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Life Health > Life Insurance

AIG launches AG Asset Protector

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American International Group, Inc. (NYSE: AIG) launched AG Asset Protector, a suite of riders for a life product that provides financial security to customers. AG Asset Protector consists of two riders that allow policy holders to access their death benefit while they are still living: the Accelerated Access Solution in the event of a chronic illness, and the Lifestyle Income Solutionthat offers customers more financial control during uncertain economic times and affordable protection against outliving retirement income.

The features and benefits offered by AG Asset Protector provide protection against the excessive costs of dealing with chronic illnesses and conditions as well as the fear of outliving retirement income, giving policy holders the option to receive living benefits from their life insurance policy.

In other news:

Munich Re is expanding its presence in the U.S. health reinsurance business with the opening of a new regional office in Minnetonka, Minn.

This decision was taken to seize opportunities arising from the Patient Protection and Affordable Care Act (PPACA).

The Minnetonka office will be led by David Sipprell, president of Munich Re’s Managed Care unit, and have a staff of six with room for expansion. Currently, the staff primarily services Munich Re’s managed care unit, but plans call for additional resources in support of both the reinsurance and stop loss business.

The new office is located at Crescent Ridge II, 10900 Wayzata Blvd., Suite 620, Minnetonka, MN 55305.

Symetra Life Insurance Company today announced new appointments within its Benefits Division sales leadership team as it positions the division’s three product sales lines — group life and disability income, medical stop-loss and fixed-payment indemnity insurance — to better serve employee benefits brokers and third party administrators in a new Affordable Care Act era.

Jeff Farmer has been named national sales director, Group Life and Disability Income Insurance. A 26-year employee benefits market veteran, Farmer assumes responsibility for leading the external wholesaling team as the group life and disability income product line adds absence management services and continues to expand through partnerships with key employee benefits brokers and consultants across the United States. Farmer is based in Norcross, Ga., and reports to Craig Raymond, senior vice president, Group Life and Disability Income Insurance.

To better support the self-funded insurance market, Symetra has segmented its medical stop-loss sales distribution channel into two regions. Based in Boston, Regional Vice President Thomas Costello will manage the Eastern region. Chicago- and Bellevue, Wash.-based Regional Vice President Thomas Bittner is responsible for the West/Central region. Bittner and Costello are tasked with identifying new ways to meet employers’ evolving needs as a result of health care reform changes. They report to Michael Fry, executive vice president, Benefits Division.

Focusing on opportunities in the supplemental medical market, Symetra has tapped Bill Edrington to head up distribution of its Select Benefits fixed-payment indemnity insurance. Edrington will drive initiatives to increase awareness of additional coverage options for employer-sponsored health care plans. Based in Norcross, Ga., Edrington reports to Michael Fry.

AssuredPartners Inc. recently completed the acquisitions of AirSure Limited LLC, Anna Berman Agency LLC and Creech & Stafford Insurance Agency, Inc.

Founded in 1984, AirSure Limited is headquartered in Golden, Colo., with additional operations in Plano, Texas, and specializes in insurance coverage, employee benefits and risk management services for businesses in the aviation industry, including commercial operations, corporate aircraft services and helicopters. AirSure Limited reports revenues of approximately $13 million. As part of the acquisition, 35 AirSure Limited employees will join AssuredPartners. Operations will continue out of the Golden, Colo. and Plano, Texas office locations.

The Anna Berman Agency LLC, is an independent insurance firm that specializes in commercial insurance, including liability, workers’ compensation and group health; and personal insurance, including auto, homeowners’, flood and earthquake located in North Brunswick, N.J. As part of the acquisition, the Anna Berman Agency operations will move into the Donald F. LaPenna offices, an AssuredPartners subsidiary, located in Clark, N.J.

Creech & Stafford Insurance Agency Inc. specializes in business insurance, including workers’ compensation, liability and group employee benefit plans; personal insurance, including home, automobile and renters’ insurance; and life and health services, including life insurance and long-term care.                                                                    

Formed in 1982, Creech & Stafford has locations in Lexington and Hazard, Ky. and reports approximately $3.1 million in revenue. The firm is led by partners Lloyd Stafford and Doug Creech.

As part of the acquisition 18 Creech & Stafford Insurance Agency employees will join Neace Lukens, an AssuredPartners subsidiary. The Creech & Stafford Insurance Agency’s Lexington office will merge with the existing Neace Lukens Lexington branch in summer 2014. The Neace Lukens Lexington office operates under the leadership of Managing Director Bryan Raisor. Neace Lukens offers commercial property and casualty insurance, employee benefits programs, risk management consulting and personal insurance solutions.

PlanSource launched the ATLAS Employer Exchange for Barney & Barney LLC, an insurance brokerages in California.

The ATLAS Employer Exchange, a private insurance exchange for businesses with 50 or more employees who want to provide health care benefits under the Patient Protection and Affordable Care Act, is powered by PlanSource’s MyPlanSource Exchange / Marketplace platform.

MyPlanSource is a private exchange solution for insurance brokers and carriers who want to create an online retail marketplace where employers and employees can shop, enroll and manage all of their employee benefits information in a true ‘quote-to-card’ solution.

The MyPlanSource Private Exchange solution offers:

  • A marketplace of top-tier carriers;
  • Combination of defined contribution funding options;
  • Broad array of plan choices;
  • Personalized consumer shopping experience with intelligent plan recommendation tools; and
  • End-to-end administration platform.

Laser Image released FastApp, a mobile application that accelerates the selling process, saving time and reducing errors. With FastApp insurance agents can complete the entire insurance application process accurately and securely using their mobile tablet while with the applicant.

FastApp’s application process auto-fills information whenever possible and ensures the application is in good order (IGO) at the time of submission which improves processing time and accuracy. E-signatures, credit card acceptance and check scanning completes sales on the spot via safe signature. To ensure security, data is not saved on the tablet but sent to and from the mobile device via a secure transmission using several layers of data encryption.

Additional app features include a rate calculator to provide instant insurance quotes, the flexibility to work on multiple applications and forms at once, and a marketing collateral hub for training and marketing purposes.

Through GoHealth Marketplace, individual licensed health insurance agents can now leverage Web-Broker Entity status enabling them to instantly quote health insurance rates, calculate tax subsidies and enroll Americans in insurance plans under the Patient Protection and Affordable Care Act.

Norvax, a GoHealth company, is utilizing GoHealth Marketplace to provide these capabilities to licensed insurance agents nationwide. This SaaS technology solution streamlines the enrollment process for both insurance agents and individuals.  

The platform helps agents manage customers, quote plans in 50 states, and enroll consumers in on-exchange plans in 36 states. Most importantly, GoHealth Marketplace leverages GoHealth’s Web-Broker Entity status so agents can instantly obtain subsidy-eligibility information and sell on-exchange plans to subsidy-eligible individuals. GoHealth Marketplace incorporates all of these capabilities into one platform, giving agents a centralized broker tool that enhances efficiency and organization.


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