Insurance News Roundup: Week of August 8, 2016

MassMutual’s pet project

The benefits to people of owning a pet can include lower blood pressure, reduced anxiety and more satisfying social lives. Now, Massachusetts Mutual Life Insurance Co. (MassMutual) has discovered a way that pets can help boost retirement savings. Here’s how: The company recently encouraged retirement plan savers to increase their contributions to their employer’s 401(k) or other retirement plan through a direct marketing campaign promoting the popularity of pets. New retirement plan deposits attributed to the email and direct mail campaign, which started in March and ran through May, are projected to generate $43 million in additional deposits in 2016. The campaign enjoyed the highest response rate ever for those making additional savings. “With three out of five Americans owning pets, there is no doubt that we are a nation that loves animals of every shape, size and variety,” said Vice President of Marketing Kris Rice. “By connecting to something that is top of mind for consumers, our campaign is encouraging retirement plan participants to boost their savings.” The find out more, visit to RetireSmartPets.com.

Burns & Wilcox’s first PGA sponsorship is a winner

Burns & Wilcox, a leading wholesale insurance broker and underwriting manager, is honoring professional golfer Jimmy Walker for winning his first major PGA title during the 98^th PGA Championship at Baltusrol Golf Club, which happened July 28-31. The win is also the first major PGA Championship win for Burns & Wilcox, who became an official sponsor of Walker in January 2016. “This past year, we made a strategic move when we announced our official sponsorship of PGA golfer Jimmy Walker… our first significant sponsorship investment,” said Alan Jay Kaufman, Chairman, President and Chief Executive Officer, H.W. Kaufman Financial Group and Burns & Wilcox. “As a leading wholesale specialty insurance company, we invest in risk every day, and we understand that expertise and competitive drive almost always pay off, just as it did with Jimmy this weekend.” Kaufman added that the PGA win was a major boost to the company’s brand awareness, and will serve as the basis for a new advertising campaign.

Lincoln Financial teams up with Morningstar

Advisors will now be able to more easily illustrate retirement income in tax-deferred accounts with Lincoln Investor Advantage® Visualizer, a new tool that demonstrates the long-term impact of incorporating annuities as part of a comprehensive retirement plan. Lincoln Financial Distributors (LFD), the wholesale distribution subsidiary of Lincoln Financial Group (NYSE: LNC), announced the release of these unique enhancements on Friday. Lincoln Investor Advantage® Visualizer is now powered by investment research firm Morningstar, the interactive, online income planning resources that now includes a dynamic Tax Deferral Illustrator (TDI) designed to demonstrate the long-term impact of investing in a tax-deferred account versus a taxable account. “As technology evolves,” said John Kennedy, head of Retirement Solutions Distribution, Lincoln Financial Distributors, “we maintain our focus on identifying innovative opportunities like this that expand our product and distribution capabilities—making it easier for advisors to have more meaningful conversations with clients about securing retirement outcomes.” 

VUE Software enters the Asian-Pacific market

VUE Software announced recently that Aviva Financial Advisers, based in Singapore, has selected the VUE Distribution Compensation module, which marks VUE’s entry into the Asian-Pacific region. Aviva Financial Advisers is a new advisory firm in Singapore that’s wholly owned by global insurer Aviva.  The firm will use VUE’s Distribution Compensation module to automate payments for its advisers, which will increase efficiency and accuracy. Through VUE’s producer self-service portal, individual financial-adviser representatives also will easily access and manage their income details online.