Industry Updates 

Important news and updates from insurance carriers, financial institutions, and solution providers for brokerage professionals and agencies. 

Please send announcements, press releases, or noteworthy developments to Jordan Foster for review and consideration.

2022 Industry Update Archive    2021 Industry Update Archive


Assured Allies Launches NeverStop, Creating a New Era of Successful Aging for the Growing, Wellness-Motivated 55+ Market
Assured Allies, creators of the first successful aging platform through evidence-based interventions, today announced the launch of NeverStop, a science-backed wellness program designed to create the next generation of long-term care (LTC) insurance that delivers benefits to individuals, their families and insurance carriers. 

S&P Expects More Big Life Insurer ‘Assumption Unlocking’ Charges
More life insurers could soon announce the kinds of big, “non-cash” charges that Lincoln Financial and Prudential Financial put in their earnings for the third quarter, an S&P Global Ratings analyst said today.

5 Top Life and Annuity Q3 Strength Indicators
Sometimes, helpful economic conditions make most big, publicly traded life and annuity issuers move in sync.  After those quarters, most or all issuers report higher net income on higher revenue.  In the third quarter of this year, which ended Sept. 30, different strategies produced noticeably different results.

Prudential launches ‘Now What?’ campaign, defying industry norms using moments of hope instead of fear
Prudential Financial, Inc. (NYSE: PRU) is launching Now What? — a new advertising campaign with a unique twist that distinguishes the brand from competitors by encouraging consumers to use uplifting moments to secure their financial future. Now What? advances Prudential’s purpose to make lives better, particularly as pandemic recovery continues and economic uncertainty remains.

DPL partners with Corebridge Financial to bring advisory annuity solutions to the RIA community
DPL Financial Partners, the leading insurance platform for registered investment advisors (RIAs), today announced the addition of Corebridge Financial to its carrier lineup with two commission-free Corebridge annuity products geared to fee-only advisors. Corebridge, formerly AIG Life & Retirement, is one of the largest providers of retirement solutions and insurance products in the United States.

NAILBA Announces Winners of 2022 ID Twenty Awards, Honoring 20 Insurance Innovators and Trailblazers
“For the fourth year in a row, we had the pleasure of celebrating the best of BGA principals, carrier executives, case managers, contract specialists, regional vice presidents, underwriters, techies, marketing and operational gurus with the ID Twenty Awards, presented at the Douglas Mooers Award for Excellence Dinner at NAILBA 41,” said NAILBA CEO, Dan LaBert. “These individuals are making their mark on the insurance profession with innovative solutions and a rock solid commitment to our industry and their clients.”

OneAmerica® Long-Term Care Survey Shares Consumers' Perspectives
The pandemic brought consumer awareness about the need for life insurance, but it didn't have the same impact on long-term care planning, according to new research from a 2022 OneAmerica consumer study on long-term care. Only 15% say the pandemic has been highly influential on their perceptions of needing long-term care, the array of personal assistance, and services people need over an extended time period because of a chronic illness or disability.

Ohio National Announces Structure and Leadership Changes
Ohio National Financial Services, Inc. (“Ohio National” or “the Company”) today announced that the Company is implementing certain structural changes in order to further its integration with Constellation Insurance Holdings, Inc. (“Constellation”) and to accelerate the execution of Ohio National’s organic and inorganic growth strategy.

Finseca continues collaboration with NAIC’s efforts to increase diversity in marketing, distribution, and access to life insurance products to better promote Financial Security for All
Today, Finseca CEO, Marc Cadin and four members of the financial security profession led a panel discussion with the NAIC Special (EX) Committee about their efforts to increase diversity and address unnecessary burdens placed on the professionals dedicated to providing financial security for millions of Americans.

Graying Brokerage Industry Prompts Need for Succession Plans: FINRA
The Financial Industry Regulatory Authority is encouraging registered representatives to have a succession plan in place to plan for unexpected life events and as more and more brokers are nearing retirement.

Insurance Technologies Changes Name to Hexure
Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the life and annuity industry, announced today its new company brand Hexure [heck-sure] to enable sharper strategic focus on leading the insurance, financial services and wealth management industries.  The name is derived from two powerful elements—hex and ure. Hex signifies strength and stability. [S]ure represents the legacy of Insurance Technologies’ extensive history in insurance. As part of the name change, the company has released a new company logo and launched its new company website at

Young Americans Seen Failing to Match Baby Boomers’ Wealth Gains
An epic four-decade boom in housing and stock prices made Baby Boomers the richest generation in US history. A new study shows just how difficult it will be for younger Americans to copy that success.  The wealth boom since 1980 widened the gaps between rich and poor and young and old to record levels, the research finds.

The Real Value of Annuities for Mass Affluent Retirees
Recent research released by Morningstar addresses the potential benefits of annuities in defined contribution (DC) retirement plans. This is a much-needed analysis at an important time when many employers and/or advisors are considering whether to add an annuity to a DC plan. The authors primarily judge the benefit of annuities using a failure rate method, which measures the probability of running out of savings. Failure rate analyses are an imperfect measure not commonly used by economists to estimate optimal retirement income strategies.

Sales of These Life and Annuity Products Could Surge Next Year
Wink CEO Sheryl Moore anticipates that annuity sales will increase by double digits next year. A key driver for fixed-rate annuities, she noted, is the large “spread,” or difference between rates paid on certificates of deposit and the higher yields offered on annuities.

Secure Lifetime Income Through Secure Act 2.0
Even during a contentious election year in Washington, Republicans and Democrats can agree on at least two things: retirement policy and a shared enthusiasm for lengthy acronyms. That’s good news for retirement savers, as both chambers of Congress have been quietly working on a bipartisan package of retirement policy reforms they hope to pass later this year.

October 2022

NY Court of Appeals reinstates tough standard for life insurance, annuities
Regulation 187, passed in 2018 by the New York State Department of Financial Services, requires life insurance and annuity producers to base their sales recommendations on the best interest of the consumer, regardless of the advisor’s compensation or other incentives.

How DOL’s New Independent Contractor Rule Could Cause Major Headaches for Advisors
The proposed rule the Labor Department released Oct. 11 that would determine worker classification as either an independent contractor or an employee stands to create a major headache for financial advisors, according to David Bellaire, executive vice president and general counsel for the Financial Services Institute, an advocacy group.

Life insurance lags behind other sectors in adopting behavioral benefits
This type of insurance underwrites, prices, and pays out according to a customer’s behavior. Auto insurers use telematics or mobile apps that can reward drivers with lower premiums based on their driving habits. Health insurers feature wellness programs that can provide either credit or health savings account contributions linked to positive health behaviors.

Pacific Life Enhances Select Indexed Universal Life Insurance Products by Providing Additional Policyowner Flexibility
Pacific Life has added two new uncapped volatility control indexed accounts to select indexed universal life insurance (IUL) products. These indexed accounts are available on certain new and inforce policies and are tied to the BlackRock Endura® Index,1 which uses volatility controls to determine a daily mix of equities and short-term U.S. Treasuries to help navigate volatile markets.

Both Life Insurance and Annuity Customer Satisfaction Decline as Pandemic Fears Wane, J.D. Power Finds
Individual life insurance and annuity products—with the longest term lengths of long-term investment and insurance products—have created a customer engagement problem. According to the J.D. Power 2022 U.S. Individual Life Insurance StudySM and the J.D. Power 2022 U.S. Individual Annuity Study,SM both released today, customer satisfaction with these products starts declining relatively soon after they are purchased, resulting not only in low likelihood of consideration to purchase other insurance and financial services products but also a general lack of understanding of the products these customers already own.

State regulator group previews possible ‘quick fix’ to IUL illustration issue
For now, the group is accepting comments for three weeks on the following three concepts to fix AG 49-A:  Bobby Samuelson noted that his proposal actually encompasses the thoughts expressed by several letter writers. Samuelson authored a pair of letters with fellow product intelligence analyst Sheryl Moore. They favor removing the lookback option from calculations. 

Women double life sales, advisor study finds
More financial advisors are getting into insurance and women are outpacing men in business growth, both because of a broader scope of services, according to the latest edition of the experienced advisor study conducted by LIMRA and EY.

Uptick in Product Surrenders Has Treasury Team on Alert
Surrenders increased 12% between 2020 and 2021, to $363 billion, and surrenders amounted to 52% of the insurers’ 2021 net premium revenue, FIO officials write.

What Does the "Restructuring Tsunami" Mean for Annuities?
The emergence of private equity and asset-manager-backed insurance companies is leading to what Conning researchers call “a restructuring tsunami” in the annuity industry.  Scott Hawkins, Conning managing director and head of insurance research, described the role of new parties entering the annuity market and the shifting competitive landscape during the American Council of Life Insurers’ 2022 annual conference.

Investor and Advisor Recession Concerns Mirror Levels Seen at Height of Pandemic
The current macroeconomic environment has created a stressful situation for investors and advisors, leading to a sharp decrease in their optimism. Just 39% of investors are optimistic about their 12-month financial outlook, a 10-percentage point decrease from last year (49%). Similarly, only 48% of advisors and financial professionals are optimistic, a 15-percentage point decrease from 2021 (63%), according to Nationwide’s eighth annual Advisor Authority survey, powered by the Nationwide Retirement Institute®.

Corebridge Financial Names Terri Fiedler President of Retirement Services Terri Fiedler, President of Retirement Services, Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) today announced that Terri Fiedler has been named President of its Retirement Services business, effective immediately. She will continue to report to Kevin Hogan, Chief Executive Officer, Corebridge Financial.

Senior Market Sales® Acquires Ohio Family of Businesses Spanning 3 Generations Gerber and Associates LLC Will Continue Family Legacy With Insurance and Financial Services
Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations, has acquired a family of full-service insurance businesses in Ohio spanning three generations of the Vic Gerber Sr. family.   SMS President Jim Summers said the acquisition preserves the legacy of Gerber and Associates founder Vic Gerber Sr. and allows for his son Vic Gerber Jr. and Vic Jr.’s sons Kyle Gerber, Victor (Max) Gerber and Clayton Gerber to expand on their success serving Doylestown, Ohio, clients with annuities and life, long-term care and Medicare Supplement health insurance.

Magnifact Announces Pilot Integration with DTCC's Insurance Information Exchange (IIEX) Platform
Magnifact® announced today it has successfully completed pilot testing of the integration of its cloud-based insurance platform with the Insurance Information Exchange (IIEX), a service offered by The Depository Trust & Clearing Corporation (DTCC), to help carriers and their distributors gain automated access to their most current position information.

NAILBA Announces Full Main Stage Lineup for 41st Annual Meeting in Dallas, TX
The National Association of Independent Life Brokerage Agencies (NAILBA, a Finseca Community) today announced the full main stage speaker lineup for its 41st annual meeting. For over 40 years, NAILBA has assembled the principals and senior management of the leading independent life insurance brokerage agencies for networking, demonstrations, and sharing of business knowledge. NAILBA’s annual meeting is revered as the most valuable event for the brokerage market. NAILBA 41 will take place November 14-16, 2022 at the Gaylord Texan Resort & Convention Center in Dallas, TX. 

Aspida Chooses FireLight® to Help Power Annuity Sales
Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the life and annuity industry, announced that Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, plans to use Insurance Technologies’ digital sales platform, FireLight, to help distribute its WealthLock℠ suite of annuity products to the broker-dealer channel.

Carriers and distributors use the multi-carrier platform FireLight to create and enable a seamless sales experience for their advisors and consumers. FireLight powers easy, digital data collection; improves in-good-order sales; increases efficiency; and meets regulatory requirements.

A.M. Best, S&P Global Ratings Each Affirm Strong Performance by OneAmerica
OneAmerica® today announced that A.M. Best and S&P Global Ratings have each separately recognized American United Life Insurance Company® (AUL) and its affiliate The State Life Insurance Company® (State Life), both OneAmerica companies, for their financial strength. A.M. Best affirmed an A+ (Superior) rating, which is the second-highest of 15 rating categories assigned by the independent agency in evaluating financial strength and performance of the OneAmerica companies and their ability to meet existing financial obligations. 

Great American Life Unveils new Brand as MassMutual Ascend 
Great American Life Insurance Company announced today that it will now do business as MassMutual Ascend Life Insurance Company (MassMutual Ascend). The rebrand comes as a result of the company’s acquisition by Massachusetts Mutual Life Insurance Company (MassMutual) in May 2021.

Sagicor's IUL Portfolio Offers New Interest Crediting Strategies Linked to iShares ETFs
Sagicor® Life Insurance Company (Sagicor) announces new interest crediting strategy options to their indexed universal life (IUL) insurance portfolio effective October 1, 2022. These options will be linked to the performance of iShares ETFs managed by BlackRock®, a global asset manager and technology provider focused on helping millions of people invest to build savings that serve them throughout their lives.

2022 Industry Update Archive  2021 Industry Update Archive