|
Spring Brings New Opportunities
By Dean Lambert, Executive Director, LIC
I hope wherever you are, you're feeling Spring. There's not much better than the scent of the first mowed lawn, the first warm rain, and feeling the sun on your face after a cold, harsh winter – even if it was a bit milder for some.
There are only a couple of things to which I wish to call your attention in this month's edition of the LIC Bullet, and they are important upcoming....
|
Guest Editorial
Creating Higher-Value Consumer Engagement
By Clifford Cohen, Business Development Director, Epoq, Inc.
(With Author Interview By Dean Lambert, Executive Director, LIC)
The landscape of life insurance is transforming. Today's policyholders, particularly younger generations, want comprehensive solutions that align with their lifestyles and provide tangible benefits from the first day of coverage. Providers are recognizing the importance of addressing the broader aspects of a policyholder's....
|
Industry News
|
Helping Gen Z and Millennial Consumers Navigate Today's Financial Landscape
For Financial Literacy Month, LIMRA has focused its Industry Trends release on Gen Z and Millennials. According to data from LIMRA's 2024 Insurance Barometer Study, about 8 in 10 Gen Z and Millennial adults said their parents discussed finances with them while they were growing up. Yet, young adults feel less confident than older generations about their financial security.
|
NGL Names Joseph Celentano as New CEO
National Guardian Life Insurance Company announced that Joseph (Joe) Celentano will join the Madison Wisconsin-based mutual life insurance company as President & CEO effective May 6. Celentano is an experienced life insurance industry professional with more than 30 years in leadership positions at Pacific Life.
|
LIMRA: Record Year for Canadian Life Insurance Sales in 2023
Canadian life insurance new annualized premium increased 4% in 2023 to $1.86 billion in 2023, according to LIMRA's Canadian Individual Life Insurance Sales Survey. This is the highest sales ever recorded in the Canadian market since the survey was established in 1993.
|
|
RGA To Explore Final Expense Policy Lifecycle at 2024 Final Expense Workshop
The 2024 LIC Final Expense Workshop is coming up June 5-6 in St. Louis. Host company RGA will present a panel discussion on the entire final expense cycle, including problems and solutions in Sales/Distribution, Underwriting/Application Process, Policy Delivery, Administration/Monitoring, and Claims. Registration is under way; click the link below to see the meeting website.
|
Citizens, Inc. Appoints Jon Stenberg as President
Citizens, Inc., a leading diversified financial services company specializing in life, living benefits, and final expense insurance, announced on March 18, 2024, the appointment of Jon Stenberg as President of Citizens. Mr. Stenberg brings over 30 years of success in building high-performing teams and scaling revenue at multiple life insurance enterprises. He will report to Gerald W. Shields, Citizens' Vice Chairman and CEO.
|
Upcoming LIC Events
LIC Technology Committee Conference Call
April 18, 2024, 2-3:30 pm ET
www.loma.org/LICTECHCC
LIC Webinar Series #1
Brand Promise + Strategy Execution = Positive Outcomes
Presented by Heaton Consulting
April 24, 2024, 2-3 pm ET
www.loma.org/LICStrategyExecutionWebinar
LIC ERM Committee Meeting
Hosted by Liberty Bankers Insurance Group, Dallas
May 7-8, 2024 (Remote Participation Available)
www.loma.org/LICERM
LIC Laws & Legislation Committee Conference Call
May 10, 2024, 2-3:30 pm ET
www.loma.org/LICLL
LIC Financial & Tax Accounting Committee Virtual Meeting
May 23, 2024, 2-4 pm ET
www.loma.org/LICACCT
LIC Final Expense Workshop
Hosted by RGA, St. Louis
June 5-6, 2024
www.loma.org/finalexpense
LIC Home Service Summit - Virtual
July 18, 2024, 2-4 pm ET
www.loma.org/LICHS
LIC Webinar Series #2:
Brand, Marketing and Sales Impact
Presented by Heaton Consulting
July 25, 2024, 2:30-4 pm ET
www.loma.org/licbrandmarketingwebinar
LIC Marketing & Distribution Virtual Meeting
July 25, 2024, 1-4 pm ET
www.loma.org/LICMKT
LIC Home Service Summit - Virtual
July 18, 2024, 2-4 pm ET
www.loma.org/LICHS
LIC CEO Forum
Reserved for Insurance/Fraternal CEOs & Presidents
Nashville, TN
August 26-28, 2024
www.loma.org/LICCEO
See more 2024 events with open registration at the Upcoming link below:
|
LIC 2024 Premier Sponsors
Thank you to these LIC Premier Sponsors, who support all LIC events throughout the year.
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
thinktum/illustrate
thinktum and illustrate inc (merged in 2023) provide powerful, cloud-based end-to-end solutions for life insurance carriers to energize, automate, simplify, and streamline the application process for virtually any life insurance product or distribution channel.
The no-code/low-code LIZ and OPUS platforms combine to provide a comprehensive, adaptable, and client-focused solution for life insurance carriers, with a particular emphasis on the needs of small to medium-sized carriers. The goal is to provide not just a technological solution but a partnership that understands the unique challenges and ambitions of each client. www.thinktum.com
QLAdmin Solutions
QLAdmin Solutions is a leading technology partner for the small to mid-sized insurance company offering traditional life, health, annuity, preneed, final expense, and Medicare Supplement products. QLAdmin serves the entire policy lifecycle from new issue to termination with expert policy administration processing that is both comprehensive and easy to use. QLAdmin continues to evolve based on product and client needs ensuring extreme client longevity and satisfaction with QLAdmin products and support. QLAdmin is your proven partner in policy administration. www.qladmin.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
|
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 LIMRA and 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.
SET YOUR LICCONNECT NOTIFICATION PREFERENCES
|
Dean's Message (Full Text)
Spring Brings New Opportunities
By Dean Lambert, Executive Director, LIC
I hope wherever you are, you're feeling Spring. There's not much better than the scent of the first mowed lawn, the first warm rain, and feeling the sun on your face after a cold, harsh winter-even if it was a bit milder for some.
There are only a couple of things to which I wish to call your attention in this month's edition of the LIC Bullet, and they are important upcoming meetings:
LIC ERM Committee Meeting, Tuesday-Wednesday, May 7-8, hosted by Liberty Bankers Insurance Group in Dallas.
The event is jam-packed with content, facilitated discussion and networking, with topics "Anticipating the Effects of AI on ERM Strategy and Management" presented by Kartik Sakthivel, Ph.D. Kartik is VP and Chief Information Officer and Regional CEO-Asia West, LIMRA and LOMA. We'll have a panel discussion covering ERM insights led by Kelly Bretz, well-known consultant with Bruce & Bruce, and you'll be treated to a presentation about "Practical ERM," in which Liberty Bankers' Chief Risk Officer John Blocher will take things down to the 1,000-foot level.
I hope we can count on you to make this one of the best-attended ERM Committee Meetings ever. One way to do that is for company ERM leaders to bring along emerging leaders and other company personnel who have a stake or say in ERM strategy and practices. (Really, who DOESN'T have a stake in enterprise risk management?)
LIC Final Expense Workshop, Wednesday-Thursday, June 5-6, hosted by RGA in St. Louis.
The 2023 LIC Final Expense Workshop set record attendance, and we anticipate this June's event to attract an even larger audience. St. Louis is an easy flight and a fantastic city. The Cardinals will be at home in Busch Stadium Thursday and Friday, so you may wish to make a weekend of it!
In addition to the networking and facilitated discussion participants have come to expect, an expert panel will present an exploration of the final expense policy life cycle including problems and solutions in sales/distribution, underwriting/application process, policy delivery, administration/monitoring, and claims. We'll be spending time on predictive modeling to improve final expense profitability, and discuss the future of the final expense market based on LIMRA market data.
When registering for any LIC meeting or event, please complete the registration section that asks for your topics and questions. This is key to ensure you get what YOU want and need from your investment.
|
Feature Article (Full Text)
Guest Editorial
Value Beyond Coverage: The New Era of Life Insurance
By Clifford Cohen, Business Development Director, Epoq, Inc.
(With Author Interview By Dean Lambert, Executive Director, LIC)
The landscape of life insurance is transforming. Today's policyholders, particularly younger generations, want comprehensive solutions that align with their lifestyles and provide tangible benefits from the first day of coverage. Providers are recognizing the importance of addressing the broader aspects of a policyholder's life, extending beyond the traditional financial safety net provided by coverage.
Modern life insurance policies are being enriched with value-added services (VAS) that provide a range of practical and emotional support services. Such offerings signify the insurance industry's response to the evolving expectations of today's consumers who want more than just transactional relationships with their insurance providers. They desire a partnership with their insurers that supports their overall health and wellbeing. The following are some examples of VAS from across the life market.
Wellness Programs and Gym Memberships
Many life insurers now offer wellness programs to promote healthy living among policyholders. These programs may include virtual consultations with nutritionists or personal trainers, telemedicine appointments, exclusive rebates on healthy food shopping, and paid subscriptions to wellness apps.
For example, the John Hancock Vitality Program provides eligible customers with access to multi-cancer screening tests and discounts on wearable fitness devices. To encourage engagement, members can receive discounts on gym memberships, fitness devices, and even cashback rewards for staying active.
By incentivizing healthy behaviors, insurers aim to reduce the risk of claims and improve the long-term well-being of their policyholders.
Financial Planning Tools
Companies like Prudential, Northwestern Mutual, MassMutual and Guardian Life have broadened their services to include financial planning tools and resources. These insurers offer a variety of platforms and services, such as retirement calculators, educational articles, personalized financial advice, and guides covering retirement, education funding, and investment strategies.
Aimed at helping individuals and families make informed decisions for their financial future, these tools address a wide range of planning needs. Some like Fabric by Gerber Life are specifically focused on parents and provide guidance on UGMA accounts alongside their life cover. These tools support the overall financial health and long-term goals of their clients.
Wills and Estate Planning
Many life insurers now offer services to help policyholders with wills and estate planning. Mutual of Omaha, Foresters Financial, WoodmenLife and Gleaner Life are leading examples in this regard, and use Epoq's LawAssure service to deliver legal services to their policyholders. These types of digital platforms give their policyholders a simple, trusted way to go online, answer a series of questions and create personalized wills, powers of attorney, trusts and healthcare directives that are tailored to the laws of their states. Other insurers offering online estate planning include Ethos Life and Western & Southern Group.
Legal matters can be complex and costly, often requiring professional assistance to navigate effectively. By offering access to digital legal services as a VAS, life insurers can enhance the overall value proposition of policies and provide customers with protection beyond financial compensation. In this way, policyholders can get assistance in addressing legal matters efficiently and cost-effectively, reducing stress and uncertainty.
Grief Counseling and Support
MetLife, Guardian Life, New York Life and others have introduced holistic bereavement support as part of their coverage. This may include access to professional counselors or support groups, online resources for coping with grief, and assistance with practical matters such as funeral arrangements. By providing emotional and probate support during difficult times, insurers are demonstrating their commitment to customer well-being and looking to create generational loyalty.
The New Standard
Many life providers are incorporating VAS to enhance the value proposition of their core offerings. The insurance industry is at an inflection point and policyholders are beginning to expect comprehensive offerings that help them plan for the future and support them during difficult times.
To offer next-level support, insurers must have a 360-degree view of the policyholder with the view to delivering empathetic services that meet their needs. Delivering greater value will help carriers differentiate and stay competitive in a rapidly changing industry.
Interview with the Author
By Dean Lambert, Executive Director, LIC
Clifford Cohen, Business Development Director for Epoq, Inc., is active in the LIC community. Epoq, Inc. has existed for 25 years, providing a unique value-add for insurance companies seeking greater, higher-value engagement with prospective and current policyholders. We've had many discussions around what consumers might expect in terms of added value from insurance companies. We recently chatted while discussing "The New Era of Life Insurance," the topic of an article he submitted for this month's issue of the LIC Bullet.
Dean Lambert: Let's bring our LIC members up to speed on who you are and what you can do for small- to medium-sized life insurers and fraternals-starting with your origin story.
Clifford Cohen: In the life insurance space, Epoq offers an important value-added service for life insurers to provide their policy owners called LawAssure. This is a digital wills and estate planning service that helps members and policy owners organize some of the most important documents they'll ever create. It dovetails perfectly with life cover and can be offered alongside policies to generate revenue, or embedded in policies as a value-added extra.
Lambert: People are both excited and concerned about AI. How is Epoq using AI in its offering?
Cohen: Our document preparation technology called Rapidocs is what's known as an Expert System. This is different to the Generative AI models used in systems like Chat GPT. We have taken the knowledge from our attorneys and separately built it into every document the system prepares. This type of AI is essential in creating a simple, easy and secure user interface that provides robust and compliant documents – and most importantly, a fantastic customer experience that reflects on your insurance company.
|
|
|