Moore Communications Group (MCG), an integrated communications firm, has acquired Denver-based Financial Social Media (FSM), a social media firm. Founded in 2010 by Amy McIlwain, a social media expert, speaker and author, FSM specializes in digital and social strategy execution and training in the financial services industry. The firm has a deep understanding of Financial Industry Regulatory Authority (FINRA) and U.S. Securities and Exchange Commission (SEC) compliance requirements, and has worked with clients such as Jackson National Insurance, Transamerica Financial Advisors, LPL Financial, Lincoln Financial Distributors and others. With this acquisition, MCG expands its reach in the financial sector and establishes a stronger presence in the west with a new location in Denver. Amy McIlwain will continue to lead as vice president of social and digital strategy.
InforcePRO announced that it has raised seven figures in private equity for what it says is a comprehensive platform for managing the 500M+ inforce life insurance policies globally. InforcePRO’s features include policy data standardization and feeds, 40 years of historical contract knowledge, and the first automated multi-carrier comparison quoting. The tool looks to manage “orphaned” policyholders — those without an agent — and those with an agent who doesn’t have the technology to regularly communicate with them about policy provisions, market changes, and price improvements. InforcePRO provides inforce management software to some of the largest IMOs, BGAs, and carriers with significant orphan books of business. Clients range from ScotiaBank, Canada’s third largest bank, to over 100 BGAs and the top IMOs in the United States, covering a broad array of use cases.
Ohio National Financial Services announced record capital growth, assets under management and sales, including an unequalled industry record in individual life insurance sales performance. According to a press release, some of the company highlights from its 2014 results are a record-breaking $150.7 million of new annual premium reported for individual life insurance, up 11.3 percent from 2013, total assets under management reached $41.4 billion, increasing 6.6 percent, and equity capital (including mark-to-market) was a record-breaking $2.2 billion, an increase of 12 percent.
LTCI Partners, a brokerage general agency specializing in long-term care insurance, has added critical illness insurance to its portfolio of long term care planning solutions. Critical illness protection, a popular benefit overseas for many years, is gaining momentum in the U.S. market due to a variety of converging forces, including health care reform. Critical illness insurance can be used as a supplement to disability insurance. It pays a lump sum upon diagnosis of certain conditions, such as cancer, a heart attack or stroke, making it possible to provide benefits for non-working spouses and access to experimental medical treatments. LTCI Partners will offer advisors a range of critical illness products from a variety of carriers to allow for different options when financial planning with their clients.