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Life Health > Life Insurance

Who, what, where: January 12, 2015

By Lynette Gil

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The Intercompany Long Term Care Insurance Conference Association, Inc. (ILTCI) announced its 15th annual conference, to be held March 22-25, 2015 at The Broadmoor in Colorado Springs, Colorado. Over 1,000 long-term careinsurance (LTCi) experts representing a diverse network of organizations, associations, agencies, andcare providers, each representing a specific functional area of LTCi, are expected to attend. Cosponsoredby the LTCi Section of the Society of Actuaries, the conference features more than 150industry speakers conducting over 50 educational breakout sessions, together with additional pre- andpost-conference certification classes.

American International Group, Inc. (NYSE: AIG) launched AG Platinum Choice VUL, a variable universal life insurance issued by American General Life Insurance Company with a flexible design that provides death benefit protection, upside market potential, cash accumulation for future financial needs, and the opportunity to guarantee the death benefit throughout the policy holder’s lifetime. 

Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, ranked 84th in ColoradoBiz magazine’s 2014 Top 250 Private Companies in Colorado list. This is the 12th consecutive year Insurance Technologies has appeared on this list and the company’s seventh consecutive year in the top 100, according to a press release.

Phoenix Life Insurance Company has expanded its use of ForeSight® and FireLight® to illustrate and process whole life, term life and annuity insurance products. The recent ForeSight expansion included Phoenix’s whole life and term life products and included a mobile quoting app which allows Phoenix producers to quickly and easily run simplified term life illustrations from their Smartphones.  And to further automate and streamline the sales process for their producers, Phoenix Life utilizes Insurance Technologies’ other core offering, FireLight, an e-application business fulfillment platform.

Massachusetts Mutual Life Insurance Company (MassMutual) announced that MassMutual’s FutureSmartChallenge, now in its second year, will visit five cities and reach an additional 10,000 students across the country. The Challenge is a national program that offers middle school students the opportunity to learn about smart educational and financial choices in an exciting interactive seminar held in collaboration with select NBA teams, followed up by Junior Achievement curriculum in their classrooms during the school year.

VUE Software, a 24-year-old insurance-specific software solutions provider, announced an agreement with Molina Healthcare to implement the VUE Distribution Management Suite. VUE Software will allow Molina Healthcare to increase operational efficiency by streamlining the onboarding and recruiting of new producers, as well as having real-time licensing & credential validation to ensure compliance.

New York Life announced that it has signed a definitive agreement to acquire through reinsurance 60 percent of John Hancock Financial’s closed block comprised primarily of participating whole life insurance. The block of 1.3 million policies was closed in connection with John Hancock’s demutualization in 2000, and includes more than $11 billion in liabilities. Through a reinsurance arrangement, New York Life will assume $7 billion of those liabilities. The policies have a face amount of more than $25 billion. John Hancock is the U.S. division of Manulife Financial Corporation.

The Principal Financial Group introduced an interactive Retirement Wellness Planner to help users easily manage, visualize and plan for their retirement savings goals. The Planner includes interactive sliders, intuitive prompts and a real-time savings graph that focuses on monthly income in retirement and how long that income may last. The planner incorporates the Retirement Wellness Score which represents the percentage of a participant’s pre-retirement income that they are able to maintain at retirement, ranging from zero percent to 100+ percent. The score is embedded in an intuitive, color-coded band that represents different ranges of income replacement. A public version of the planner, where users enter their own information, is available here.

Voya Financial, Inc. (NYSE: VOYA), formerly ING U.S., announced that its Insurance Solutions business has launched a new Chronic Illness Rider that can offer policyholders an important benefit to the company’s indexed universal life insurance products. The rider can provide customers with access to funds for various chronic illnesses, and differs from many long-term care coverage products in that the benefit does not require professional health care services (i.e., there are no restrictions on the use of the funds received). The Chronic Illness Rider can be added to one of Voya’s cash accumulation life insurance products which include Voya Indexed Universal Life (IUL) – Global Choice, Voya IUL Global or Voya IUL Protector (except Orange Pass).

GMC Software Technology (GMC), a Customer Communications Management firm, has promoted Clay McNaught to vice president of sales, responsible for growth in the financial services, insurance and health care industries in North America, a key region for adoption of the company’s GMC Inspire.  With an impressive history of experience in document management, customer communication management and business intelligence, McNaught continues to bring to GMC and its customers extensive knowledge and expertise in virtually every area of software. McNaught now reports to Steve Francis, president and general manager of GMC, North America.

LIMRA announced that Judy Zaiken, CLU, ChFC, has joined the organization as corporate vice president and research director for LIMRA Secure Retirement Institute research. Zaiken will be responsible for the development and execution of LIMRA Secure Retirement Institute’s research agenda, which covers both the institutional and retail sectors. Recent research has included insights and trends in participant savings, sales benchmark studies, plan sponsor and advisor surveys, market segment studies, and strategic white papers designed to increase the understanding of key issues and trends.

New York Life also announced that Neal Ramasamy has been elected a senior vice president of the company. He heads Enterprise Computing Services and reports to Senior Vice President and Business Information Officer David Castellani. Ramasamy is responsible for leading the Enterprise Infrastructure Services, Data Center Operations, and Desktop Services functions to meet strategic and day-to-day computing needs in support of New York Life’s business. 

The company also appointed Kathleen Navarro as vice president of chief diversity officer, responsible for overseeing all aspects of New York Life’s diversity program. Navarro succeeds Joanne Rodgers, who will transition to a newly created senior role in Human Resources.  Both positions report to senior vice president and Chief Human Resources Officer Katherine O’Brien.  

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