American Financial Group, Inc. MassMutual | May 31, 2021
Massachusetts Mutual life insurance Company announced today the completion of the previously announced acquisition of American Financial Group, Inc.’s wholly-owned subsidiary, Great American life insurance company, and other subsidiaries and affiliated entities, for a purchase price of approximately $3.5 billion.
“We are excited to welcome Great American Life to MassMutual and to assist build on its outstanding leadership position in the annuity market,” said Roger Crandall, Chairman, President, and CEO, MassMutual. “This acquisition immediately broadens our product offerings, further diversifies our distribution capabilities and generates additional earnings – enabling us to assist even more people in securing their future and protecting the ones they love.”
The acquisition includes Great American Life and its two insurance subsidiaries, Annuity Investors life insurance Company and Manhattan National life insurance Company, as well as a broker-dealer affiliate, Great American Advisors, Inc., an insurance distributor, AAG Insurance Agency, Inc. With the completion of this acquisition, MassMutual, is among the top five individual annuity writers in the U.S.1.
Great American Life will operate as an independent subsidiary of MassMutual led by its current president, Mark Muething, who will report to Mike Fanning, head of MassMutual U.S. Its more than 600 employees will continue to support the business and remain headquartered in Cincinnati.
“Today marks a new beginning for great American Life as we join MassMutual to make an even greater impact serving the millions of Americans who need our help in building financial security,” said Mark Muething, President and Chief Operating Officer of Great American Life. “This transaction strengthens our position as a leading U.S. annuity company, enhances our ability to deliver compelling solutions for our policyholders and distribution partners, and positions us for future growth with a company that’s committed to our success.”
Fanning, who will oversee the great American Life business, added, “Our goal is to ensure a seamless transition for great American Life’s employees, clients, and partners. we look forward to working together with Great American Life to reach more customers in need of lifetime income solutions and deliver ongoing value to our policy owners and customers.”
Debevoise & Plimpton LLP served as legal counsel to MassMutual. Skadden, Arps, Slate, Meagher & Flom LLP, and Keating Muething & Klekamp PLL served as legal counsel to AFG.
MassMutual is a leading mutual life insurance company that benefits its members and participating policy owners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect their loved ones. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit massmutual.com.
About American Financial Group, Inc.
American Financial Group is an insurance company based in Cincinnati, Ohio. Through Great American Insurance Group operations, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American insurance company.
Sapiens, LifeScore Labs | December 04, 2020
Sapiens International Corporation, a main worldwide supplier of software answers for the insurance business, reported today an association with LifeScore Labs, a completely possessed insurtech subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to offer life guarantors progressed AI capacities for more exact risk assessment and underwriting.
Through a consistent reconciliation with Sapiens Underwriting Pro, transporters can get a moment assessment of mortality risk on their candidates utilizing two diverse scoring models – LifeScore Med360℠, which computes mortality risk dependent on 49 candidate explicit information focuses including a clinical test, and LifeScore Fluidless℠, which evaluates risk using self-detailed candidate data along with credit and freely available reports.
AI models can offer a more exact and exact methods for measuring mortality risk than conventional techniques. The mechanization gave by LifeScore Labs improves risk assessment, diminishes underwriting costs and improves proficiency while conveying a superior client experience.
"ML, AI and big data are transforming insurance underwriting as we know it," said Roni Al-Dor, President and CEO at Sapiens. "With its team of more than 40 data scientists and more than 1.5 million application records dating back 20 years, LifeScore Labs and MassMutual have the expertise and capabilities needed to drive this transformation, making them ideal partners in our quest to make life insurance more efficient, tech-savvy and customer-friendly."
Notwithstanding reams of verifiable application records, LifeScore Labs' AI models additionally fuse more than 1.2 million records with annexed credit and freely available reports information, just as in excess of 23,000 noticed passings.
Through the Sapiens-LifeScore Labs association, guarantors will approach a set-up of highlights accessible through Sapiens UnderwritingPro stage, an electronic answer for computerized underwriting and new business case the executives intended to smooth out safety net provider work processes and decrease time to issue and strategy obtaining costs. Sapiens UnderwritingPro gives a total Straight-Through Processing (STP) underwriting climate with its instinctive UI, constant dashboard, refined guidelines motor, and progressed work process and examination. The hearty advanced arrangement encourages the drive for safety net providers to advance toward "fluidless" underwriting encounters with negligible or no human mediation.
"To successfully compete in a fast-evolving market, life insurers need best-in-class automation technology, robust data capabilities, a granular understanding of risk and the agility to adapt to changing customer needs – and that's precisely what the synergistic partnership between Sapiens and LifeScore Labs will offer," said Michael Gallary, COO, LifeScore Labs.
Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 500 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements.
About LifeScore Labs, LLC
LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary of MassMutual, was established in 2017 to bring to market selected intellectual property created by MassMutual's Data Science team. LifeScore Labs delivers a toolkit of data-driven risk-scoring models that make underwriting more efficient while generating results that are easier to interpret for both insurers and consumers.
Zywave | January 05, 2022
Leading insurtech provider, Zywave, has been named as one of two large established vendors in the end-to-end solution functionality segment for digital insurance agency platform providers, according to Forrester's "Now Tech: Digital Insurance Agency Platforms, Q4 2021" report.
The report overviewed 13 digital insurance agency platform providers based on market presence and functionality. Zywave is categorized as one of two large established vendors within the digital insurance agency platform space that were classified in the end-to-end solution functionality segment.
"We are pleased to be named in this Forrester report, Over the past few years, Zywave has made significant investments in research and development, as well as in the acquisitions of new technologies. Today, we are proud of this recognition in the end-to-end provider functionality segment."
-Eric Rentsch, Zywave senior vice president of product management.
The Forrester report is a vital industry resource offering precise insights on the technology services that agencies can use to operate more efficiently. The report helps to assess the value digital insurance agency platforms can provide and further breaks them down by size and functionally, enabling businesses to make more informed decisions.
A key benefit of Zywave's platform is the ability to scale to the needs of their customers, no matter their size and across personal lines, commercial lines and employee benefits. As an end-to-end solution, Zywave enables agencies and carriers to simplify digital transformation as a platform that offers marketing automation applications, integrated digital client experience software, employee mobile apps, insurance knowledge base toolkits, and distribution and compliance management offerings.
Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety.