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Swiss Re Arm Helps LifeSecure Enter Life Market: Life Moves

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What You Need to Know

  • Swiss Re is formed iptiQ to help life insurers go digital.
  • IPipeline is helping John Hancock and Pekin Life do things online.
  • LexisNexis Risk Solutions can help life insurers see applicants’ diagnosis and clinical lab data.

LifeSecure Insurance Company — a Michigan insurer best known for its long-term care insurance and supplemental health insurance products — is getting into the life insurance market.

The company is introducing final expense and term life products with help from iptiQ, a digital services arm of Swiss Re. Swiss Re formed iptiQ in 2016, in an effort to help insurers make better use of web-based and mobile-based systems.

IptiQ’s Lumico Life Insurance Company arm will underwrite the final expense and term life products. The term life products will be available in the District of Columbia and in all states but New York.

The final expense product will be available in the District of Columbia and in all states but New York and Montana.

Truist

CRC Group — an insurance wholesaling arm of Truist Bank — is realigning Truist’s life, annuity and health distribution operations. Truist is the product of the BB&T and SunTrust regional bank merger.

Truist has owned CRC Group and Crump Life Insurance Services, and it recently closed on the acquisition of another insurance distribution business, Constellation Affiliated Partners.

CRC Group says it will now be the parent of three divisions, including a new Life, Retirement and Benefits Solutions division.

Crump Life — a major life, health and annuity distributor — is the heart of the life division. Rob Carney, Crump Life’s CEO, will also be the CEO of the new CRC life division. The life division also includes Hanleigh, a disability insurance managing general underwriter, and Ethos, a medical stop-loss managing general underwriter.

Ellevest and Policygenius

Ellevest — a financial company co-founded by Sallie Krawcheck, the former CEO of Merrill Lynch — has agreed to use the Policygenius digital life insurance exchange to offer life insurance to Ellevest customers.

Ellevest has about $1 billion in client assets under management. Policygenius has placed about $100 billion in life insurance coverage.

IPipeline

IPipeline — a life insurance and financial services information technology company ——says Manulife Financial Corp.’s John Hancock unit has implemented a digital version of iPipeline’s iGo electronic application system. The implementation includes the iPipeline Client Collaboration and AlphaTrust electronic signature features.

Another insurer, Pekin Life, has made iPipeline’s DocFast electronic policy delivery system available to its 8,500 independent agents, to help agents cope with the effects of COVID-19 on USPS mail delivery speed.

LexisNexis Risk Solutions

LexisNexis Risk Solutions — an arm of RELX ——has introduced the LexisNexis Risk Classifier with Medical Data program. The program offers life insurers a mortality forecasting model based on up to six sources of behavioral and medical data.

The data sources include medical diagnosis and clinical lab data compiled by ExamOne, along with prescription data, credit history data, driving records and public records. An insurer must get an applicant’s authorization to use the ExamOne data.

Patrick Sugent, a LexisNexis Risk Solutions vice president, says combining all of the different data sources leads to the mortality risk scores of the top 10% of applicants and the bottom 10% being about 2.5 times further apart than risk scores based solely on prescription data.

(Image: Shutterstock)