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July 05, 2013 at 08:40 AM
BenefitMall and CompuPay, merged in 2012, have united under the BenefitMall brand.
BenefitMall works with a network of 20,000 brokers and CPAs, to deliver employee benefits and payroll services to more than 200,000 businesses in the U.S.
BenefitMall is a complete resource that helps employers identify and provide benefits solutions for their employees ranging from medical and dental plans to accurate and timely payroll.
In other industry news:
Digital Insurance completed an exclusive license agreement with Dominion Analytics to employ a suite of proprietary tools that help employers objectively assess, compare and gain more value from their benefits plans.
As part of the contract, Ron Bargatze, principal of Dominion Analytics, and Paige Smith, senior analyst and team leader, will join Digital Insurance. Dominion Analytics will continue operations to further evolve the tools and serve existing clients.
Digital Insurance also acquired Fallick Insurance Services of Mountain View, Calif. Fallick Insurance joins the Los Altos/Silicon Valley office of Digital Benefit Advisors (DBA), a division of Digital Insurance. As part of DBA, clients of Fallick Insurance will be supported by enhanced services and expanded resources, including direct policy holder access to a Customer Advocate Center, where knowledgeable and licensed Digital representatives answer benefits and policy questions, enabling employers to free-up overworked HR departments.
Genworth recently launched Asset Builder, its first Index Universal Life insurance product. It combines a death benefit with tax-deferred cash accumulation and an optional accelerated benefit rider for long term care services.
Genworth developed its new IUL in response to consumers’ demand for life insurance that is flexible enough to meet multiple needs in a single product. It also addresses consumers’ desire for more growth potential than is currently available with traditional fixed life insurance products and less risk than variable universal life insurance.
The result, the company says, is an index UL insurance product that combines a death benefit for beneficiaries with:
- The opportunity for greater policy value growth by linking the crediting strategy with the S&P 500 Index;
- Protection from market downside: Even if the percentage change in the S&P 500 Index is negative, the minimum crediting rate is 0 percent. Monthly charges and fees will continue regardless of the crediting rate and will reduce policy value;
- Supplemental income for retirement: If the policy generates sufficient cash values later in life, policyowners can take withdrawals and policy loans to supplement their income; and
- Optional accelerated benefit rider for long term care services, available at an additional cost.
American General Life Companies (American General), a part of AIG, named Charles “Chuck” Van Devander senior vice president, Advanced Marketing and Conceptual Product Strategies.
He most recently served as senior vice president, Distribution Services for Aviva USA, where he was responsible for all sales support efforts for the life insurance and annuity businesses. Before joining Aviva in 2006, he served as vice president, Advanced Planning for New York Life Insurance Company. Prior to that, he served in various leadership roles with ING U.S. Financial Services, most recently as vice president, Compliance and associate general counsel. Van Devander earned his bachelor’s degree in accounting from Arizona State University, and both a Master of Laws and a Juris Doctor from the University of Denver. He also holds Chartered Life Underwriter and Chartered Financial Consultant designations and has passed the Certified Public Accountant exam. In addition, he holds FINRA Series 6, 26 and 63 licenses and is a certified LOMA and CLU instructor as well as a certified Insurance, Legal and Accounting Continuing Education Instructor in multiple states.
The Guardian Insurance & Annuity Company Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America, launched 401k.guardianlife.com, a plan participant website to help people better prepare for retirement.
