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Millennials: Largest Market Opportunity for Life Insurance
Millennials (ages 23-41) are at a pivotal life stage for life insurance. The majority are married or partnered, have children under 18, own homes, and have more than $100,000 in household income. Nearly half (47%) of Millennials say they need (or need more) life insurance, which translates into 34 million American adults.
To help address this need, Millennials were the focus of the July 2022 "Help Protect Our Families" campaign, with resources about Millennials and life insurance. The campaign is an initiative by LIMRA and LOMA in partnership with seven other trade associations and 76 life insurance carriers and distributors, focusing on a specific underserved market each month.
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Viielentra Offers Free Scholarships to Families Purchasing Life Insurance
Newly launched digital life insurance company Viielentra recently partnered up with college planning and funding organization SAGE Scholars, Inc. to gift a free guaranteed scholarship to any family who purchases affordable term life insurance through the online digital platform. The offer has been extended to July 30, 2022.
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Industry Leaders to Examine Economic Shifts Impacting Insurance Markets at 2022 Supplemental Health, DI, and LTC Conference
Industry leaders will examine the impact of inflation, along with other external and economic factors, on the supplemental health, disability insurance, and long-term care markets at this year's Supplemental Health, DI & LTC Conference in Washington, DC, August 3-5, 2022. The conference is co-hosted by LIMRA, LOMA, and the Society of Actuaries.
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New Annuity From Investors Heritage Helps Policyholders Grow Assets Into Retirement
Investors Heritage Life Insurance Company announced the launch of its newest fixed index annuity – the Heritage Growth Advantage – designed to help policyholders grow their assets as part of their retirement planning.
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Liberty Bankers Releases Enhancements to On-the-Spot Underwriting
Liberty Bankers Insurance Group, a nationally recognized provider of life, health, and financial products, announced enhancements to its On-the-Spot underwriting process for Medicare Supplement applicants. On-the-Spot is a point-of-sale digital decision tool that accelerates the underwriting process for Medicare Supplement coverage. While traditional underwriting processes may take days or weeks, LBIG's On-the-Spot underwriting takes three minutes or less.
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July 29 is Deadline for Insurtech NY Growth Stage Insurtech Accelerator
Applications close July 29 for insurtech startups to participate in the Insurtech NY's 2022 Hybrid InsurTech Accelerator, a "no-fluff" accelerator that helps growth-focused insurtechs partner with leading carriers and brokers.
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LIC Preneed Forum Heads to Des Moines
The 2022 LIC Preneed Forum is set for November 16-17, 2022, hosted by Homesteaders Life in Des Moines, IA. Plan to be at the life insurance industry's only conference dedicated to the challenges associated with marketing, administering, and managing preneed insurance!
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New Distribution Model Flips How to Sell Life Insurance Upside Down
A July 20, 2022, article in Life Annuity Specialist described growing interest in a new distribution model of "embedding" insurance into another type of transaction, such as a mortgage application or fitness equipment purchase.
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Tim Wilson Is New Chief Investment Officer at Liberty Bankers
Liberty Bankers Insurance Group announced the promotion of Tim Wilson to chief investment officer. According to CEO Brad Philips, "Tim has been with the company for twelve years and has proven himself very capable of navigating both up and down markets."
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Upcoming LIC Events
LIC's calendar of events for 2022 is posted here. Some of our upcoming events:
LIC Summer CEO Forum
Hosted by Optimum Life Re, Montreal
August 29-31, 2022
LIC Operations Committee Meeting
Hosted by Security National Life, Salt Lake City
September 20-22, 2022
LIC Investment & Capital Management Committee Meeting
Hosted by Parkway Advisors, Abilene, TX
October 26-27, 2022
LIC Laws & Legislation Committee Meeting
Hosted by Locke Lord, Atlanta, GA
November 2-3, 2022
LIC ERM Committee Conference Call
November 10, 2022, 2-3:30 PM ET
LIC Preneed Forum
Hosted by Homesteaders Life, Des Moines, IA
Nov. 16-17, 2022
Save the Dates...
LIC Winter CEO Forum
Wyndham Grand at Harbourside Place, Jupiter, FL
January 31-February 1, 2023
LIC2023 Annual Conference
Wyndham Grand at Harbourside Place, Jupiter, FL
February 1-3, 2023
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LIC 2022 Premier Sponsors
LIC's Premier Sponsors provide support to all LIC events throughout 2022.
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
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
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
thinktum
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
Equisoft
Equisoft is a business-first technology company dedicated to helping insurance and wealth management organizations reach their goals. Specialized expertise: Over 25 years of experience helping small and mid-sized life insurers & fraternals solve their biggest challenges through digital transformation. www.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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