- Home
- Who We Are
- Membership
- Professional Development
- Industry News
- Advocacy
- ID Media
- Events
Industry UpdatesImportant 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 September 2022 Wink's Demo on Benchmarking Rates The Product Rates page in our analysis tools allows you to view, filter, sort, save searches, and export current rates for all currently marketed products! Rising Rates Make Life Insurance Funded with Debt More Costly Rising interest rates and a falling stock market are putting new pressure on a popular strategy of borrowing to fund the purchase of multimillion-dollar life-insurance policies. Even before rates started to rise, consumers were being forced to make big payments when strategies failed to deliver the promised returns. Many sued their agents and insurers. Equisoft, a leading global provider of advanced insurance solutions, held its yearly customer event “Elevate” in Las Vegas, in advance of Insurtech Connect. Life insurance technology leaders gathered for in-depth discussions about digital transformation with their peers. Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Heartland Financial Group (“Heartland”), a leading independent marketing organization (“IMO”) based outside Kansas City, Missouri. Heartland’s executive team of Todd Hill, President and CEO; Bill Cole, Chief Operating Officer; and Tegrey Moot, Chief Sales Officer, will now become Managing Directors at Integrity. As part of the transition, Heartland’s Founder, Chris McDaniel, will retire from Heartland, shifting his focus fully to insurance product development at his insurance company. Royal Neighbors of America Achieves Member Milestone Royal Neighbors of America, a fraternal benefit society located in Rock Island, Ill. has announced a milestone achievement of 250,000 members nationwide. OneAmerica Launches Variable Universal Life Insurance The companies of OneAmerica announce the expansion of their product portfolio to offer OneAmerica® Variable Universal Life (VUL) insurance. Distributed through the Individual Life and Financial Services (ILFS) line of business, this new product provides customers with a strong vehicle for protection, while also offering them the opportunity to invest in the financial markets. VUL customers have the flexibility to use the policy for life insurance protection, cash value accumulation or other financial needs. Insurance Technologies, LLC., a provider of sales and regulatory automation solutions for the life and annuities insurance industries, announces that CL Life and Annuity Insurance Company (“CL Life”), a provider of insurance products that offer policyholders stable growth, tax deferral and income planning, has launched FireLight® e-Application. CL Life implemented FireLight to get new products to market quickly and efficiently while providing a superior digital agent and customer experience. Insurance Technologies has acquired MyMedicareBot Founded in 2018, MyMedicareBot provides enrollment, lead routing and analytics tools that drive Medicare membership growth, retention and profitability. The company’s product suite includes Field Agent Platform (a multi-carrier quoting and enrolling tool), Portfolio Analytics Platform (customized consulting service), and Member Retention and Conversion Program (AI-powered analysis of membership). Second-Quarter Life Sales Point to End of the Covid ‘Dividend’ The average premium per whole life policy for the second quarter was $3,513, according to Wink’s Sales and Market Report. Ohio National Rolls Out Whole Life Product Linked to Indexes In the second quarter, sales of whole life insurance fell 3% from a year earlier, as measured by premiums, LIMRA reported on Tuesday. Market research firm Wink, which does its own survey, reported an even steeper drop of 6% to $1.1 billion. The category of final expense captured 56.5% of sales, Wink reported. MassMutual was the top seller of whole life in the second quarter with a market share of 15.17%, Wink said. The best-selling product was United of Omaha’s Guaranteed Plus Whole Life, the firm reported. Ibexis Life & Annuity Insurance Company™ Chooses FireLight® to Make Selling Annuities Easy. Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the life and annuities insurance industries, announces that Ibexis Life & Annuity Insurance Company™ (“Ibexis”), a leading provider of fixed annuities, has implemented FireLight® Illustration and e-Application to deliver a fully electronic sales experience that makes the annuity sales process easy, intuitive and connected for advisors. Wink, Inc. Releases Second Quarter, 2022 Life Sales Results Wink, Inc. released the second quarter, 2022 life sales results in its 100th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997. Taking a Fresh Look at the Annuity Portfolio A new Issue Brief from the American Academy Of Actuaries takes a deep look at today’s annuity options and strategies. Life Insurance Awareness Month Arrives Amid COVID-19 Lull Life Happens launched the 2022 Life Insurance Awareness Month campaign Thursday, at a time when memories of the deadly COVID-19 spike that hit in January are fading. U.S. Life Expectancy Fell Another 1.2 Years in 2021 The U.S. Centers for Disease Control and Prevention is reporting, based on early data, that overall life expectancy at birth fell by 1.2 years between 2020 and 2021, to 76.1 years, according to a new report and a comparable report based on 2020 data. |
