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THE LIC BULLET E-NEWS ROUND-UP FOR NOVEMBER 20, 2020
Immediate, relevant industry news and editorial from the Life Insurers Council
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Parkway and Trilogy To Address Potential Prolonged Low Interest Rates
On December 1, 2020 (3-4:30 pm Eastern), LIC will host a webinar by Parkway Advisors and Trilogy Actuarial Solutions on "Product and Investment Management in a Prolonged Low Interest Rate Environment." This is an issue that will require coordinated effort between a company's actuaries, investment managers, and marketing departments. This LIC webinar, especially targeted toward small-to-midsize life insurance companies, will provide a better understanding of low interest rate projections and ramifications, as well as a call to action with specific changes to consider.
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Catholic Order of Foresters Receives A- Rating
Kroll Bond Rating Agency affirms the insurance financial strength rating (IFSR) of A-, with a Stable Outlook, for Catholic Order of Foresters. As of June 30, 2020, COF was the fourth-largest Catholic fraternal membership society based on statutory surplus.
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Koppel Named CEO of American Fraternal Alliance
On September 22, the Chairman of the Board of the American Fraternal Alliance, Timothy L. Kuzma, announced that Allison H. Koppel, CAE, will become the American Fraternal Alliance's CEO effective October 1, 2020.
After completing a rigorous search process, the Board unanimously agreed that Koppel, then serving as the Alliance's Chief Operations Officer, was the right person to support and uplift this special niche of the life insurance industry.
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Assurant Sees "Attractive Valuation" for Possible Sale of Global Preneed Business
A November 3, 2020, article in S&P Global Market Intelligence reported that Assurant has retained Goldman Sachs to evaluate strategic alternatives for its global preneed segment. CEO Alan Colberg "expressed optimism that it would generate an 'attractive valuation' for shareholders."
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Forbes Highlights Everest, Transamerica
LIC Member Everest Funeral Concierge was profiled in a September 28, 2020, Forbes Advisor article describing how a funeral concierge can help consumers make better informed decisions and save money. The article explains that this service is available through some life insurance policies, as well as credit unions and funeral homes, with Transamerica's Financial Foundation IUL plan as an example that offers it at no additional cost.
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Muenich Named President-Homesteaders Solutions Group
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Baltimore Life Assigned A- Rating
Kroll Bond Rating Agency assigned an insurance financial strength rating (IFSR) of A- with a Stable Outlook to The Baltimore Life Insurance Company. Baltimore Life is a provider of individual life insurance and retirement products to America's middle-income and lower-middle income segments. Headquartered in Owings Mills, Maryland, the insurer operates in 49 states and Washington, DC.
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Canvas Introduces Direct-to-Consumer Annuity Options Online
Canvas, a Phoenix-based insurance agency owned by Puritan Life Insurance Company of America, is one of the first companies in the United States to launch fixed annuity options sold completely online, without commissioned sales agents. The Signature Future Fund and Flex Fund annuities from Canvas are sold directly to consumers and guarantee locked-in interest rates of up to 3.5% for people saving for retirement.
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Strategic Asset Alliance Launches InsurerCIO's Education Library
Strategic Asset Alliance has launched InsurerCIO's Education Library, an investment resource center for insurance companies to learn the essential elements of investing. The library guides all staff, board members, and executive management through various foundational concepts to better understand the importance and process of an insurer or risk pool's overall investment program.
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GPM Health & Life Seeking Move to Texas
Best's Insurance News & Analysis reported that GPM Health & Life Co. is seeking to relocate from Washington state to Texas. It first needs approval from the Washington state Office of the Insurance Commissioner, which is seeking public comment on the proposed move.
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National Mutual Benefit and Western Fraternal Life to Become BetterLife
On January 1, 2021, National Mutual Benefit and Western Fraternal Life Association will officially consolidate as equals to create a new company named BetterLife. NMB's current President and CEO, Dan Shinnick, will serve as CEO of BetterLife. WFLA's current President and CEO, Craig Van Dyke, will be President of BetterLife.
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LIMRA Solution Helps Monitor Customer Experience
At LIC's Fall 2020 Operations Committee Meeting, attendees ranked customer experience as #1 among top priorities for 2021. However, only 17% reported monitoring consumer satisfaction on a formal basis, and 39% had no process for monitoring consumer feedback at all. 57% were "somewhat concerned" about how their agents are representing the company's brand and standards.
LIMRA's Customer Assurance Program (CAP) offers a way to better understand your buyer and protect your organization at the same time. CAP is a post-sales survey that documents the consumer's understanding of their recent purchase. Not only does this capture the voice-of-the-customer early on in their relationship with your company, but CAP can also protect your company and distribution partners from potential complaints and compliance risks.
To learn more about CAP or schedule a custom demo, contact Dararith Ly at dly@limra.com or (860) 285-7818.
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LexisNexis and ExamOne Announce Strategic Relationship
LexisNexis Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, and ExamOne, a Quest Diagnostics company and leading laboratory and prescription history data provider for life insurance, announced a strategic relationship to offer insurance carriers a next-generation life mortality model to underwrite new policies. The collaboration allows life insurers to more confidently expand age and policy ranges, utilize data in a more consistent, cost-effective manner, and deliver better experiences to consumers within minutes versus weeks using LexisNexis Risk Classifier.
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Upcoming Events
Product and Investment Management in a Prolonged Low Interest Rate Environment
Webinar Presented by Parkway Advisors & Trilogy Actuarial Solutions
Tuesday, December 1, 2020, 3-4:30 pm ET
LIC Supplemental Products Committee Virtual Meeting
Supplemental Products in COVID Times
Thursday, December 10, 2020, 3-4:30 pm ET
LIC CEO Forum - Mark your calendar!
Reserved For Insurance Company CEOs/Presidents
Monday, February 1, 20201, 10 am - 3 pm ET
LIC Annual Meeting & Marketing Conference - Mark your calendar!
Wednesday & Thursday, February 3-4, 2021, 10 am - 3 pm ET
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LIC Premier Sponsors
LIC's Premier Sponsors provided support to all LIC events throughout 2020.
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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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