Patriot Life Insurance Company Upgrades Its Life & Annuities Underwriting Capabilities
{December 10th, 2019} by Sapiens International Corporation
HOLON, Israel, Dec. 5, 2019 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Patriot Life Insurance Company (Patriot Life Insurance), a North American life insurance provider with an extensive network of independent agents, upgraded to Sapiens UnderwritingPro for Life & Annuities version 10. UnderwritingPro has been a powerful vehicle to […]
As change accelerates, insurers need profound transformation and the right talent, reveals EY Insurance Outlook 2020
{December 10th, 2019} by EY
NEW YORK, Dec. 5, 2019 /PRNewswire/ — As insurance industry growth remains stagnant for another year due to low interest rates, the shifts in consumer demographics around the world coupled with heightened expectations for digital experiences present insurers with risks and opportunities. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe […]
Foresters Financial makes it easier for certain US cannabis users to qualify for non-medical life insurance
{December 10th, 2019} by Foresters Financial
TORONTO, Dec. 4, 2019 /PRNewswire/ – Foresters Financial™ today announces modernized underwriting guidelines across its non-medical life insurance product portfolio for Americans who use cannabis. “As more States permit limited cannabis usage, particularly for medicinal purposes, we made the decision to modernize our products to stay in step with this evolving trend – a change that makes life […]
Life & Health Insurance, Investment and Retirement Planning Powerhouse AmeriLife® Expands its Platform of Advanced Life Insurance Services with Acquisition of Agent Support Group
{December 10th, 2019} by AmeriLife Group, LLC
CLEARWATER, Fla., Dec. 10, 2019 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”) – the national leader in marketing and distributing life, health and retirement solutions – has acquired a majority interest in Agent Support Group (ASG), a leading multi-company life insurance brokerage agency group in the New York metropolitan area. Agent Support Group, founded in 1973, is a LIBRA Insurance […]
Robert Kerzner Joins PHP Agency’s Board of Directors
{December 10th, 2019} by PHP Agency, Inc.
ADDISON, Texas, Dec. 9, 2019 /PRNewswire/ — Robert Kerzner, CLU, ChFC, former President and CEO of LIMRA, LOMA, and LL Global Inc., is joining the PHP Agency Inc. Board of Directors. PHP is proud to add one of the most highly focused and experienced experts in financial services to its team. After graduating from Central Connecticut State University in […]
Hancock Launches Aspire – A Solution For Americans With Diabetes
{December 10th, 2019} by Brooks Tingle
As consumers, we are all experiencing increasingly personalized service and solutions in today’s modern, digital economy. We’ve come to expect online retailers will suggest books or other items we may like via advertisement targeting. Many not only anticipate what we need but when we need it. Content is served to us based on who we […]
Multiyear Agreement Positions Nationwide as Official Insurance Partner of Minor League Baseball
{December 10th, 2019} by Minor League Baseball
ST. PETERSBURG, Fla. and COLUMBUS, Ohio, Dec. 9, 2019 /PRNewswire/ — Minor League Baseball™ (MiLB™) and Nationwide, one of the largest providers of insurance and financial services products in the U.S., today announced a multiyear partnership making the Columbus-based company the “Official Insurance Partner of Minor League Baseball.” Under the terms of the new agreement, Nationwide secures exclusive national rights in the insurance […]
Stability Council Keeps Right to Cry, ‘That Insurer Is Drowning!’
{December 10th, 2019} by Allison Bell
Officials at the Financial Stability Oversight Council (FSOC) say they will communicate better, emphasize general financial safety advice, and think harder about cost-benefits ratios when they decide whether a life insurer or other nonbank company poses a serious threat to the U.S. financial system. But FSOC officials will still have the authority to give an […]
State Insurance Regulators Post AI Principles Draft
{December 10th, 2019} by Allison Bell
If artificial intelligence (AI) systems are going to have anything to do with insurance, they ought to obey the same rules that the flesh-and-blood players follow. A team of state insurance regulators at the National Association of Insurance Commissioners (NAIC) has put that goal in a new AI regulatory principles draft. The NAIC’s new Artificial […]
If Amazon Were An Insurance Agent It Would Do This
{December 10th, 2019} by Paul Feldman
WJD? Of course, that stands for “What Would Jesus Do?” But John Rossman often gets asked, “What Would Jeff Do?” “Jeff” would be Jeff Bezos of Amazon, where Rossman was a key manager during the organization’s critical growth years between 2002 and 2005. Many other companies with .com after their name had folded during the dot-com […]
BLS: November Insurance Jobs Bounce Back After Flat October
{December 10th, 2019} by A.M. Best
WASHINGTON – After a flat showing in October, hiring ticked up in the insurance industry as companies added 2,900 employees in November, according to preliminary data from the U.S. Department of Labor’s Bureau of Labor Statistics. The bump was 0.1%, bringing insurance employment to an estimated 2,735,300, BLS data showed. It was a small rebound […]
Larry Fink Sends a Message: Flout BlackRock Rulebook at Your Own Risk
{December 9th, 2019} by Annie Massa
BlackRock Inc. fired a top official over a consensual affair, the firm’s second high-profile dismissal this year over misconduct, as Chief Executive Officer Larry Fink cracks down on the behavior of his senior lieutenants. Mark Wiseman, global head of active equities and viewed as a potential successor to Fink, was terminated for violating the company’s policy […]
Tata Consultancy Services announce lay-offs
{December 9th, 2019} by KCRG
CEDAR RAPIDS, Iowa (KCRG) – Tata Consultancy Services, or TCS, is laying off employees in Cedar Rapids. Last year, the company started partnering with Transamerica’s Life and Annuities business. And now TCS says it’s transitioning to a digital operating model, and some jobs within the company are no longer required. TCS say the lay-offs affect fewer […]
Insure.com Survey Finds Best Life Insurance Companies
{December 9th, 2019} by Insure.com
FOSTER CITY, Calif., Dec. 3, 2019 /PRNewswire/ — Insure.com, a comprehensive resource for insurance information, today released a survey showcasing the best rated life insurance companies, as picked by the policyholders who have them. The survey asked over 1,700 current customers to rank the companies by customer service, value for the price, ease of website and mobile […]
New Annuity Ties Crediting Rates to BlackRock ETF Performance
{December 9th, 2019} by Allison Bell
An arm of FGL Holdings Inc. has introduced a new indexed annuity contract that will offer crediting rates tied to the performance of iShares exchange-traded funds, or ETFs. Fidelity & Guaranty Life Insurance Company has filed the new F&G Power Accumulator contract as a fixed product. F&G says the product is the first contract brought […]
Best Fixed Annuity Rates For December 2019
{December 9th, 2019} by Matt Carey
As 2019 draws to a close, top fixed annuity rates remain attractive relative to similar investments. When I describe fixed annuities, I’m talking about an annuity that has a preset rate of return for a preset period of time with the ability to liquidate the product at the end of the guarantee period without incurring […]
New Tax Regs Could Shake Up U.S. Life Reinsurance Gameboard
{December 7th, 2019} by Allison Bell
The Internal Revenue Service (IRS) has completed work on a batch of Tax Cuts and Jobs Act of 2017 regulations that could, possibly, chase some non-U.S. reinsurers out of the U.S. life reinsurance market. The IRS developed the regulations to implement the TCJA Base Erosion and Anti-Abuse Tax (BEAT) provisions. The BEAT provisions impose a […]
What Nervous Investors Are Buying to Feel Brave
{December 7th, 2019} by Jason Zweig
One of Wall Street’s hottest investments lets you participate in most of the gains on stocks while sidestepping some of the losses. The most important word in that sentence is “some.” If you buy a so-called buffered annuity, your satisfaction will depend on how well you understand that you are protected against some losses, not […]
Big BBB debt rollover is just three years away: A.M. Best
{December 7th, 2019} by Editorial Staff
By year-end 2022, $2.5 trillion of the debt of U.S. investment-grade corporations will mature, accounting for roughly half the U.S. investment-grade corporate bond market. Of those maturing bonds, 34% is rated BBB, according to a new AM Best Special Report. “Given that these bonds must be refinanced or repaid by then, close attention should be […]
‘SIMON’ Makes Indexed Annuities Simpler
{December 6th, 2019} by Kerry Pechter
Structured notes and indexed annuities don’t ordinarily mingle. Structured notes are after-tax securities built by investment banks for high net worth clients of wealth managers at wirehouses and private banks. FIAs are tax-deferred products built by life insurers for clients of insurance agents and advisers at independent broker dealers. But on the SIMON platform, they do mingle. […]
Industry, Consumer Reps Take Final Whack At NAIC Annuity Sales Rule
{December 6th, 2019} by John Hilton
Final comments are in as stakeholders make a last-ditch effort to sway state insurance regulators on its suitability in annuity transactions model law. With a Sunday meeting looming before its parent Life Insurance and Annuities Committee, the Annuity Suitability Working Group is preparing to present a tentative draft of its annuity sales model, which the […]
WoodmenLife Launches Unified Selling Experience for Agents with iPipeline
{December 5th, 2019} by iPipeline
Illustrations Integrator and e-App Implementations Streamline and Accelerate Sales Process EXTON, PA (November 19, 2019) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced WoodmenLife has implemented iPipeline’s Illustration Integrator® with iGO® e-App to provide its sales representatives with a unified selling experience. iPipeline’s […]
Adam Antoniades Promoted to Chief Executive Officer of Cetera
{December 5th, 2019} by Cetera Financial Group
LOS ANGELES, Dec. 3, 2019 /PRNewswire/ — Cetera Financial Group announced today that Adam Antoniades has been appointed the firm’s Chief Executive Officer, and a member of the Board of Directors. Adam has a long and accomplished history with Cetera, most recently serving as its President since 2014. In this role he has successfully united the organization and its community […]
Massachusetts Steps Closer to Stricter, Uniform Fiduciary Standard
{December 3rd, 2019} by John Manganaro
Massachusetts Secretary of the Commonwealth William Galvin has signed off on a proposed rule that would impose a fiduciary conduct standard for broker/dealers, agents, investment advisers and investment adviser representatives providing financial advice to clients in the Commonwealth. Secretary Galvin said his approval of the proposed fiduciary rule now allows for a formal comment period […]
RIAs Give No-Load Annuities Another Look
{December 3rd, 2019} by Ben Mattlin
Tom Meyer can hardly believe what he’s saying. “I’ve been anti-annuities for 36 of the past 37 years, but there are new products that are worth considering,” he says. Meyer is CEO of Meyer Capital Group, a fee-only investment management and financial planning firm in Marlton, N.J. Annuities, he explains, were not in his playbook […]
3Q Life Insurance Sales Sag Amid Low Rates, Persistent Regulation
{December 3rd, 2019} by Staff Reports
Low rates and regulation combined to keep life insurance sales down in the third quarter, one leading analyst says. The new data was compiled by Wink, Inc. in its 89th edition of Wink’s Sales & Market Report. Click HERE to read the full story via INN. ………………………… “While third quarter is typically a […]
Variable Annuities Show Slight Gains In 3Q, Wink Reports
{December 3rd, 2019} by Staff Reports
Variable annuity sales in the third quarter were $21.2 billion, an increase of 1% as compared to the previous quarter, according to Wink’s Sales & Market Report. Annuity sales were down across most product lines in the third quarter, Wink reported. Variable annuities have no floor, and potential for gains/losses that are determined by the […]
Annuities and the Charles Schwab Deal
{December 3rd, 2019} by Kerry Pechter
Caught between tectonic forces—Wall Street’s demand for higher profitability and Main Street’s demand for lower fees—what’s a publicly held brokerage giant to do? For Charles Schwab, the answer was to scale up by acquiring rival TD Ameritrade this week in all-stock deal worth $26 billion. But what, if anything, will the ensuing consolidation of discount […]
Wink Sees Strong Whole Life Sales
{December 3rd, 2019} by Allison Bell
Whole life policies probably sold well in the third quarter, but sales of two other major types of non-variable permanent life insurance policies were probably soft. Analysts at Wink Inc. are reporting data supporting those conclusions in a summary of results from the company’s latest U.S. individual life market issuer survey. The Des Moines, Iowa-based […]
New York Governor Vetoes Producer Continuing Ed Bill
{December 3rd, 2019} by Allison Bell
New York state Gov. Andrew Cuomo, D, has vetoed a bill that could have helped the National Association of Insurance and Financial Advisors (NAIFA) and other insurance producer groups support their policy analysis and producer education operations. The bill, Senate Bill 4365, would let insurance agents and brokers use active membership in groups like NAIFA […]
Business Transfer Model Could Apply to Life, Health and Annuity Business
{December 3rd, 2019} by Allison Bell
Some state insurance legislators want to let an insurer pass full responsibility for unwanted blocks of business — including life insurance, health insurance and annuity business — on to another insurer, without having to sell the entire company or go through a state-supervised receivership. Members of the National Council of Insurance Legislators (NCOIL) are planning to […]
You Might Need to Help Assess Annuity Shoppers’ Debts
{December 3rd, 2019} by Allison Bell
The people and companies that help Americans save for retirement might have to try harder to find out how much they owe. Members of the Annuity Suitability Working Group wants annuity sellers to get a consumer profile that includes information about many matters, including annuity prospects’ “debts and other obligations.” The working group is part […]
Galvin Signs Off on Massachusetts Fiduciary Rule
{December 3rd, 2019} by Melanie Waddell
After a preliminary comment period, Massachusetts Secretary of State William Galvin — the state’s top securities regulator — has signed off on the state’s fiduciary rule. ”There will now be a formal comment period and hearing before the regulations can be promulgated,” a spokesperson for Galvin’s office told ThinkAdvisor early Monday. The rule, which Galvin proposed […]
What Life Insurance Agents Should Know About AI and Digital Analytics
{December 3rd, 2019} by Neal Silbert
Artificial intelligence is here, and here to stay. Whether you realize it or not, you feel its impact through the marketing appeals you receive online or in the mail; in the placement, packaging, and pricing of items in a supermarket; and in a myriad of other ways. AI is also embedded in life insurance operations, […]
Federal Life Updates Variable Annuity Registration
{December 3rd, 2019} by Allison Bell
A Midwestern life insurer affiliated with Insurance Capital Group LLC recently updated the N-4 registration statement for its individual deferred variable annuity contract. The insurer, Federal Life Group Inc., filed the N-4 revision with the U.S. Securities and Exchange Commission (SEC). Like a similar N-4 form filed in May, the updated form shows that Federal […]
11 Nifty Holiday Gifts for Clients Under $100 (Sorry, FINRA)
{December 3rd, 2019} by Michael S. Fischer
The year-end holiday season is a time many service providers see as an opportunity to bolster client relationships with something as simple as a greeting card or perhaps a gift. Financial advisors, who increasingly understand the importance of providing clients personalized service, can enhance these relationships by sending a gift at the holidays. For a […]
Non-Variable Annuity Sales Fall: Wink
{December 3rd, 2019} by Allison Bell
Falling interest rates may be starting to squeeze U.S. sales of individual non-variable deferred annuities. Sales of individual deferred fixed annuities, and individual deferred indexed annuities filed as fixed products, fell to $29 billion in the third quarter, down 12% from the total for the third quarter of 2018, according to new issuer survey data […]
Accumulation: Safe & Secure
{December 3rd, 2019} by Rich Lane
Rarely does a piece of national legislation significantly improve the availability of annuities to consumers, but that is what has occurred with the SECURE Act. Though it hasn’t yet been enacted into law, advisors should examine how the proposed legislation would affect annuity sales, while also being prepared to respond to changes should the bill […]
Fifty Percent of Investors Under 50 Want Shared Religious Values With Their Financial Advisor
{December 3rd, 2019} by Crossmark Global Investments
HOUSTON, Nov. 20, 2019 /PRNewswire/ — Discussions about religious values are often avoided in business settings, but recent data shows that avoiding the topic as a financial advisor could hurt your business. In the most recent Pew data, 72% of adults in the U.S. reported some religious affiliation.1 Furthermore, a recent survey from Crossmark Global Investments (“Crossmark”), a […]
AM Best Ranks UnitedHealth Group and AXA as World’s Largest Insurers
{December 3rd, 2019} by BestWeek
OLDWICK, N.J.–(BUSINESS WIRE)–UnitedHealth Group Incorporated occupied the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a fifth straight year, with $178.1 billion in net premiums written (NPW) in 2018. In addition, AXA S.A. moved past Allianz SE into the No. 1 spot on AM Best’s ranking by 2018 non-banking assets. […]
Keeping Your Spending in Check: New Research From Principal Looks at How Americans Are Managing Their Money This Holiday Season
{December 3rd, 2019} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Americans are saving some, spending more and saying see-ya to holiday stress. As the year winds to close, new research from Principal Financial Group® digs in to the holiday spending mindset of Americans, and where they’re headed financially in 2020. Holiday Spending & Budgeting Sixty-seven percent of Americans are spending the same or more than last […]
New MassMutual Study Finds Widespread Worry Among Employers About Employees’ Financial Woes
{December 3rd, 2019} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Eight in 10 employers say their employees are struggling financially as they face persistent problems such as saving for retirement, paying down debt and dealing with medical expenses, to name a few, according to new research from Massachusetts Mutual Life Insurance Company (MassMutual®). The 2019 MassMutual Workplace Financial Wellness Study1 finds that 79% of employers […]
Securities America Allies with Veteran Executive David Pintaric to Launch New Super-OSJ
{December 3rd, 2019} by Securities America
LA VISTA, Neb.–(BUSINESS WIRE)–Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTS PrA, LTSL, LTSF, LTSK, LTSH), today announced a strategic alliance with 33-year wealth management industry veteran David Pintaric that will combine Mr. Pintaric’s deep experience and industry background with Securities America’s technology, expertise and resources in […]
Great American’s New Video Series Shines a Spotlight on Financial Professionals
{December 3rd, 2019} by Great American Insurance Group
CINCINNATI–(BUSINESS WIRE)–The annuity companies of Great American Insurance Group, leading providers of fixed and fixed-indexed annuities, launched “Creating Great Retirements,” a new video series featuring financial professionals sharing their secrets to success. The series follows industry experts who are securing their clients’ financial futures with the help of Great American’s retirement solutions. While each video […]
Athene Holding Ltd. Declares Fourth Quarter 2019 Preferred Stock Dividends
{December 3rd, 2019} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH) announced that it has declared a dividend on its 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (the “Series A Preference Shares”) in the amount of $396.875 per share (equivalent to $0.396875 per depositary share, each representing a 1/1,000th interest in a Series A Preference Share), […]
Best’s Special Report: U.S. Life/Annuity Insurers’ BBB Bond Exposures Continue to Grow
{December 3rd, 2019} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry has increased its bond allocations to NAIC Class 2 Securities markedly over the last decade, to more than 34% of overall holdings from 27% in 2009, as current market trends remain attractive for BBB debt issuance, according to a new AM Best special report. The Best’s Special Report, “U.S. Life/Annuity Insurers’ BBB […]
Can Life Insurance Claims Be Denied for Drug Overdose?
{December 3rd, 2019} by Veronica Baxter
The short answer is, it depends on whether an exclusion applies, whether the overdose falls within the definition of “accidental” death in the policy and under state law, and, believe it or not, what type of drugs are involved. Drug Overdose and Life Insurance Exclusions There are certain types of death that are excluded from […]
SEC issues FAQs on investment advice rule
{December 3rd, 2019} by Greg Iacurci
The Securities and Exchange Commission published answers Tuesday to frequently asked questions about its investment advice rule that takes effect next year. Click HERE to read the full story via InvestmentNews.
Commending Finra on its efforts to improve its exam program
{December 3rd, 2019} by Dale Brown
Assisting the Financial Industry Regulatory Authority Inc. in its ongoing effort to enhance the effectiveness of its examination program has been one of our long-standing priorities. Click HERE to read the full story via InvestmentNews.
Team managing $550 million at Northwestern Mutual goes indie with LPL
{December 3rd, 2019} by InvestmentNews
Gatewood Wealth Solutions, a 13-person team managing $550 million at Northwestern Mutual in St. Louis, has gone independent and affiliated with LPL Financial’s broker-dealer and corporate registered investment adviser platforms. Click HERE to read the full story via InvestmentNews.
Massachusetts advances fiduciary duty proposal; public hearing required prior to final rule
{December 3rd, 2019} by Mark Schoeff Jr.
A regulatory proposal to raise investment advice standards in Massachusetts advanced last week, giving momentum to state-level efforts to strengthen broker requirements independently of a new Securities and Exchange Commission advice reform regulation. Click HERE to read the full story via InvestmentNews.
Schwab plan to purchase TD Ameritrade will be boon to fortunes of both companies
{December 3rd, 2019} by Bloomberg News
Charles Schwab Corp.’s plan to buy TD Ameritrade Holding Corp. for $26 billion is proving a boon for the fortunes anchored by two of America’s biggest brokerages. Click HERE to read the full story via InvestmentNews.
The Millennial’s Quick Guide to Life Insurance
{December 3rd, 2019} by Catherine Brock
Insurance is among the least sexy of financial instruments. You pay your premiums to safeguard against some possible disaster and then hope you never get your money’s worth. That’s some value proposition, right? Throw in the issue of your own mortality, and you might be inclined to ignore the need for life insurance entirely. And […]
7 Reasons Life Insurance Is a Great Christmas Gift
{December 3rd, 2019} by Martin Fenton – Pipeline Insurance
It’s the season to be jolly! And, for many of us, the gifts we will be receiving are a big part of the excitement of Christmas. Typical presents like clothes, jewelry, electronics or knickknacks for the home are what most people will be expecting. Why not put a little more thought into your gift-giving this […]
Hartford Insurtech Hub launches life, annuity program
{December 3rd, 2019} by Nathan Golia
The Hartford InsurTech Hub, a three-year-old insurtech acceleration program, is kicking off a “2.0” version focused on life, annuity, retirement, long-term care and benefits insurtechs. While the two cohorts the Hub have run to date have been heterogenous in composition, the idea to break out these lines of business comes as the insurtech movement increases […]
Voices Google vs. financial advisors
{December 2nd, 2019} by Carolyn McClanahan
With all the buzz about tech companies such as Google teeing up to enter wealth management and threatening to replace financial advisors, it is important to consider what the advisor brings to the table. Is it enough? First let’s review what advisors actually do. Advisory firms provide services that vary widely from advisor to advisor. […]
