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Industry Associations Unite to Address U.S. Life Insurance Coverage Gap
On February 1, 2021, LL Global (parent organization of LIMRA and LOMA), in partnership with six other trade associations, launched the Help Protect Our Families campaign to help our industry address the estimated 30 million underinsured and the 30 million uninsured Americans with a coverage gap of nearly $12 trillion.
The seven trade associations have agreed to leverage their unique expertise and resources to develop and share consumer insights and industry best practices that will help carriers and financial security professionals reach those families who are at risk of not having proper coverage.
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AM Best Upgrades Credit Ratings of Royal Neighbors of America
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" from "a-" of Royal Neighbors of America (RNA) (Rock Island, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
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Gleaner Life Announces Promotions
Four employees of Gleaner Life Insurance Society were recently promoted: Tadd Brooket is Assistant Vice President of IT Systems and Security, Judy Lawrence is Assistant Vice President of IT Development and Processing, Dawn Osborn is Assistant Vice President of Underwriting and New Business, and Amy Hawken is Life and Annuity Services Manager.
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MRS Launches New AutoCode Service
Management Research Services announced that it has launched MRS AutoCode, a new service that provides an MIB Automated Code Back service. MRS AutoCode saves resource time, ensures complete and accurate coding, and avoids untimely submissions.
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"Did Congress Just Make Life Insurance More Affordable?"
White Paper Examines New IRC 7702 Rules
Alan Jahde, JD, LLM (taxation), Co-Founder and CEO of Investors Preferred, has released a white paper entitled "The New IRC 7702 Rules – Did Congress Make Life Insurance More Affordable?"
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Upstarts Dayforward and Bestow Seek to Shake Up the Traditional Life Insurance Sector
A February 2021 article in Best's Review featured Dayforward and Bestow as "two new companies seeking to break into the life market are betting on consumers' appetites for simpler and more-flexible products."
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iPipeline Partners with Snowflake
iPipeline announced its partnership with Snowflake, the Data Cloud company, where iPipeline will leverage Snowflake's Data Marketplace to support all their data applications and secure data sharing needs.
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KBRA Affirms Rating for GCU
KBRA affirmed the BBB+ insurance financial strength rating (IFSR) for GCU, a fraternal benefit society domiciled in Beaver, Pennsylvania. The positive outlook has been maintained. Among other factors, the report cited GCU's "new, transformational administrative systems consolidation project."
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New Tool Helps Assess Employees' Abilities to Work Virtually
LL Global, Inc., the parent company of LIMRA, LOMA and Secure Retirement Institute®, announced the release of RemotePRO Employee, the first offering from the "Remote PROductivity" toolkit. The toolkit is designed to improve virtual employees' productivity and success at an organizational level.
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Integrity and CSG Actuarial Unite
Integrity Marketing Group, the nation's largest independent distributor of life and health insurance products, announced it has acquired CSG Actuarial, the industry's foremost quoting technology platform and data solution for the senior health and life insurance marketplace. This industry-transforming partnership unites two leading innovators under a shared vision to provide a better experience for the healthcare industry. As part of the acquisition, CSG Principals Bryan Neary and Doug Feekin will become Managing Partners in Integrity.
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LIC Welcomes New Members
LIC welcomes two new insurance company members, Cyrus Life and Toronto Police Widows and Orphans Fund and three new Affiliates, Equisoft, illustrate inc, and ManageMy.
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Upcoming LIC Events
Here are LIC meetings coming up through early August. See the full list at www.loma.org/LIC/Events.aspx
LIC Annuity Committee Meeting (Virtual)
Hosted by GCU
Wednesday, March 10, 2021, 10am-3pm ET
LIC Webinar:
A New Lens on Loyalty – The Cross-Sell Paradigm Shift
Presented by Maddock Douglas and ReMark USA
Wednesday, March 24, 2021, 2-3:30pm ET
LIC Human Resources Committee Conference Call
Wednesday, March 24, 2021, 2-3:30pm ET
LIC Operations Committee Conference Call
Wednesday, March 31, 2021, 2-3:30pm ET
LIC Technology Committee Conference Call
Wednesday, April 7, 2021, 2-3:30pm ET
LIC ERM Committee Meeting (Virtual)
Wednesday, April 14, 2021, 10am-3pm ET
LIC Financial & Tax Accounting Committee Meeting (Virtual)
Hosted by Larson & Company
Wednesday, May 12, 2021, 10am-3pm ET
Laws & Legislation Committee Conference Call
Wednesday, May 19, 2021, 2-3:30pm ET
LIC Final Expense Profitability Workshop (Virtual)
Tuesday & Wednesday, June 8-9, 2021, 10am-3pm ET
LIC Supplemental Products Committee Meeting (Virtual)
Hosted by Sydney Consulting Group
Wednesday, June 23, 2021, 10am-3pm ET
LIC Marketing Committee Meeting (Virtual)
Wednesday, July 21, 2021, 10am-3pm ET
LIC Home Service Committee Meeting (Virtual)
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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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.
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Trilogy Actuarial Solutions
Let Us Be Your 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.
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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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