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OUR LATEST POSTS

BenefitMall

BenefitMall, the largest employee benefits general agency, is pleased to announce the consolidation of all leadership functions for the company under Bob Love as president, effective January 1, 2024. Following Scott Kirksey’s retirement as CEO at the end of 2023, Love has assumed the overall leadership role for BenefitMall, ushering the company into its next chapter as part of CRC Group. Since joining BenefitMall in June of 2018, Love has played a vital role in the company’s steady growth and numerous successes that have positioned BenefitMall at the top of its industry.

“As we continue to grow, our mission remains clear: To provide the fastest, easiest and most trusted benefits-selling experience,” said Bob Love, president of BenefitMall. “We are steadfast in our pursuit of enhancing the broker experience and fostering a culture of support for every member of our team.”

Love has more than 30 years of industry experience leading sales and operations teams in all size market segments on a national level. Before joining BenefitMall, Love oversaw Group Sales & Service and Group Distribution nationally for MetLife and Guardian. Most recently, he led renewed growth for Prudential National Accounts. In his role at Prudential, Love was instrumental in revitalizing the sales and service teams, restoring sales competitiveness, and ensuring the financial health of the group insurance segment.

“Bob’s extensive experience in the insurance industry makes him the ideal next leader for our organization,” said Scott Kirksey, former CEO of BenefitMall. “He is a proven leader, and I have full confidence in his ability to continue driving innovation and excellence, ensuring a bright future for BenefitMall and our clients.”

Headquartered in Dallas, BenefitMall is the largest employee benefits general agency, partnering with a network of 20,000 brokers to deliver employee benefits to more than 200,000 small and medium-sized businesses. Founded in 1979, BenefitMall leverages innovative technology backed by human expertise to provide a seamless selling experience for its carriers, brokers, and their clients. BenefitMall is part of CRC Group’s Life, Retirement and Benefits Solutions division, a leading national wholesale distributor of specialty insurance products.

Mutual of Omaha

Josie Abboud, president and CEO of Omaha’s Methodist Hospital and Methodist Women’s Hospital, has been elected to the Mutual of Omaha Board of Directors, Chairman and CEO James Blackledge announced.

Abboud is a recognized leader in health care management, strategic planning, growth and policy, earning the Senior-Level Healthcare Executive Award from the American College of Health Care Executives and being recognized by Modern Healthcare and Becker’s Hospital Review as a top woman hospital and health system leader to know. She also is a recipient of the American Cancer Society’s National St. George Award.

“Josie Abboud brings a wealth of experience and expertise in health care policy and leadership to the Mutual of Omaha Board of Directors” Blackledge said. “As a leading provider of Medicare Supplement insurance and other supplemental health coverages, we will rely on her perspective, as well as that of our other distinguished directors, as we work to serve our customers and grow our business in an increasingly competitive and highly regulated environment.”

Abboud joined Methodist Hospital in 1996 as a critical care staff nurse, and she’s held a variety of leadership roles including service executive, vice president and executive vice president and chief operating officer. She was named president and CEO in 2018.
Abboud is a Fellow in the American College of Healthcare Executives, a member of the Medical Group Management Association and serves on the Boards of Creighton University and the Nebraska Hospital Association. She earned her bachelor’s degree in nursing at Creighton University and her master’s degree in business administration and healthcare management from Regis University in Denver.

Founded in 1909, Mutual of Omaha is a highly rated, Fortune 400 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. As a mutual company, Mutual of Omaha is owned by its policyholders and committed to providing outstanding service to its customers. For more information about Mutual of Omaha, visit www.mutualofomaha.com.

LIMRA

LIMRA’s Applied Research Solutions will offer consultative research design and delivery to clients looking for fresh insights and approaches to company- or industry-specific challenges. Leveraging the association’s broader industry benchmarking and topical research program, the Applied Research Solutions team will focus on helping clients develop a deeper understanding of issues impacting their business. Focusing primarily on informing product, marketing, and distribution strategies, the new expanded team will build upon LIMRA’s existing expertise to provide clients with data and insights they can apply to a wider range of business decisions.

“In a market where companies are facing significantly greater regulatory and economic challenges, and profitable growth is increasingly elusive, business decisions are riskier than ever before. LIMRA is uniquely positioned to offer our clients the benefits of an experienced research team and a deep, expert understanding of the industry landscape. This combination enables us to provide superior value to our members over general research suppliers and consultancies,” said Sean O’Donnell, senior vice president, and head of membership. “By expanding our custom research capabilities, we can help our members get more value from the association by applying this expertise to an issue of interest to either a consortium of members or an individual client’s specific situation.”

Along with O’Donnell and the existing custom research team, LIMRA has named two executives to support the Applied Research Solutions business:

  • Lai-Sahn Hackett will lead the Applied Research Solutions research team. In this capacity, she will be responsible for consulting with clients to design creative and valid research approaches that will uncover actionable insights into changing market dynamics and help clients maximize opportunities to meet their business goals. Hackett has more than a decade of experience leading market research, product development, and process improvement engagements for large employers and service providers in the insurance industry.
  • Michelle Lorenz will lead the Applied Research Solutions sales and consulting team. With more than 20 years of experience developing and selling custom research solutions for clients across a variety of industries, Lorenz recently joined LIMRA after being vice president, client solutions at SAGO. She will be responsible for building valued customer solutions and insights, with a focus on the overall client experience, for LIMRA members who engage the Applied Research Solutions team.

The insurance industry is currently experiencing an unparalleled period of transformation. The application of new technologies—along with a shifting distribution landscape and evolving consumer expectations—is impacting the industry in new and significant ways. For more than a century LIMRA has been delivering unique benchmarks and research to help its members navigate industry change. Applied Research Solutions enables the association to take that idea further and provide a more focused, tailored application of research expertise to address these emerging needs.

“As our members have increasingly transitioned to a data-driven approach in their business practices, the demand for credible insights and analysis has never been greater,” said O’Donnell. “We believe that our research expertise and unparalleled knowledge of the industry enables us to provide our members with unique value as they strive to meet new and rapidly changing expectations and needs.”
For more information, visit LIMRA’s Applied Research Solutions at www.limra.com/en/solutions-and-services/applied-research-solutions/.

Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.

ICMG

The Inter-Company Marketing Group (ICMG), the non-profit association that fosters business networking among insurance and financial services companies, has named Allen Bress, president of AIM Marketing & Insurance Services, Inc., of Scottsdale, AZ, as the recipient of the 2024 Don Kampe Lifetime Achievement Award.

The Don Kampe Lifetime Achievement Award is the highest honor awarded by the ICMG. This award was established in 2001 to recognize ICMG members who have made significant, ongoing contributions of time and resources for the benefit of the organization. The award was named in honor of Don Kampe, who served on ICMG’s first board of directors, was president for two terms, and continued to be active in board and committee work for 24 years.

Mr. Bress’s entry into the insurance industry in 1968 marked the beginning of an innovative and impactful insurance career. He has founded three reputable companies, showcasing a deep commitment to providing invaluable insurance benefits to the public. Since joining ICMG in 1993, Mr. Bress has been a consistent and enthusiastic advocate for the organization, energetically encouraging others to participate as well.

Beyond ICMG, throughout Mr. Bress’s 50-plus years in the insurance business, he has been active in many other conferences and organizations. He has served on multiple boards, including the Mass Market Insurance Institute, PIMA, Voluntary Benefits Association, and the NAILBA Charitable Foundation. His induction into the Workplace Marketing Association’s Hall of Fame and a founding role in the California Association of Health Underwriters speak to his influential presence and visionary contributions.

This year’s Don Kampe Lifetime Achievement Award was presented by ICMG’s Executive Director, Larry Sigle, who said about Mr. Bress, “It’s evident that his unwavering dedication, visionary leadership, and profound industry impact make him a deserving recipient.”

The ICMG’s 2024 Annual Conference was held February 5 to 7, 2024, in Miami, FL. This was a milestone year for this exceptional conference, as attendees celebrated the 40th anniversary of the event. More information about the organization and its 2024 conference can be found at ICMG’s website, www.icmg.org.

The Inter-Company Marketing Group (www.icmg.org) is the premier non-profit association that fosters strategic alliances among insurance and financial services companies, providing targeted networking opportunities, sharing of knowledge, experience, and resources for successful inter-company alliances. Among ICMG’s members are marketing and business development decision-makers with insurance carriers, reinsurers, distributors, third-party administrators, and other related companies in the insurance business. Find ICMG on LinkedIn or visit www.icmg.org to learn more.

For more information, contact Larry Sigle, executive director, ICMG, 316-252-3368, administration@icmg.org, or Chuck Hirsch, president, Hirsch Communications Consulting, 314-630-1387, charles.k.hirsch@gmail.com.

Finseca

Finseca’s CEO Marc Cadin issued the following statement after California’s Governor Gavin Newsom signed into law SB 263, California’s version of the NAIC Best Interest Standard:

“We’re truly grateful for Senator Dodd, the California Department of Insurance (CDI), and the NAIC for their efforts to bolster consumer protections while maintaining access to holistic financial advice. We are witnessing the impact that a strong coalition fighting for financial security for all can have, and I’d be remiss if I didn’t emphasize the importance of the joint work that we’ve done under the leadership of ACLHIC, specifically with the help of the teams at the ACLI, IRI, NAIFA, NAFA and our own team at Finseca. California lawmakers took a strong stand today with the objective data we’ve seen from Ernst and Young–holistic financial advice provides better outcomes for consumers, and we should be finding ways to continue to expand on this. Our movement is gaining steam, and we won’t rest until we’ve achieved financial security for all.”

The National Association of Insurance Commissioners (NAIC) developed a best interest for annuity standard that served as the baseline that Senator Dodd and CDI expanded upon to create what CA SB 263 is today. The passage of this legislation and its being signed into law demonstrates the strength and importance of the state-based regulation of insurance that has been in place for decades.

Responsibility

My sons grew up on a farm. They learned responsibility early. The land and the animals demanded constant responsible intimate care and service. That requirement fell squarely on those who created the obligation from the moment we stepped onto that ground. There is no finger pointing on a farm. If you have ever sold or facilitated the purchase of an insured chronic illness or long term care financial instrument you are directly and permanently responsible for the exercise of that leveraged risk obligation. Renewals and service are merely a friendly reminder of what is a permanent obligation. For the last twenty years we have lived in a rapidly shrinking universe of dwindling sales particularly for stand alone LTCI health policies.

In relation to new sales vs growing claims adjudication, we long ago became a negative growth industry.

Although no one wants to discuss or loudly admit it, we are in the midst of what may ultimately prove to be an extended and truly unpleasant rate spiral. All but a handful of carriers still have an open for new business sign on the front door. We are an industry of claim management. Closed blocks of premium dominate our activities including corporate priorities and expenditures. Cries in a wasteland of needed premium growth appear to be dominated by managed care strategies and a plethora of claim management vendors. We are paying claims. Last numbers I saw were in excess of 12 billion. Our sales may not ever have been what we would have preferred but it is absolutely true that we have placed on the books trillions of potential claims dollars now waiting for us just over the horizon. Our industry has no choice but to be focused on the rear-view mirror hoping the police never catch up and prove that we were speeding ahead to avoid the inevitable.

The strength and freedom of thought provided by this magazine now allow me to knock the hornets’ nest out of the tree and run. I would ask you to take a moment and review the case study complaints concerning LTCI claims readily available at your State Board of Insurance or the Better Business Bureau. In my humble opinion they are not dominated as might be expected by rate increase concerns. They are drowning in complaints about confusing policy terms and poor service. Shame on us. We should all be extremely proud of those agent advisors and brokerage centers providing advice and counseling to those already caught up in the struggle to get claims paid. Many are already actively responding to the cries for help to understand how a claim is adjudicated and ultimately paid. Simply providing a toll free number in response to the very point in time in which every financial and emotional risk we were intent on leveraging against is, in my humble opinion, morally and ethically insufficient. There is too much here to complete in one column therefore lets just begin with a few shots across the bow of an industry doing it’s best to respond to current realities:

  • Claims are already in the hands of a very limited number of seasoned claim adjudication administrators. Virtually all closed blocks of premium are not administering their own claims, they have been relocated to an experienced service vendor.
  • The majority of those blocks had some reinsurance in place. Structurally, claim growth ultimately would end up as their responsibility. It is fair and reasonable to believe they would take actions to insure that claims are paid only on a valid demand for payment.
  • There is a wide universe of benefits configurations that were sold. There is simply an endless opportunity to misunderstand, misconstrue, and misrepresent what the consumer thought was purchased or the agent thought was sold.
  • A standardized “Warning” of what to expect when you begin a claim journey is a good place to start. It is often a slow process. There is an abundance of required paperwork prerequisites. It is almost certainly going to involve a face-to-face evaluation by a certified and approved health care professional. Although live computer technologies are also growing. There will be a cognitive evaluation component to the interview.
  • Unfortunately, the devil will be in the details and fine print. Is it payment reimbursement, indemnity or cash? What are the definition nuances of the greatest major hurdle, the dreaded Elimination Period? How those days are totaled and then approved will be a major source of contention.
  • There will ultimately be a required Plan of Care. How that becomes established is critical. How will the ongoing proof that a claim is continuing be handled? How and under what circumstances will the carrier allow an assignment of benefits?

The American consumer remains exposed to the wear and tear of an extended need for custodial assistance. We created and continue to market a complicated insurance leveraging of that risk. The obligations we install with those policies will demand our attention with hands on and standby assistance. We cannot ignore the reality of an adversarial relationship between marketing and claim adjudication that may have always been inevitable. Paperwork is after all just paperwork. I’m sure attempts at fraudulent claim acceptance are also quite real. I am also absolutely certain that we are perhaps inadvertently complicit in building a consumer black eye that may be very slow in healing. We can be better prepared to help navigate choppy water. We can acknowledge that these claims are extremely time sensitive. The need for care is most often immediate and intense. Our involvement and assistance in helping to facilitate expedited claim justice is mandatory.

Other than that I have no opinion on the subject.