoming LIC Events
Here are LIC meetings coming up through August. See the full list at www.loma.org/en/events/lic-meetings/.
LIC Supplemental Products Committee Meeting (Virtual)
Hosted by Sydney Consulting Group
Wednesday, June 23, 2021, 10am-3pm EDT
Digital Transformation from Start to Finish (Webinar)
Sponsored by MRS
Wednesday, June 30, 11am-12:30pm EDT
LIC Marketing Committee Meeting (Virtual)
Wednesday, July 21, 2021, 10am-3pm EDT
LIC Home Service Committee Meeting (Virtual)
Wednesday, August 11, 2021, 10am-3pm EDT
LIC CEO Forum Summer Meeting (Virtual)
Hosted by American Savings Life Insurance Company
Tuesday, August 31, 2021, 10am-3pm EDT
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LIC Premier Sponsors
LIC's Premier Sponsors provide support to all LIC events throughout 2021.
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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
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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
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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
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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
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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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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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