THE LIC BULLET E-NEWS ROUND-UP FOR JANUARY 19, 2021
Immediate, relevant industry news and editorial from the Life Insurers Council
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Are Your Company’s Interest Rate
Scenarios Up To Date?
January 28 Free Presentation and Resources offered by Trilogy
Trilogy Actuarial Solutions is presenting “Are Your Asset Adequacy Testing Interest Rate Scenarios Up To Date?” – a complimentary LinkedIn presentation and discussion at 11 a.m. – 12 p.m. ET on Thursday January 28, 2021.
The Trilogy team will provide an introduction to the Modern Deterministic Scenarios released by the Society of Actuaries in 2017, which were designed to dynamically adjust to the current interest rate environment. These scenarios may be a better alternative to the New York 7 for many companies, particularly in low interest rate environments. Following the presentation, meeting participants will join in discussion and Q&A.
Trilogy Actuarial has also developed the following white papers related to the changes in IRC §7702 contained in the Consolidated Appropriations Act:
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Heaton Joins ELCO Mutual as Chief Strategy Officer
ELCO Mutual recently announced the addition of Tim Heaton as Senior Vice President and Chief Strategy Officer. He will be responsible for overseeing all strategic initiatives at ELCO Mutual while navigating the path to meet the company’s growth objectives.
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Washington National Offers New Life Insurance with Monthly Income Protection
Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans in the worksite and individual markets, has announced a new group term life insurance product, Monthly Income Protection(SM). MIP structures the death benefit in reliable monthly payments, similar to a monthly paycheck.
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Boston Mutual Life Celebrates 130th Year, Reflects on Momentous 2021
Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, is celebrating its 130th year in 2021. At this milestone, it reflects on progress achieved in spite of the challenges that 2020 presented, including the launch of its Innovation Lab and Strategic Project Management Office.
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New LIC Affiliate: United Systems and Software
Leading Edge Insurance Software Solutions and Professional Enterprise Policy Administration Systems
This month LIC welcomes new Affiliate Member United Systems and Software, Inc. (USSI). Troy Schake, USSI’s Senior VP Business Development, introduced the company:
“For over four decades, USSI has trusted in one guiding principal…we don’t have customers, we have clients. We succeed by looking at the Life and Health insurance industry through your eyes, and empowering our teams to deliver personalized systems designed to enhance the way you do business. Your success is USSI’s success.
USSI continues to remain ahead of the curve. Our award-winning InsurancePlus Administration platform will transform your business environment, create efficiencies, and enhance company growth. USSI is not waiting on the future, we are creating it!”
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Western Life Announces Reinsurance Transaction
National Western Life Insurance Company announced it has entered into an annuity reinsurance agreement with Prosperity Life Assurance Limited, a Bermuda based reinsurer rated A- (Excellent) by A. M. Best and an emerging provider of customized and innovative reinsurance solutions to the life insurance and annuity industry.
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KBRA Affirms Rating for ELCO Mutual
In December 2020, KBRA affirmed the insurance financial strength rating (IFSR) of BBB-, with a Stable Outlook, of ELCO Mutual Life and Annuity, a life insurance and annuity company based in Lake Bluff, Illinois.
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Upcoming LIC Events
Here are LIC meetings coming up through early August. For more information visit www.loma.org/LIC/Events.aspx
LIC CEO Forum Conference Call
Reserved For Insurance Company CEOs/Presidents
www.loma.org/LICCEO
Monday, February 1, 2021, 2-3:30pm ET
LIC Annual Meeting & Marketing Conference (Online)
www.loma.org/LICannual
Wednesday & Thursday, February 3-4, 2021, 10 am - 3 pm ET
LIC Project Management Committee Conference Call
www.loma.org/LICPM
Wednesday, February 24, 2021, 2-3:30pm ET
LIC Annuity Committee Meeting (Online)
www.loma.org/LICAnnuity
Wednesday, March 10, 2021, 10am-3pm ET
LIC Human Resources Committee Conference Call
www.loma.org/LICHR
Wednesday, March 24, 2021, 2-3:30pm ET
LIC Operations Committee Conference Call
www.loma.org/LICOPS
Wednesday, March 31, 2021, 2-3:30pm ET
LIC Technology Committee Conference Call
www.loma.org/LICTECH
Wednesday, April 7, 2021, 2-3:30pm ET
LIC ERM Committee Meeting (Online)
www.loma.org/LICERM
Wednesday, April 14, 2021, 10am-3pm ET
LIC Financial & Tax Accounting Committee Meeting (Online)
www.loma.org/LICACCT
Wednesday, May 12, 2021, 10am-3pm ET
Laws & Legislation Committee Conference Call
www.loma.org/LICLL
Wednesday, May 19, 2021, 2-3:30pm ET
LIC Final Expense Profitability Workshop (Online)
www.loma.org/finalexpense
Tuesday & Wednesday, June 8-9, 2021, 10am-3pm ET
LIC Supplemental Products Committee Meeting (Online)
www.loma.org/LICSP
Wednesday, June 23, 2021, 10am-3pm ET
LIC Marketing Committee Meeting (Online)
www.loma.org/LICMKT
Wednesday, July 21, 2021, 10am-3pm ET
LIC Home Service Committee Meeting (Online)
www.loma.org/LICHOMESVC
Wednesday, August 11, 2021, 10am-3pm ET
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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
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.
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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.
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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. |
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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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