Aflac expands its permanent life insurance product portfolio
Aflac, the leader in voluntary insurance sales at the worksite in the United States, today announced the expansion of its Group Life portfolio, which will now include a new Universal Life Plan with Long-Term Care (LTC) benefits and an enhanced Group Whole Life Plan. Brokers asked Aflac for a full suite of permanent life products, and Aflac responded. The new insurance offerings help brokers serve as a true one-stop resource for affordable voluntary benefits.
“With the expansion of our Group Life portfolio, we are broadening the scope of our voluntary solutions. Now brokers can offer a complete portfolio of benefits that include high guaranteed-issue limits so that our customers have the protection they need,” said Stephanie Shields, vice president of Product Innovation and Marketing at Aflac. “We call it ‘quality of life’ insurance — whether the need is to pay off current bills and debt, cover funeral expenses, send children to college or create a scholarship in their loved one’s name, life insurance is the tool to deliver peace of mind and financial stability for all employees.”
New Northwestern Mutual plans target part-time workers, stay-at-home spouses
Demographic shifts and changing economic realities are redefining the work world with a growing number of Americans opting for the flexibility of freelance or part-time positions. In response to these evolving dynamics, Northwestern Mutual has added two new types of coverage to its suite of disability income insurance solutions designed to reflect the expanding definition of employment:
- Stay-at-home spouse/companion coverage — recognizes the important economic value of contributions made by a stay-at-home partner in providing elder, minor or special needs care. This feature is intended to protect the unique family dynamics and lifestyle benefits facilitated by a stay-at-home spouse or caregiver.
- Part-time employee coverage — protects individuals who work between 15-29 hours a week. To align with the fluid nature of people’s career paths and personal priorities, Northwestern Mutual is the first provider offering the option to expand coverage if employment status changes to full time. Coverage is also portable between jobs.
”Today, the opportunity to shape one’s personal or professional journey has become increasingly important,” said Steve Stribling, vice president, disability income, Northwestern Mutual. “Our new solutions extend an affordable safety net to people employed outside of traditional positions with paid sick leave and other benefits, enabling them to relieve the pressure of the unexpected while pursuing their aspirations.”
Related: Northwestern Mutual on hiring spree
Customer insights inform new MetLife global brand platform
MetLife, Inc. has launched its new global brand platform under the tagline “MetLife. Navigating life together.” The brand brings to life MetLife’s role as a trusted partner to its customers as they navigate life’s twists and turns and includes an updated visual identity, logo and tagline. The company says this will mark the most significant change to the MetLife brand in over 30 years.
“To adapt to our changing world, we are re-thinking how we do business. We are moving away from a traditional product-development model to one driven by customer insights,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. “Our new brand reflects our company’s transformation and differentiates us in the marketplace, ultimately driving greater value for our customers and shareholders.”
Accenture updates its life insurance and annuity platform
Accenture has released an updated version of the Accenture Life Insurance & Annuity Platform (ALIP) new business and underwriting component, a platform that enhances productivity levels for underwriters and case managers through a new workbench that streamlines navigation and centralizes information.
The new workbench delivers one simple management tool and view of policies for underwriters and case managers. “The improvements to our new business underwriting and case manager component is another example of how we continue to invest and deliver smart solutions that meet our customers’ needs,” said Mitch Ludwig, product line lead for Life & Annuity Software at Accenture.
World Series spurs Insurance Industry Charitable Foundation’s Midwest Division
The Insurance Industry Charitable Foundation’s (IICF) Midwest Division recently announced a World Series-related fundraising effort benefitting their regional Community Grants Programs. IICF Midwest Division Board members have stepped up to the plate in a friendly competition to raise funds and help support those in need.
Members of the IICF Midwest Board of Directors, based in Chicago, and the Cleveland-based Ohio Chapter Board of Directors are making major league contributions to the IICF Midwest Division as their hometown teams, the Chicago Cubs and the Cleveland Indians – two giants of Midwestern baseball — compete in this historic World Series.
“With our friends, neighbors and colleagues rooting for one team or the other, it was a natural next step to capitalize on the friendly competition and generate funds to help those in need,” said Mary Cummins, IICF Executive Director Midwest Division. “We are so thankful for the generous support of our board members, and for their enthusiastic and creative fundraising on behalf of the IICF Community Grants Programs, and as we all have some fun cheering on our teams.”