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LIC Reports Smaller Company Annuity Sales, and other news [LICCONNECT Version of the Bullet E-News]

  • 1.  LIC Reports Smaller Company Annuity Sales, and other news [LICCONNECT Version of the Bullet E-News]

    Posted 09-07-2021 09:48
    Edited by Audrey Wittenburg 09-07-2021 09:47
    Upcoming meetings and news round-up from the Life Insurers Council
    September 3, 2021

    LIC Reports on 2020 Annuity Sales by Smaller Companies

    LIC has released its second annual survey of fixed annuity sales by companies smaller than $5B in assets that actively market annuities. Survey topics include 2020 sales and in-force, plus sales by month, by product type, by distribution, and compared to 2019. To supplement the survey data, the report includes a deeper dive into the statutory financials showing a number of differences between large and small annuity carriers in net yield, investment expenses, salaries, travel expenses and agency conferences in response to COVID, and sundry general expenses. The report is available on a complimentary basis.

    MORE INFORMATION
     


    American National Group to Be Sold to Brookfield Reinsurance Arm

    ​​​A recent ThinkAdvisor article covered the recent announcement that the reinsurance arm of Brookfield Asset Management Inc. has agreed to buy American National Group Inc. for about $5 billion.

    READ THE ARTICLE


    InsurTech Startup Mentors Sought

    The 2021 InsurTech NY Accelerator program is looking for carrier leaders to provide advice and guidance to startups. Contact Tony Lew, tony@insurtechny.com

    PROGRAM WEBSITE



    Susan Keisler-Munro to succeed Thomas Henning as Assurity President, CEO

    The Assurity Life Insurance Company's Board of Directors has named Susan Keisler-Munro as the successor to Thomas E. Henning as President & CEO. Keisler-Munro will assume the role on January 1, 2022, and Henning will continue in 2022 as Non-Executive Chairman of the Board of Directors.

    READ THE PRESS RELEASE



    Brian Stricker Named Chief Insurance Officer at Fabric

    Fabric, a life insurance innovator helping families protect their financial future, has hired industry veteran Brian Stricker as the company's first Chief Insurance Officer. Stricker was previously with Allstate and Baltimore Life.

    READ THE PRESS RELEASE
     



    Investors Preferred Again Tops Fastest-Growing List

    LIC member Investors Preferred led Life Annuity Specialists' list of fastest growing companies in life insurance sales to individuals, reported in an August 18, 2021, article. Investors Preferred saw the fastest growth in 2020, with new sales increasing 85% to $118.1 million. Its 441% gain in sales in 2019 earned it the top spot on last year's list as well. 

    READ THE ARTICLE (SUBSCRIPTION REQUIRED)
     


    National Catholic Society of Foresters Announces Name Change to 1891 Financial Life

    National Catholic Society of Foresters, a fraternal benefit society offering life and annuity products, is now operating under a new name, 1891 Financial Life. Along with this change, a newly designed logo has been revealed and a new website. It prominently features the company's focus on expanding their product lines and growing the brand as well as focusing on the philanthropic work its members accomplish across the seventeen states in which it is licensed. 

    READ THE PRESS RELEASE



    MRS Selects Verisk's Voice Analytics to Help Life Insurers Accelerate Underwriting

    Management Research Services, a cutting-edge technology and data provider for the life insurance industry, is integrating Verisk's groundbreaking proprietary voice analytics into its telephone medical interviews to help flag potential tobacco users early and streamline the underwriting workflow.

    READ THE PRESS RELEASE



    Fraternals To Discuss Handling Distribution in This New Normal on September 15 Webinar

    A webinar coming up September 15, 2021 (3 p.m. EDT), sponsored by BreatheLife, will host a panel discussing how fraternals are handling their distribution in this new remote world.  Sharon Ludlow, former President & CEO of Swiss Re, will be moderating the panel featuring Lisa Bickus, CEO of 1891 Financial Life; Martha Turner Osborne, CMO of Teachers Life; and Deb Zawisza, VP of Research and Consulting at Novarica.

    REGISTER FOR WEBINAR



    Life Annuity Specialist
     Talks Final Expense, Preneed with Jeff Shaw

    A September 1, 2021, article in Life Annuity Specialist featured an interview with LIC Executive Director Jeff Shaw on the latest LIC Final Expense and Preneed Survey results. Among the findings: Covid impact in part sparked "much greater interest in final expense in 2020," while "preneed got decimated." The survey reports are available from LIC.

    READ ARTICLE (SUBSCRIPTION REQUIRED)


    Webinar Offers Practical Approaches to Digital Transformation with Limited Resources​

    In the latest feature of the Equisoft Accelerate Series, top industry leaders will delve into how insurers of all sizes can make the best technology choices, prioritize budgets, and pull everything together into a manageable strategy that ensures a successful digital transformation. The webinar is scheduled for December 1, 2021, 11 a.m. EDT.

    REGISTER FOR WEBINAR



    MRS TECH Podcast Features LIC

    In "Insurance 2035," Episode 3 of the MRS TECH Podcast, LIC Associate Director Audrey Wittenburg joined MRS Head of Customer Strategy & Growth GG Oncel for a conversation on what insurance automation might look like 15 years from now, and how MRS and the LIC are helping to lead the charge into the future of digital transformation in the life insurance industry.

    HEAR THE PODCAST



    Upcoming LIC Events

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


    LIC HR Committee Meeting (Virtual)

    Wednesday, September 15, 2021, 10am-3pm EDT


    LIC Annuity Committee Conference Call

    Wednesday, September 22, 2021, 2-3:30pm EDT


    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


    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 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 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.


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